DUBLIN, Dec. 1, 2023 /PRNewswire/ — The “Global Watch Market Outlook to 2027” report has been added to ResearchAndMarkets.com’s offering.
The global watch market has maintained a notable pace of growth, as consumer appetites for luxury and technologically advanced watches continue to expand. The ubiquitous mark of Swiss luxury timepieces persists, whereas advancements in the digital and smartwatch arenas are accelerating at a compelling rate. Contributing to this burgeoning sector is a medley of factors, rooted deeply in brand awareness, Western fashion influences, and the consumers’ quest for exclusive, feature-rich products.
The landscape is shaped by various influential market players who endeavor to cement their standing with innovative strategies, including product enhancements, partnerships, and tactical mergers and acquisitions. Their commitment to invention harnesses approximately a 68.0% majority of prevalent market strategies, spotlighting product innovation as a driving force for securing significant shares in the evolving watch industry.
Key Trends by Market Segment
- By Product Type: Dominating the product sector, Quartz/Mechanical watches hold the largest market share. However, the Digital segment is flagged as the fastest-growing sector within the forecasted period.
- By Distribution Channel: Offline Retail Stores currently capture the lion’s share of the distribution channel mix. Simultaneously, Online Retail Stores are experiencing swift growth, buoyed by the convenience, vast product selection, and simplified payment methods.
Consumer-centric creativity remains a hallmark of top-tier companies, exemplified by the recent launch of novel timepieces that imbue traditional design with cutting-edge technology. For instance, Casio’s unveiling of its new MR-G series showcases such hybrid vigor.
Recent Developments
The technological triumphs of the industry are mirrored in Samsung’s Galaxy Watch 4, a prime example of the smartwatch evolution embodying features like health tracking and body composition analysis. This innovation responds to the increasing health consciousness among Americans, aligning with the predicted spurt in wearable device adoption.
Future Outlook
Looking ahead to 2027, the Global Watch Market is projected to achieve a healthy 7.67% CAGR. Particularly, the seamless blend of tradition with smart technology in luxury watches, as demonstrated by Louis Vuitton’s Tambour Horizon Light Up, signifies a poignant trend in the high-end sector.
Despite the encroachment of smartwatch technology into the market, the exclusivity offered by luxury mechanical watches seems to shield them from total disruption.
A selection of companies mentioned in this report includes
- Fossil Group
- Citizen Watch
- Titan Company
- Apple
- Seiko Holdings
- The Swatch Group
- Casio Computer
- Daniel Wellington
- Timex Group
- Audemars Piguet & Cie
- Movado Group
- Patek Philippe
- Rolex
- Richemont
For more information about this report visit https://www.researchandmarkets.com/r/7cwexh
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SOURCE Research and Markets
