Wrist Watch Market

Global Wrist Watch Market Size, Trends & Analysis - Forecasts to 2026 By Product (Mechanical, Quartz, Digital [Smartwatches, Others]), By Price Range (Low Range, Mid Range, Luxury), By Distribution Channel (Retail Stores, Online Stores), By Region (North America, Asia Pacific, CSA, Europe, and the Middle East and Africa), Competitive Landscape Company Market Share Analysis, and Competitor Analysis

Category Electronics, Semiconductors and Information & Communication Technology

Format

This report was recently updated on July 20 2024 with the latest and most recent market numbers

Wrist Watch Market Size

The global wrist watch market is projected to grow from USD 62.8 billion in 2021 to USD 78.2 billion by 2026 at a CAGR value of 4.8% between 2021 to 2026. Wrist watches have become one of the most common fashion accessories worn by men, women, and children alike.

The growing demand for fashion accessories among the younger generation, combined with the rising levels of disposable income in developed and developing nations have been the major contributors to the growth of the global watch market. The technological innovations in the wrist watch industry have played a pivotal role in the development and launch of new products. The development of quartz watches by Seiko was a monumental moment in the industry and ended the domination of mechanical watches. Quartz watches offered excellent precision, which were less labor-intensive, and had lower manufacturing costs compared to traditional mechanical watches. Mechanical watches are now largely made by luxury watch manufacturers and bought by collectors and watch enthusiasts. There has also been a growing demand for luxury watches from Swiss manufacturers, although the watches are not as precise as quartz watches, the craftsmanship involved and the materials used are major pull factors for collectors and enthusiasts.

Recent technological innovations like the development of smartwatches by companies like Apple and Samsung with functionalities like fitness trackers, heart rate monitors, and smartphone connectivity have been the major watch industry trends in 2021. The global watch industry analysis shows that more companies are beginning to enter the smartwatch industry which will have a positive impact on the wrist watch market during the forecast period. These smartwatches are becoming increasingly popular as they are aesthetically pleasing and manufacturers are releasing new models made from different materials and various colors. The increasing number of options for consumers and availability in various price ranges are expected to further enhance the demand for wrist watches in the market. The use of 3D printing, automation, and deployment of artificial intelligence in watch manufacturing is also expected to have a positive impact on the market.

The market is restrained by the increasing availability of low cost counterfeit products. The COVID-19 pandemic has affected the market as manufacturing had to be shut down and new product launches and other activities had to be dialed back.

global wrist watch market

Wrist Watch Market: By Product

Based on the types of products available, the market can be largely segmented into quartz and digital. The quartz segment held the largest wrist watch market share during the forecast period. Quartz watches are more precise than their mechanical counterparts. These watches also have fewer moving parts and also have fewer components in general. Quartz watches do not require the same level of craftsmanship in order to manufacture them compared to mechanical watches. The higher cost of mechanical watches and lesser aesthetic features of digital watches compared to quartz watches have been the major drivers of the quartz segment.

The smartwatch subsegment of digital watches is expected to enhance the market position of digital watches and culminate in the digital segment by becoming the fastest-growing market during the forecast period.

Wrist Watch Market: By Price Range

Based on the price ranges for watches, the market can be segmented into low range, mid range, and luxury segments. The low range segment is expected to hold the dominant share of the market. Low range watches are extremely versatile for the price point. The low price point allows consumers to purchase multiple watches which they can use according to their needs. As watches are seen as a fashion accessory more than as a portable timepiece, consumers prefer to have multiple watches they can accessorize with different outfits as well as for intended usage. A large number of choices across multiple brands available to the consumer in the low price range has also been a major driver of this segment. The mid range segment is expected to grow faster than any other segment during the forecast period. Most commercially available smartwatches fall into the mid range price category. The growing demand for mid range watches is expected to be the major driver of the mid range segment. Growing purchasing power and disposable income is another factor for the growth of the mid range segment.

Wrist Watch Market: By Distribution Channel

Based on the distribution channels through which watches are sold, the market can be segmented into retail stores and online stores. Retail stores are expected to hold the lion’s share of the wrist watch market. Retail stores such as hypermarkets and specialty stores have been the preferred mode of purchase as they allow consumers to physically inspect the watch before purchasing. Retail stores offer customer loyalties and often have discounts that make them ideal for consumers. The online segment is expected to grow faster than the retail segment. The growing e-commerce industry across the globe has increased accessibility for various brands into more regions. Online stores often have a greater number of brands and models than a brick and mortar stores. The ease of access and offerings such as same-day delivery is expected to be the major drivers of the online segment.

asia pacific wrist watch market

Wrist Watch Market: By Region

Based on region, the market can be segmented into various regions such as North America, Europe, CSA, MENA, and Asia Pacific regions. The North American region is expected to hold the largest share of the wrist watch market during the forecast period. The presence of key players of the industry in the region, technological innovations in the region, and the large purchasing power of the region have been the major contributors to the dominance of the region.

The APAC region is envisaged to become the fastest-growing region for wrist watches during the forecast period. Increased manufacturing in countries like China and India is expected to have a positive impact on the demand for watches in the region. The growing wrist watch market in India has been driven by the growing e-commerce industry and the increasing preference for smartwatches. As per capita income grows, the luxury watch market India is also expected to grow. Europe is envisaged to show the best growth rates after APAC, owing to the presence of various luxury watch manufacturers in the region.

Wrist Watch Market Share and Competitor Analysis

Patek Philippe SA., Rolex SA, Titan Company Limited., Seiko, Swatch Group, Time Watch, Citizen, Fossil, Casio, Polaris, Rado, Chopard, Morellato and Sector, and Omega SA, among others are the key players in the wrist watch market.

Please note: This is not an exhaustive list of companies profiled in the report.

Chapter 1 Methodology

1.1 Market Scope & Definitions

1.2 Estimates & Forecast Calculation

1.3 Historical Data Overview and Validation

1.4 Data Sources

1.4.1 Secondary

1.4.2 Primary

Chapter 2 Report Outlook

2.1 Wrist Watch Industry Overview, 2020-2026

2.1.1 Industry Overview

2.1.2 Product Overview

2.1.3 Price Range Overview

2.1.4 Distribution Channel Overview

2.1.6 Regional Overview

Chapter 3 Wrist Watch Market Trends

3.1 Market Segmentation

3.2 Industry Background, 2020-2026

3.3 Market Key Trends

3.3.1 Positive Trends

3.3.1.1 Rising demand for smartwatches

3.3.2 Industry Challenges

3.3.2.1 Increasing number of counterfeit products in the market

3.4 Prospective Growth Scenario

3.4.1 Product Growth Scenario

3.4.2 Price Range Growth Scenario

3.4.3 Distribution Channel Growth Scenario

3.5 COVID-19 Influence over Industry Growth

3.6 Porter’s Analysis

3.7 PESTEL Analysis

3.8 Value Chain & Supply Chain Analysis

3.9 Regulatory Framework

3.9.1 North America

3.9.2 Europe

3.9.3 APAC

3.9.4 LATAM

3.9.5 MEA

3.10 Distribution Channel Overview

3.11 Market Share Analysis, 2020

3.11.1 Company Positioning Overview, 2020

Chapter 4 Wrist Watch Market, By Product

4.1 Product Outlook

4.2 Quartz

4.2.1 Market Size, By Region, 2020-2026 (USD Billion)

4.3 Quartz

4.3.1 Market Size, By Region, 2020-2026 (USD Billion)

4.4 Digital

4.4.1 Market Size, By Region, 2020-2026 (USD Billion)

Chapter 5 Wrist Watch Market, By Price Range

5.1 Price Range Outlook

5.2 Low Range

5.2.1 Market Size, By Region, 2020-2026 (USD Billion)

5.3 Mid Range

5.3.1 Market Size, By Region, 2020-2026 (USD Billion)

5.4 Luxury

5.4.1 Market Size, By Region, 2020-2026 (USD Billion)

Chapter 6 Wrist Watch Market, By Distribution Channel

6.1 Retail Stores

6.1.1 Market Size, By Region, 2020-2026 (USD Billion)

6.2 Online Stores

6.2.1 Market Size, By Region, 2020-2026 (USD Billion)

Chapter 7 Wrist Watch Market, By Region

7.1 Regional outlook

7.2 North America

7.2.1 Market Size, By Country 2020-2026 (USD Billion)

7.2.2 Market Size, By Product, 2020-2026 (USD Billion)

7.2.3 Market Size, By Price Range, 2020-2026 (USD Billion)

7.2.4 Market Size, By Distribution Channel, 2020-2026 (USD Billion)

7.2.6 U.S.

7.2.6.1 Market Size, By Product, 2020-2026 (USD Billion)

7.2.4.2 Market Size, By Price Range, 2020-2026 (USD Billion)

7.2.4.3 Market Size, By Distribution Channel, 2020-2026 (USD Billion)

7.2.7 Canada

7.2.7.1 Market Size, By Product, 2020-2026 (USD Billion)

7.2.7.2 Market Size, By Price Range, 2020-2026 (USD Billion)

7.2.7.3 Market Size, By Distribution Channel, 2020-2026 (USD Billion)

7.3 Europe

7.3.1 Market Size, By Country 2020-2026 (USD Billion)

7.3.2 Market Size, By Product, 2020-2026 (USD Billion)

7.3.3 Market Size, By Price Range, 2020-2026 (USD Billion)

7.3.4 Market Size, By Distribution Channel, 2020-2026 (USD Billion)

7.3.6 Germany

7.3.6.1 Market Size, By Product, 2020-2026 (USD Billion)

7.3.6.2 Market Size, By Price Range, 2020-2026 (USD Billion)

7.3.6.3 Market Size, By Distribution Channel, 2020-2026 (USD Billion)

7.3.7 UK

7.3.7.1 Market Size, By Product, 2020-2026 (USD Billion)

7.3.7.2 Market Size, By Price Range, 2020-2026 (USD Billion)

7.3.7.3 Market Size, By Distribution Channel, 2020-2026 (USD Billion)

7.3.8 France

7.3.7.1 Market Size, By Product, 2020-2026 (USD Billion)

7.3.7.2 Market Size, By Price Range, 2020-2026 (USD Billion)

7.3.7.3 Market Size, By Distribution Channel, 2020-2026 (USD Billion)

7.3.9 Italy

7.3.9.1 Market Size, By Product, 2020-2026 (USD Billion)

7.3.9.2 Market Size, By Price Range, 2020-2026 (USD Billion)

7.3.9.3 Market Size, By Distribution Channel, 2020-2026 (USD Billion)

7.3.10 Spain

7.3.10.1 Market Size, By Product, 2020-2026 (USD Billion)

7.3.10.2 Market Size, By Price Range, 2020-2026 (USD Billion)

7.3.10.3 Market Size, By Distribution Channel, 2020-2026 (USD Billion)

7.3.11 Russia

7.3.11.1 Market Size, By Product, 2020-2026 (USD Billion)

7.3.11.2 Market Size, By Price Range, 2020-2026 (USD Billion)

7.3.11.3 Market Size, By Distribution Channel, 2020-2026 (USD Billion)

7.4 Asia Pacific

7.4.1 Market Size, By Country 2020-2026 (USD Billion)

7.4.2 Market Size, By Product, 2020-2026 (USD Billion)

7.4.3 Market Size, By Price Range, 2020-2026 (USD Billion)

7.4.4 Market Size, By Distribution Channel, 2020-2026 (USD Billion)

7.4.6 China

7.4.6.1 Market Size, By Product, 2020-2026 (USD Billion)

7.4.6.2 Market Size, By Price Range, 2020-2026 (USD Billion)

7.4.6.3 Market Size, By Distribution Channel, 2020-2026 (USD Billion)

7.4.7 India

7.4.7.1 Market Size, By Product, 2020-2026 (USD Billion)

7.4.7.2 Market Size, By Price Range, 2020-2026 (USD Billion)

7.4.7.3 Market Size, By Distribution Channel, 2020-2026 (USD Billion)

7.4.8 Japan

7.4.7.1 Market Size, By Product, 2020-2026 (USD Billion)

7.4.7.2 Market Size, By Price Range, 2020-2026 (USD Billion)

7.4.7.3 Market Size, By Distribution Channel, 2020-2026 (USD Billion)

7.4.9 Australia

7.4.9.1 Market Size, By Product, 2020-2026 (USD Billion)

7.4.9.2 Market size, By Price Range, 2020-2026 (USD Billion)

7.4.9.3 Market Size, By Distribution Channel, 2020-2026 (USD Billion)

7.4.10 South Korea

7.4.10.1 Market Size, By Product, 2020-2026 (USD Billion)

7.4.10.2 Market Size, By Price Range, 2020-2026 (USD Billion)

7.4.10.3 Market Size, By Distribution Channel, 2020-2026 (USD Billion)

7.5 Latin America

7.5.1 Market Size, By Country 2020-2026 (USD Billion)

7.5.2 Market Size, By Product, 2020-2026 (USD Billion)

7.5.3 Market Size, By Price Range, 2020-2026 (USD Billion)

7.5.4 Market Size, By Distribution Channel, 2020-2026 (USD Billion)

7.5.6 Brazil

7.5.6.1 Market Size, By Product, 2020-2026 (USD Billion)

7.5.6.2 Market Size, By Price Range, 2020-2026 (USD Billion)

7.5.6.3 Market Size, By Distribution Channel, 2020-2026 (USD Billion)

7.5.7 Mexico

7.5.7.1 Market Size, By Product, 2020-2026 (USD Billion)

7.5.7.2 Market Size, By Price Range, 2020-2026 (USD Billion)

7.5.7.3 Market Size, By Distribution Channel, 2020-2026 (USD Billion)

7.5.8 Argentina

7.5.7.1 Market Size, By Product, 2020-2026 (USD Billion)

7.5.7.2 Market Size, By Price Range, 2020-2026 (USD Billion)

7.5.7.3 Market Size, By Distribution Channel, 2020-2026 (USD Billion)

7.6 MEA

7.6.1 Market Size, By Country 2020-2026 (USD Billion)

7.6.2 Market Size, By Product, 2020-2026 (USD Billion)

7.6.3 Market Size, By Price Range, 2020-2026 (USD Billion)

7.6.4 Market Size, By Distribution Channel, 2020-2026 (USD Billion)

7.6.6 Saudi Arabia

7.6.6.1 Market Size, By Product, 2020-2026 (USD Billion)

7.6.6.2 Market Size, By Price Range, 2020-2026 (USD Billion)

7.6.6.3 Market Size, By Distribution Channel, 2020-2026 (USD Billion)

7.6.7 UAE

7.6.7.1 Market Size, By Product, 2020-2026 (USD Billion)

7.6.7.2 Market Size, By Price Range, 2020-2026 (USD Billion)

7.6.7.3 Market Size, By Distribution Channel, 2020-2026 (USD Billion)

7.6.8 South Africa

7.6.7.1 Market Size, By Product, 2020-2026 (USD Billion)

7.6.7.2 Market Size, By Price Range, 2020-2026 (USD Billion)

7.6.7.3 Market Size, By Distribution Channel, 2020-2026 (USD Billion)

Chapter 8 Company Landscape

8.1 Competitive Analysis, 2020

8.2 Patek Philippe SA.

8.2.1 Company Overview

8.2.2 Financial Analysis

8.2.3 Strategic Positioning

8.2.4 Info Graphic Analysis

8.3 Rolex SA

8.3.1 Company Overview

8.3.2 Financial Analysis

8.3.3 Strategic Positioning

8.3.4 Info Graphic Analysis

8.4 Titan Company Limited.

8.4.1 Company Overview

8.4.2 Financial Analysis

8.4.3 Strategic Positioning

8.4.4 Info Graphic Analysis

8.5 Seiko

8.5.1 Company Overview

8.5.2 Financial Analysis

8.5.3 Strategic Positioning

8.5.4 Info Graphic Analysis

8.6 Swatch Group

8.6.1 Company Overview

8.6.2 Financial Analysis

8.6.3 Strategic Positioning

8.6.4 Info Graphic Analysis

8.7 Time Watch

8.7.1 Company Overview

8.7.2 Financial Analysis

8.7.3 Strategic Positioning

8.7.4 Info Graphic Analysis

8.8 Citizen

8.8.1 Company Overview

8.8.2 Financial Analysis

8.8.3 Strategic Positioning

8.8.4 Info Graphic Analysis

8.9 Fossil

8.8.1 Company Overview

8.8.2 Financial Analysis

8.8.3 Strategic Positioning

8.8.4 Info Graphic Analysis

8.10 Casio

8.10.1 Company Overview

8.10.2 Financial Analysis

8.10.3 Strategic Positioning

8.10.4 Info Graphic Analysis

8.11 Other Companies

8.11.1 Company Overview

8.11.2 Financial Analysis

8.11.3 Strategic Positioning

8.11.4 Info Graphic Analysis

The Global Wrist Watch Market has been studied from the year 2019 till 2026. However, the CAGR provided in the report is from the year 2021 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.

The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply-side analysis for the Wrist Watch Market.

The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.

Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the company and customer analytics.

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Frequently Asked Questions

What is the projected market size of the global wrist watch market?

The global wrist watch market size is projected to grow from USD 62.8 billion in 2021 to USD 78.2 billion by 2026 at a CAGR value of 4.8% from 2021 to 2026.

Who are the major vendors in the wrist watch market?

Key and innovative vendors in the wrist watch market include Casio, Polaris, Rado, Chopard, Morellato and Sector, and Omega SA.

Which region has the highest market share in the wrist watch market?

North America is estimated to hold the largest share of the wrist watch market.

What is the Covid-19 impact on future wrist watch manufacturers?

The COVID-19 pandemic has affected the market as manufacturing had to be shut down and new product launches and other activities had to be dialed back. The market is expected to recover from the impact of the pandemic during the forecast period.

What are the major drivers in the wrist watch market?

The major driving factors of the wrist watch market are the growing smartwatch industry, growing implementation of automation, 3D printing, and AI for manufacturing, and rising per capita income and spending power of consumers in developing nations.