Watch Market Regional Overview's Revenue, Share, Insights, Growth By Forecast 2030.
Watch Market Outlook
Watch Market Size was estimated at USD 51.9 million in
2021. The watch industry is projected to grow from USD 54.2 million in 2022 to
USD 73.5 million by 2030, exhibiting a compound annual growth rate (CAGR) of
4.45% during the forecast period (2022 - 2030). One of the main causes
influencing the demand for handcrafted luxury watches worldwide is the rising
fast fashion trend and the expanding use of high-end accessories as a status
symbol. In addition, the expanding use of smart and connected gadgets, the
spread of the internet, and the reliance on smartphones are the key market
driver enhancing watch market growth.
Watch Market Size timepieces are
high-end, high-priced items handcrafted by aexpert artisans. They're composed
of precious metals like gold, silver, and platinum, studded with rubies and
diamonds. They are worn on the wrist to give people's style and personalities a
refined and exquisite look. They may easily be distinguished from their less
expensive equivalents due to their longevity and originality, as they are
exclusive, pricey, and not mass-produced. The demand for luxury timepieces is
currently being driven by rising living standards and rising disposable incomes
worldwide.
One of the primary elements
positively affecting demand for handcrafted luxury watches market worldwide is
the rising trend of using high fashion as a status symbol. Furthermore, the growing
popularity of professional scuba diving is fueling the demand for specialist,
high-end timepieces. These timepieces have diver-friendly qualities, including
waterproofing and corrosion resistance, to be worn in the ocean.
Aside from that, the increasing
complexity of aviation is encouraging the use of custom-made pilot luxury
watches to aid with mid-flight aeronautical calculations like wind correction
angle and fuel usage. Furthermore, the widespread availability of luxury
timepieces in various materials, dial colors, strap designs, and themes is
boosting the industry. Aside from that, various market players offer affordable
used luxury timepieces through internet sites. This, combined with the growing
appeal of pre-owned luxury items, particularly among the young, is
propelling watch market expansion due to their affordability and
accessibility.
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𝗖𝗹𝗶𝗰𝗸 𝗛𝗲𝗿𝗲
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Market
segmentation:
The global market has been segmented
into type, category, distribution channel, end-user, and regional basis. The
type section has divided the global market into five sections: analog watches,
smart watches, chronograph watches, digital watches, and others. According to
the category section, the market is further divided into quartz watches,
mechanical watches, and electronic watches. The market is classified into two
categories with the distribution channel: store-based and non-store-based. With
the end-user section, the global key watch players market is divided
into three sections: men, women, and unisex. According to the regional sectors,
the market has been divided into five sections: Asia-Pacific, Europe, North
America, South America, and Middle East & Africa.
Regional
Analysis:
China, Japan, and India contribute
significantly to the Asia-Pacific region's overall watch market value. China is
one of the most competitive marketplaces globally, with enormous acquisition
and competition potential for luxury watchmakers. China exports more than half
of the world's watches. Increased consumer spending on health monitoring
equipment has come from increased consumer health awareness around the world.
This has resulted in an upsurge in smartwatch sales. It includes various
monitoring features that allow users to control music, notifications, walk
tracks, heartbeat rates, and other activities, boosting the market growth.
Samsung unveiled a new smartwatch that claims to track a person's physical
health and check blood pressure daily.
Sports and fitness are becoming more
popular as a kind of recreational activity among the working population. Young
customers, who are more aware of smartphone technology, are driving demand for
smartwatches in the digital watch market
overview’s.
Industrial
News:
Sports and fitness are becoming more
popular as a kind of recreational activity among the working population.
Endurance sports have also built a firm ground for enthusiasts to take advantage
of the variety in the sports wearable segment, resulting in an increase in
smartwatch sales and, as a result, watch sales in the global watch market.
Read More : @ https://www.marketresearchfuture.com/reports/watch-market-8027
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