Global $58.28 Billion Watch Markets, Competition, Forecast & Opportunities, 2027
DUBLIN, April 21, 2021 /PRNewswire/ -- The "Global Watch Market, By Product Type (Digital Watches, Analog Watches, Fitness Watches), By Distribution Channel Type (Offline, Online), By End User (Male, Female, Unisex), By Region, Competition, Forecast & Opportunities, 2027" report has been added to ResearchAndMarkets.com's offering.
The Global Watch Market stood at USD58.28 billion in 2020 and is expected to grow at a double-digit CAGR of over 12% during the forecast period.
The Global Watch Market is driven by increasing disposable income especially in developing countries and rising consumer awareness towards a fit and healthy lifestyle, thus giving boost to the wearable industry post COVID-19.
Many of the smartwatches include attributes that have been useful for sports enthusiasts as well as a shifting focus of people towards a healthy lifestyle, which will help the Global Watch Market to grow during the forecast period.
The Global Watch Market is segmented into product type, distribution channel, end-user, company, and region. In product type, analog watch dominated the Global Watch Market and is expected to maintain its lead during the projected period, based on product availability with new styles and the presence of multiple companies in this segment.
With shifting focus towards a fit and healthy lifestyle, the demand for fitness watches is expected to grow at a faster pace during the projected years. However, analog watches are still preferred by consumers in the wedding season and with formal attire in business meetings. It is also found that there would be a higher demand for unisex watches, with new watch launches that can be worn by both men and women.
Regionally, the watch market has been segmented in regions including Asia-Pacific, North America, South America, Europe, and Middle East & Africa. Among these regions, North America is the leading market followed by Europe and Asia-Pacific. Asia-Pacific is the fastest growing market on the account of rising disposable income, especially in developing nations with the growing number of working population.
The major players operating in the Global Watch Market are Apple Inc., The Swatch Group Ltd, Casio Computer Co. Ltd, Citizen Watch Co. Ltd, Fossil Group Inc., Titan company Limited, Seiko Holdings Corp., Samsung Electronics Co., Ltd., Timex Group USA, Inc., Movado Group Inc., and others. Major companies are focusing on product development and launching new products with advanced features to stay competitive in the market.
For instance, Samsung has recently launched the Samsung Galaxy Watch 3 which can monitor blood pressure, blood oxygen saturation, and heart rate in addition to several other metrics. It could also take an ECG reading. Apple has also launched the Apple Watch Series 6 with almost similar features. Mergers and acquisitions and new service developments are some of the competitive strategies adopted by the companies in the Global Watch Market.
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as manufacturers, suppliers and partners, end-users, etc., besides allowing them in strategizing investments and capitalizing on the market opportunities.
Years considered for this report:
- Historical Years: 2016-2019
- Base Year: 2020
- Estimated Year: 2021
- Forecast Period: 2022-2026
Key Target Audience:
- Watch manufacturers, suppliers, distributors and other stakeholders
- Government bodies such as regulating authorities and policy makers
- Market research and consulting firms
- Organizations, forums and alliances related to watch manufacturers
Report Scope:
Global Watch Market, By Product Type:
- Digital Watch
- Analog watch
- Fitness watch
Global Watch Market, By Distribution Channel:
- Online
- Offline
Global Watch Market, By End-Users:
- Male
- Female
- Unisex
Global Watch Market, By Company:
- Apple Inc.
- The Swatch Group Ltd
- Casio Computer Co., Ltd
- Citizen Watch Co. Ltd.
- Fossil Group Inc.
- Titan company Limited
- Seiko Holdings Corp.
- Samsung Electronics Co., Ltd
- Timex Group USA, Inc
- Movado Group Inc
Global Watch Market, By Region:
- North America
- USA
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Asia-Pacific
- India
- China
- Japan
- South Korea
- Indonesia
- South America
- Brazil
- Argentina
- Colombia
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Iran
For more information about this report visit https://www.researchandmarkets.com/r/wxbs0v
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SOURCE Research and Markets
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