High demand for Swiss luxury watches is boosting sales and the market is expected to reach a CAGR of more than 7.6% during the forecast period. Rise in disposable income and a burgeoning upper middle class in emerging countries such as India, China, and Brazil is contributing to market growth.
Manufacturers are also entering the e-commerce scenario by setting up their own e-boutiques. Online sales of watches has witnessed considerable growth and the trend is expected to continue during the forecast period.
Market segmentation of global watches market by product type:
The quartz segment of the market was valued at $39.56 billion in 2014. According to a report based on global research, the maintenance cost of quartz watches is low and they are preferred for daily use. The quartz segment is further classified into analog and digital. Analog quartz watches are considered a fashion accessory, while digital watches are gaining popularity in emerging countries.
Segmentation by distribution channel and analysis of the watch market
– Specialist retailers
– Departmental stores
– Internet retailing
This research report estimates the specialist retailers segment to account for around 46% of the global market share.
Geographical segmentation of global watches market
– North America
APAC accounted for the largest share of the market. Growing number of HNWIs, rapidly growing upper middle class, growing interest of consumers in luxury products, large portfolio of products, innovations, and new product launches are expected to fuel the growth of the market in APAC during the forecast period.
APAC is expected to experience considerable growth during the forecast period and continue its dominance in the global watches market, accounting for a 48.66% share in 2019. Europe and North America are expected to experience slow growth.