The global wrist watch market is anticipated to grow at a considerable CAGR during the forecast period (2022-2028). The increase in the population coupled with the growing disposable income of consumers is anticipated to drive the growth of the global wristwatch market. According to the data published by United Nations –Organization, the global population is projected to increase by 2 billion persons in the next 30 years from 7.7 billion in 2020 to 9.7 billion in 2050 and could peak at nearly 11 billion around 2100. The growth has been driven by increasing urbanization and accelerating migration. 61.0% of the global population lives in Asia, 17.0% in Africa, 10.0% in Europe, 8.0% in Latin America, and the remaining 5.0% in Northern America. Moreover, as per the data published by Statistics Canada, the share of disposable income for the household in the lowest quintile increased from 6.1% in the first quarter to a high of 7.2% in the second quarter of 2020.
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Continuous technological advancements by major players and the inclusion of smart features such as GPS tracker, health tracker, and others are anticipated to drive the growth of the wrist watch market. For instance, in October 2021, Apple Inc launched Apple Watch Series 7. The apple watch series 7 offers indispensable tools for health and wellness including an electrical heart sensor and ECG app, and a blood oxygen sensor. Also, the watch 7 series allows users to stay healthy, active, and connected through new workout types. The Apple Watch 7 series contains IP6X certification for resistance to dust and maintains WR50 water-resistant rating. Thus, such technological advancements are anticipated to fuel the demand for the global wrist watch market.
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Looking toward the demand for wrist watches, key market players are adopting various strategies including mergers & acquisitions, geographical expansion, partnerships and collaborations, and new product launches, to stay competitive in the market. For instance, in July 2021, Oneplus Technology Co. Ltd had launched Oneplus Cobalt Limited Edition Watch in India. The watch features a 1.39-inch HD AMOLED display. In addition, the watch consists of several health-focused features such as SpO2 monitoring, rapid heart rates alerts, stress detection, and sedentary reminders. Thus, such launches are anticipated to drive the growth of the global wrist watch market.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Product
- By Application
- By Distribution Channel
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- Casio Computer Co.Ltd., Fossil Group Inc., and Rolex SA
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Wrist Watch Market Report by Segment
By Product
- Smart Watches
- Analog Watches
- Digital Watches
By Application
- Women
- Men
- Others
By Distribution Channel
- Offline
- Online
- Others
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