SAN FRANCISCO, March 21, 2022 /PRNewswire/ — New market research published by Global Industry Analysts Inc., (GIA), the leading market research firm, today released its report titled “Watches and Clocks – Global Market Trajectory and Analysis”. The report presents new insights into the opportunities and challenges in a significantly transformed post COVID-19 market.
FACTS AT A GLANCE
Editing: 17; Published: February 2022
Executive commitments: 30537
Companies: 881 – Players covered include Apple, Inc.; Audemars Piguet Holding SA; Breitling SA; Casio Computer Co., Ltd. ; Chelsea Clock Society; Chopard; Citizen Watch Co., Ltd. ; Bulova Corporation; Frederique Constant SA.; Citychamp Watch & Jewelery Group Limited; Compagnie Financière Richemont SA; Cartier International SNC; Montblanc-Simplo GmbH; Fossil Group, Inc.; Garmin Ltd. ; Google Inc.; Hermès International SA; Howard Miller; Kering; Gucci Group; LVMH Moet Hennessy Louis Vuitton SA; Bulgari SpA; TAG Heuer International SA; Movado Group, Inc.; Patek Philippe SA; Rhythm Watch Co., Ltd. ; Rolex SA; Samsung Electronics Co., Ltd. ; Seiko Holdings Corporation; The Swatch Group Ltd. ; Omega; Tissot SA; Timex Group United States, Inc.; Timex Group India Ltd. ; Titan Industries Ltd. ; Uhrenfabrik Junghans GmbH & CO.KG and others.
Blanket: All major geographies and key segments
segments: Category [Mass (Under $50), Middle ($50–$299), Upper ($300–$999), Luxury ($1000 & Above)]; and Type (Quartz and Mechanical)
Geographies: World; United States; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia Pacific; Australia; India; South Korea; Rest of Asia Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UNITED ARAB EMIRATES; Rest of Middle East; Africa.
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Global Watches and Clocks Market to Reach $70.7 billion by 2026
Watches and clocks are mechanical or electronic timepieces, which are used to indicate or measure time. The demand in the market is driven by the advent of newer technologies, digital advancements, changing economic status of developed and developing countries, shift of power from brands to consumers, from baby boomers to millennials, from western world to eastern countries and traditional countries. print and television media to social media. The growing trend of gifting watches, personally or for business, is adding to the demand for watches and clocks. As the prices of smart devices are constantly falling, sales of smart watches have accelerated. Another major trend is the growing demand for sports watches with built-in GPS that allows wearers to track performance metrics such as distance traveled, calories burned, and time taken. The growing popularity of internet retailing also presents substantial opportunities. Faced with the daunting challenge of smartwatches, traditional watches seek to support sales by emphasizing function, movement design, manufacturing location, craftsmanship, brand value and credibility and the price.
Amid COVID-19 crisis, Global Watches and Clocks Market estimated at US$60.4 billion in 2022, is expected to reach a revised size of US$70.7 billion by 2026, growing at a CAGR of 2.8% over the analysis period. Quartz, one of the segments analyzed in the report, is expected to register a CAGR of 2.3% and reach US$48.1 billion at the end of the analysis period. After a thorough analysis of the business implications of the pandemic and the induced economic crisis, the growth of the Mechanical segment is readjusted to a revised CAGR of 3.9% for the next 7-year period.
The US market is estimated at $12.1 billion in 2022, when China is expected to reach $7.5 billion by 2026
The watch and clock market in the United States is estimated at US$12.1 billion in the year 2022. Chinathe second largest economy in the world, is expected to reach a projected market size of US$7.5 billion by 2026 at a CAGR of 4% over the analysis period. Other notable geographic markets include Japan and Canada, each predicting growth of 1.9% and 2.5% respectively over the analysis period. In Europe, Germany is expected to grow at a CAGR of approximately 2.4%. The penetration of high-end brand watches in the United States, Canada, Japan and Europe is high in part because developed markets are supported by favorable socio-cultural factors and greater discretionary purchasing power among men and women. The launch of affordable luxury watches and affordable smartwatches in particular should benefit US sales. Middle class population in India and Chinawith their rising disposable incomes, supported sales in the mid-priced category.
Luxury watches adopt digital and dual-display designs
The appearance of a luxury watch is as important as the fine movement mechanism inside. Watchmakers are sparing no effort to implement several new design nuances to create exclusive works of art for their customers, and displays are one area that receives maximum attention. Making the presentations of their new watch offerings spectacular is what all manufacturers in the Swiss luxury watch industry constantly strive for. A typical watch display has the hour and minute hand and sometimes the second hand. However, there are in the current scenario several models that completely eliminate the need for these hands, with digital displays. Some watch companies have also opted for dual analog and digital displays in a few of their models.
Another notable trend in the luxury watch industry is that some of the mainstream watchmakers are collaborating with software companies to develop luxury smartwatches. Fossil, for example, has partnered with Intel to develop a line of smartwatches. A similar initiative was also announced by Swatch Group famous for its Breguet and Omega brands. Thus, the growing importance of smartwatches is paving the way for new business models in the traditional watch industry. In the future, such collaborations between watchmakers and software companies for the development of hardware and software needed for “thinner” and “smarter” watches are expected to gain popularity. Such collaborations are expected to emphasize both the emotional and functional characteristics of a product. At the moment though, the biggest threat posed by smartwatches is in the entry-level luxury watch category. Continued
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