Growing number of working population, increasing consumer awareness towards fitness products with new technologies are expected to drive the growth of the global watch market.
According to TechSci Research report, “Global Watch Market By Product Type (Digital Watch, Analog Watch, Fitness Watch), By Distribution Channel (Online, Offline), By End User (Male, Female, Unisex), By Region, Competition, Forecast & Opportunities, 2026”, the global watch market is expected to reach over USD117 billion by 2026 and is forecast to grow at a rate of over 12% during 2021E-2026F. Growth in the market can be attributed to the growing working population and changing consumer lifestyle. Thus, the demand for watches has witnessed higher demand across the globe during the forecast period. The global watch market is segmented based on product type, distribution channel, end user, company, and region.
In terms of product type, the market is segregated into digital watch, analog watch and fitness watch. Out of these, fitness watches registered a market share of around 27% in 2020 owing to a surge in the demand post lockdown, as people started focusing more on their health and fitness. Also, fitness watches are relatively convenient to use and provide information about a person’s activity level and exercise as well as track sleep duration and quality, which is often recommended by medical professionals. In a study, it is also found that people wearing fitness watches are less sedentary and more active than those who do not wear the devices. The youth is adapting the technology at a rapid rate which is further driving the sales of fitness watches. Moreover, people are becoming health conscious due to rising health issues and obesity for which fitness watches provide the best solution as they are well equipped with fitness trackers. Some digital and fitness watches are less expensive, user friendly and have an excellent battery life which is pulling more customers.
Nowadays, the use of smartwatches is escalating rapidly amongst athletes, swimmers, gym-goers, runners, and cyclists. In addition to this, an increase in government initiatives in various countries denotes improvement in sports participation, which is playing a key role in driving the watch market across the globe. The global watch market is expected to witness significant growth over the forecast period, due to wider adoption of various marketing strategies by leading players such as product innovation, expansion of distribution network, and branding of the products using social media, with a goal to attract customer.
In terms of regional analysis, the market is segmented into Asia Pacific, North America, Europe, South America, and Middle East & Africa. North America dominated the global watch market due to the presence of major brands such as Apple Inc., and Fossil in the region and high personal disposable income. Asia Pacific is the fastest-growing region in the global watch market and is anticipated to maintain its growth rate over the next five years as well.
To sustain in the growing market, companies are continuously investing in research & development and mergers & acquisitions. For instance, Fossil acquired Misfit in 2015, which specialized in wearable technology and helped fossil to bring scalable cloud and application platforms. This has helped the company in providing both traditional timepieces and fashionable connected accessories. Brands like Apple recently launched Apple Watch Series 6, which can monitor blood oxygen for general fitness and wellness purposes, ECG, high and low heart rate notifications and irregular heart rhythm notifications.
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In terms of end user, the market is segmented into men, women and unisex. Men’s watch segment has grown significantly across the globe followed by the women watch segment. With the rising working population, changing consumer lifestyle, people’s preferences to stay fit and healthy, and increasing fashion consciousness among people have led to a rise in the demand for watches. Brands such as Fossil, Casio, Citizen, and many others have already launched couple watches, which increases the demand for such watches as gift items. The availability and cost effectiveness of significant watch brands makes them a popular option among shoppers across the globe.
In terms of distribution channel, offline stores accounted for more than 60%. However, the online channel is the emerging distribution channel in the global watch market. The advent of online channel has allowed consumers to easily surf through products without visiting the stores, thus making shopping extremely convenient. Moreover, owing to the rising digital and social media penetration, combined with rising penetration of smartphones have led to increasing awareness and aspirations for latest trends in the product offerings.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
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“Global Watch Market By Product Type (Digital Watch, Analog Watch, Fitness Watch), By Distribution Channel (Online, Offline), By End User (Male, Female, Unisex), By Region, Competition, Forecast & Opportunities, 2026” has evaluated the future growth potential of the global watch market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the global watch market.
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