NEW YORK, April 26, 2021 /PRNewswire/ --
The watch market is expected to grow by $ 8.31 bn, progressing at a CAGR of almost 2% during the forecast period.
NEW YORK, April 26, 2021 /PRNewswire/ --
The watch market is expected to grow by $ 8.31 bn, progressing at a CAGR of almost 2% during the forecast period.
The growing number of fashion-conscious consumers, rising demand for premium watches and celebrity endorsements are the major factors propelling the market growth. However, factors such as presence of counterfeit products, long product life cycle, limited product awareness in developing regions will hamper the market growth.
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Watch Market: Product Landscape
Based on the product, the quartz segment is expected to witness lucrative growth during the forecast period.
Watch Market: Distribution Channel Landscape
Based on the distribution channel, the offline segment is expected to witness lucrative growth during the forecast period.
Watch Market: Geographic Landscape
By geography, APAC is going to have a lucrative growth during the forecast period. About 58% of the market's overall growth is expected to originate from APAC. China, Hong Kong, and Japan are the key markets for watches in APAC. The increased introduction of global brands and products and the rising adoption of premium watches will facilitate the watch market growth in APAC over the forecast period.
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