According to the latest study done by Million Insights, the global watches market is predicted to reach USD 117.8 billion, by 2025. The market is estimated to grow with a CAGR of 13.0% over the forecast period. The introduction of smartwatches with features such as Bluetooth connectivity and near field characteristics (NFC) is anticipated to drive the demand of the product. Moreover, consumers’ awareness regarding obesity and related diseases has increased in the recent past. A large number of consumers are focused on the prevention of potential heart diseases and weight management. This factor, in turn, is projected to fuel the market growth over the forecast years.
Asia Pacific is predicted to account for a CAGR of 13.9% for the period 2019 to 2025. Countries like India, China, and Malaysia might experience requirements for smartwatches due to urbanization and increased consumers’ spending. Moreover, the increased count of supermarkets and appreciative government strategies to promote investments in retails and manufacturing stores on a ground level are likely to boost the product demand.
Features such as distance tracker, GPS, health tracker, Bluetooth connectivity, and speakers are attracting a huge customer base. Most of the watches come in quartz product types. There has been a rise in the demand for custom-made watches in the recent past. Owing to this, companies are focusing on the introduction of tailor-made watches. The partnership between Tag Heuer and Enjoy was announced in October 2017. Enjoy is a startup company founded by Ron Johnson which excels in-home delivery and custom-tailored watches named Personal Atelier.
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Further key findings from the report suggest:
• North America occupied over 30% of the share in the global watches market, in 2018.
• Revenue generated by fitness product category was over USD 10.0 billion, in 2018.
• Online channel is projected to grow with a CAGR of 14.0% for the period, 2019 to 2025.
• Oakley, Inc.;Rolex SA; Omega SA; Patek Philippe SA;Titan Company Limited and Apple Inc. are the major
Million Insights has segmented the global watches market on the basis of product, operation, distribution channel, and region:
Watches Product Outlook (Revenue, USD Billion, 2015 - 2025)
Watches Operation Outlook (Revenue, USD Billion, 2015 - 2025)
Watches Distribution Channel Outlook (Revenue, USD Billion, 2015 - 2025)
• Convenience Stores
Watches Regional Outlook (Revenue, USD Billion, 2015 - 2025)
• North America
• Asia Pacific
• Central & South Africa
• Middle East & Africa
• South Africa