Dublin, Aug. 14, 2024 (GLOBE NEWSWIRE) -- The "Global Watch Market Report by Type, Gender, Price Range, Distribution Channel, Region and Company Analysis 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The Watch Market is expected to be worth US$ 114.81 Billion by 2032, up from US$ 73.82 Billion in 2023 and is predicted to grow at a 5.03% CAGR from 2024 to 2032
Watches have been a symbol of status for centuries. They represent precision, elegance, and convenience. Sometimes, people buy them merely for their aesthetic appeal, while at other times, people buy them for their technical features, such as being precise to the last second or even milliseconds. This is what makes watches such a desirable collectible. In some cases, they can even command high sums of money.
The watch market is propelled by factors such as growing economic prosperity, changing fashion and lifestyle trends, significant technological advancements, a rising middle-class population, increasing adoption of premium accessories, strong marketing and branding, and rapid online retail and e-commerce expansion.
China Watch Market
The ever-changing consumer behavior in the Chinese watch market, particularly among the younger generations, is rising yearly. Gen Z and millennials are among the most valuable consumer groups for luxury products. The local familiarity with international luxury brands has also increased, and consumers demand watches that align with their personalized aesthetics, cater to their emotional needs, and exemplify their social status. Swiss watch imports into China have been steadily increasing since September 2023, with an average growth rate of 8.7 percent since 2021, according to open data from the Federation of the Swiss Watch Industry.
Worldwide Watches Sold by Company
- In 2023, Rolex produced 1.24 million watches last year and outshone other top brands like Cartier, Audemars Piguet, Omega, Richard Mille, and Patek Philippe in sales.
- Rolex produced 1.24 million watches last year, outselling other top brands like Cartier, Audemars Piguet, Omega, Richard Mille, and Patek Philippe in 2023.
- Audemars Piguet has announced a slight uptick in sales for the year 2023. The company sold approximately 51,000 watches, which marks a 2% increase from their sales in the previous year, 2022.
- Patek Philippe sold around 70,000 watches in 2023, representing a 3% increase from the previous year.
- Swatch experienced a unique growth trajectory in 2022 thanks to the success of MoonSwatch, which sold over two million pieces and contributed to 73% of the brand's sales.
Country-wise Watches Sold
- Morgan Stanley has recently reported that Chinese buyers have contributed to almost 30% of the worldwide sales of Swiss watches in 2023.
- According to International Data Corporation, the wearable market in India recorded a remarkable growth of 34% in 2023, reaching a record high of 134.2 million units.
- The UAE saw a significant increase in off-plan sales transactions in 2023, with a 99% increase compared to the previous year. The total number of off-plan sales transactions reached 10,151, representing 76% of the total transactions for the year.
- 2023 Malaysia exported manufactured watches, clocks, and parts worth 2.08 Billion Malaysian ringgit.
- A survey conducted in the UK has found that 13% of consumers are considering buying a luxury watch between 2023 and 2025. The percentage rises to 22% for those living in London.
- The Swiss watch industry sold 16.9 million watches in 2023, a 7.7% increase from 2022.
- 2023 French watch industry exports increased by 11.2%, with 83% of total items priced at 200 francs. Watches priced over 3,000 francs saw a 9.4% increase, while the 200-3,000 francs segment saw a marginal rise of 0.9% by value and 1.9% by number of items compared to 2022.
- Swiss watch exports to Canada increased by 11.4% in 2022, with 15.8 million wristwatch items exported, up by 50,000 from the previous year.
Watch Market Company News
- In November 2023, Titan Watches launched its Stellar collection of space-themed watches, which was unveiled by Wing Commander Rakesh Sharma, India's first astronaut.
- In August 2023, Bucherer, a Swiss retailer that specializes in watches and jewelry, was acquired by Rolex.
- In June 2023, Saint Laurent and Girard-Perregaux collaborated to create the Casquette, a limited-edition digital watch with an LED display and quartz movement technology.
- In May 2023, Timex Group acquired Just Watches, including its physical stores and online platform.
- In March 2023, Rolex introduced nine new models, ranging from a refined dress watch to a surprising timepiece with colorful bubbles on the dial. The collection also includes the latest iteration of a renowned racing clock that's been iconic for six decades.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 210 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (USD) in 2023 | $73.82 Billion |
| Forecasted Market Value (USD) by 2032 | $114.81 Billion |
| Compound Annual Growth Rate | 5.0% |
| Regions Covered | Global |
Company Analysis: Overview, Recent Developments, Revenue Analysis
- Fossil Group Inc.
- Titan Company Limited
- LVMH Group
- Apple Inc.
- Compagnie Financiere Richemont S.A
- The Swatch Group Ltd
- Citizen Watch Co. Ltd.
- Seiko Group Corporation
Type - Market breakup in 3 viewpoints:
- Quartz Watches
- Electronic Watches
- Mechanical Watches
Gender - Market breakup in 3 viewpoints
- Men
- Women
- Unisex
Price Range - Market breakup in 2 viewpoints
- Luxury
- Non-Luxury
Distribution Channel - Market breakup in 3 viewpoints
- Hyper Market/Super Market
- Convenience Stores
- Online
Country - Market breakup of 25 Countries
- North America
- United States
- Canada
- Europe
- France
- Germany
- Italy
- Spain
- United Kingdom
- Belgium
- Netherland
- Turkey
- Asia Pacific
- China
- Japan
- India
- South Korea
- Thailand
- Malaysia
- Indonesia
- Australia
- New Zealand
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
For more information about this report visit https://www.researchandmarkets.com/r/5rv959
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