The global watches market size was valued at USD 112.1 billion in 2023 and is projected to reach USD 204.7 billion by 2030, growing at a CAGR of 9.1% from 2024 to 2030. Increase in the standard of living and entry of new products in the market.Key Market Trends & Insights
• The North America watches market has a significant market share in the global watches market
• Asia Pacific watches market dominated the global watches market with a revenue share of 33.6% in 2023.
• By product, the traditional watches product segment dominated the market with a revenue share of 54.1% in 2023.
• By type, quartz watches held the largest revenue share of 70.0% in the market in 2023.
• By category, the non-luxury watches category segment led the market with a revenue share of 61.8% in 2023.
Market Size & Forecast
• 2023 Market Size: USD 112.1 Billion
• 2030 Projected Market Size: USD 204.7 Billion
• CAGR (2024-2030): 9.1%
• Asia Pacific: Largest market in 2023
Furthermore, increased consumer spending expenditure on fashion accessories, as a result of improving purchasing power, escalates the demand for premium fashion accessories. Companies adapt by introducing well-designed, long-lasting goods, a key factor for the connected process of product premiumization.
Key Watches Company Insights
Some of the key companies in the Watches market include The Swatch Group Ltd; Compagnie Financière Richemont SA; Rolex Watch U.S.A., Inc.; and OMEGA SA; among others. Companies prioritize innovation to differentiate themselves, leveraging advanced features and designs to appeal to brand-conscious consumers. Strategic partnerships and acquisitions drive growth amidst competitive pressures from tech giants.
• Richemont Group, officially referred to as Compagnie Financière Richemont S.A., is a Switzerland-based luxury goods enterprise. The company is driven by a commitment to craftsmanship and creativity, guiding its Maisons to design timeless creations and innovative services while maintaining their heritage.
• Rolex Watch U.S.A., Inc. is the American subsidiary of the renowned Swiss watch manufacturer, Rolex. The company serves as the official distributor and service center for Rolex watches in the U.S. Operating under the umbrella of Rolex SA, it upholds the brand’s standards of quality, expertise, and customer service in the American market.
Key Watches Companies:
The following are the leading companies in the watches market. These companies collectively hold the largest market share and dictate industry trends.
• The Swatch Group Ltd
• Compagnie Financière Richemont SA
• Rolex Watch U.S.A., Inc.
• OMEGA SA.
• Seiko Group Corporation
• Fossil Group
• CARTIER
• CASIO COMPUTER CO., LTD.
• Patek Philippe SA
• CITIZEN WATCH CO., LTD.
Recent Developments
• In June 2024, the Swatch Group released The MoonSwatch Mission on Earth, a collection of three new non-limited Bioceramic watches inspired by natural phenomena visible from space. The collection included Lava, Polar lights, and Desert.
• In May 2024, CASIO COMPUTER CO., LTD. launched five new “Sky and Sea” models across its Casiotron, G-SHOCK, EDIFICE, PRO TREK, and BABY-G brands to commemorate its 50th anniversary, featuring blue and gold accents that evoke the sky and sea’s illuminating light.
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