A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Watches and Clocks - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
Watches and clocks are mechanical or electronic timekeeping pieces, which are utilized to indicate or measure time. Demand in the market is driven by the advent of newer technologies, digital advancements, changing economic status of developed and developing countries, shift in power from brands to consumers, from baby boomers to millennials, from western world to the eastern countries, and from traditional print and television media to social media. The growing trend of gifting watches, personally or for businesses, adds to the demand for watches and clocks. With prices of smart devices falling constantly, sales of smartwatches have gathered pace. Another major trend is the rising demand for sports watches with in-built GPS that allows wearers to keep track of performance parameters such as distance covered, calories burnt and time taken. The growing popularity of Internet retailing also presents substantial opportunities. Confronting stiff challenge from smartwatches, traditional watches are looking to sustain sales by emphasizing on function, movement design, place of manufacture, craftsmanship, brand value and credibility, and price.
Amid the COVID-19 crisis, the global market for Watches and Clocks estimated at US$60.5 Billion in the year 2020, is projected to reach a revised size of US$70.7 Billion by 2026, growing at a CAGR of 2.8% over the analysis period. Quartz, one of the segments analyzed in the report, is projected to record 2.3% CAGR and reach US$48.1 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Mechanical segment is readjusted to a revised 3.9% CAGR for the next 7-year period.
The U.S. Market is Estimated at $11.8 Billion in 2021, While China is Forecast to Reach $7.5 Billion by 2026
The Watches and Clocks market in the U.S. is estimated at US$11.8 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$7.5 Billion by the year 2026 trailing a CAGR of 4% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 1.9% and 2.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2.4% CAGR. The penetration of premium branded watches in the US, Canada, Japan and Europe is high partly because developed markets are backed by favorable socio-cultural factors and greater discretionary spending power among men and women. The launch of affordable luxury watches and affordable smartwatches in particular are expected to benefit sales in the US. Middle class population in India and China, with their rising disposable incomes, have supported sales in the mid-priced products category.
Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world's only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.
Covered Segments: Category [Mass (Under $50), Middle ($50-$299), Upper ($300-$999), Luxury ($1000 & Above)]; and Type (Quartz, and Mechanical). Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.
