Watch Market 2022-2028: Increasing Consumer Base Is Shifting Preference To Spending On Premium Quality Products
The Global Watch Market size is expected to reach USD 85.00 Billion in 2028 and register a revenue CAGR of 4.0% over the forecast period, according to the latest report by Reports and Data. Market revenue growth is primarily driven by rise in the disposable income of the working population and launch of new, more advanced, and innovative products in the market and increasing focus on wearable devices with features that enable monitoring a variety of aspects and functionalities. In addition, growth of the affluent middle class is resulting in increasing spending on premium quality products such as luxury watches, fitness watches, and smartwatches, which in turn, is expected to continue to drive revenue growth of the market during the forecast period.
A trend in the market is luxury watch manufacturers are increasingly investing in development of more advanced and innovative products and increasing their presence and visibility on online platforms for marketing and branding of products. Companies are also offering a wider range of aesthetically appealing advanced products with long-lasting battery life in order to enhance consumer experience and build brand image and preference. Rising inclination of consumers towards luxury watches, especially Swiss-made products, as luxury watches are a reflection of a wearer’s status symbol and personal taste, and it also indicates affluence of the wearer. These factors are expected to boost market growth to a significant extent during the forecast period.
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Rising health concerns among consumers is a key factor augmenting sales of fitness watches globally. Fitness watches help in tracking footsteps, calories burned, distance traveled, workout aspects and related data, sleep patterns, and heart rate. Some more advanced fitness watches even display stress level measurements and blood oxygen saturation as well as advanced Rapid Eye Movement (REM) during sleep monitoring.
Top Profiled in the Global Watch Market Report:
- Rolex SA,
- Casio Computer Co., Ltd.,
- Fossil Group, Inc.,
- Citizen Watch Co., Ltd.,
- Titan Company Limited,
- Apple Inc.
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By Product Type Outlook
- Luxury Watches
- Smart Watches
- Fitness Watches
By Operation Outlook
- Quartz Watches
- Mechanical Watches
By Distribution Channel Outlook
- Multi Brand store
- Hypermarket / Supermarket
Key Takeaways of the Global Watch Market Report:
- A comprehensive overview of the global Watch industry.
- Accurate market projections in terms of market size, share, and volume.
- Thorough study of the global market dynamics, such as major market revenue growth drivers, opportunities, threats, challenges, restraints, and future growth avenues.
- Deep-dive analysis of the upcoming market trends.
- Qualitative and quantitative analyses of the global Watch market.
- Elaborate study of the leading regional markets in the global Watch market.
- Complete overview of the market’s competitive landscape.
- Brief look at the company profiles and portfolios.
Key Regional Markets Covered in the Report:
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
Rest of Middle East & Africa
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