The wristwatch market size to grow by USD 22.88 billion from 2023 to 2028 | APAC to contribute 33% to the growth of the market- Technavio
NEW YORK, Dec. 14, 2023 /PRNewswire/ -- The wristwatch market size is expected to grow by USD 22.88 billion from 2023 to 2028. In addition, the growth momentum of the market will progress at a CAGR of 5.94% during forecast period, according to Technavio. Rising demand for premium watches is notably driving the wristwatch market. However, factors such as the increased availability of wristwatch counterfeit products may impede market growth. The market is segmented by distribution channel (offline and online), type (quartz, digital, and others), and geography (North America, APAC, Europe, South America, and Middle East and Africa). We provide a detailed analysis of 20 companies operating in the wristwatch market including Apple Inc., CASIO Computer Co. Ltd., Le petit fils de L.U. Chopard and Cie SA, Citizen Watch Co. Ltd., Compagnie Financiere Richemont SA, DIFFUSIONE ITALIANA PREZIOSI S.P.A, Fossil Group Inc., LVMH Moet Hennessy Louis Vuitton SE, Magnus Brand, Patek Philippe SA, Rolex SA, Samsung Electronics Co. Ltd., Seiko Holdings Corp., SUED Watches, Talley and Twine Watches LLC, The Swatch Group Ltd., Titan Co. Ltd., Breitling SA, Jaeger LeCoultre, and ASOROCK Watches LLC.
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Wristwatch Market 2024-2028: Company Analysis
- Le petit fils de L.U. Chopard and Cie SA. - The company offers wristwatches such as Top Time, Premier, Chronomat, and others.
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Wristwatch Market 2024-2028: Segmentation
- Distribution Channel
The offline segment is estimated to witness significant growth during the forecast period. Prior to making a purchase, the offline shop experience allows customers to physically interact with and try on watches. In addition, a network of physical shops that are often located in prime retail areas offers convenience to customers who prefer immediate gratification and face-to-face interaction.
- Geography
APAC accounts for 33% of the market growth. The US is the most important market in North America. The launch of designer goods, the expanding use of internet shopping sites to buy fashion accessories, and an increasing demand for customized watches are major factors that contribute to the US market. Moreover, there has been a significant demand for smartwatches in the North American watch market.
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Wristwatch Market 2024-2028: Key Highlights
- Historic Market Size 2018-2022
- CAGR of the market during 2024-2028
- Detailed information on factors that will assist wristwatch market growth during the next five years
- Estimation of the wristwatch market size and its contribution to the parent market
- Forecasts on upcoming trends and changes in consumer behavior
- The growth of the market
- Analysis of the competitive landscape and detailed information on companies
- Comprehensive details of factors that will impede the growth of wristwatch market companies
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The Watch Market size is estimated to grow at a CAGR of 2.62% between 2022 and 2027. The size of the market is forecasted to increase by USD 9,626.37 million.
The Luxury Watch Market size is estimated to grow at a CAGR of 1.61% between 2022 and 2027. The luxury watch market size is forecast to increase by USD 2,910.23 million.
Wristwatch Market Scope |
|
Report Coverage |
Details |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.94% |
Market Growth 2024-2028 |
USD 22.88 billion |
Market structure |
Fragmented |
YoY growth 2022-2023 (%) |
5.4 |
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 33% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Apple Inc., CASIO Computer Co. Ltd., Le petit fils de L.U. Chopard and Cie SA, Citizen Watch Co. Ltd., Compagnie Financiere Richemont SA, DIFFUSIONE ITALIANA PREZIOSI S.P.A, Fossil Group Inc., LVMH Moet Hennessy Louis Vuitton SE, Magnus Brand, Patek Philippe SA, Rolex SA, Samsung Electronics Co. Ltd., Seiko Holdings Corp., SUED Watches, Talley and Twine Watches LLC, The Swatch Group Ltd., Titan Co. Ltd., Breitling SA, Jaeger LeCoultre, and ASOROCK Watches LLC |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Distribution Channel
Market Segmentation by Type
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com
SOURCE Technavio
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