Global Watch Market 2020-2024 | Increase in Introduction of Smart Connected Watches to Boost Growth | Technavio
LONDON--(BUSINESS WIRE)--Dec 18, 2019--
The global watch market size will grow by USD 35.06 billion during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global watch market 2020-2024. (Graphic: Business Wire)
Rising urbanization and the evolving fashion-consciousness among the people, particularly, men are supporting the growth of the apparel, accessories, and luxury goods industry. In addition to women, men have also started participating actively in personal styling and dressing as they are becoming increasingly beauty- and image-conscious. Moreover, watches are increasingly being perceived as a fashion accessory instead of just a timekeeping device. Thus, the growing number of fashion-conscious consumers coupled with the rising spending power of the people from the middle-income group is likely to augment the growth of the global watch market during the forecast period.
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As per Technavio, the increase in the introduction of smart connected watches will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2020-2024.
Global Watch Market: Increase in Introduction of Smart Connected Watches
The demand for smartwatches has been increasing in recent years. Factors including the increasing adoption of smart products and accessories among people, rising participation of people in sports, growing concerns about fitness from an early age, and the surging engagement of people in fitness and sports activities are expected to drive the smart connected watches market growth. Smartwatches allow users to track their day-to-day activities while controlling their smartphones by enabling the access to camera and music player, read messages and emails, and attend or decline calls. Furthermore, vendors operating in the global watch market are introducing smartwatches equipped with an activity tracker, app alerts, multiple time zones, and calendar alerts. Thus, increasing use of smartwatches will eventually propel the growth of the global watch market during the forecast period.
“Rising demand for premium watches, growing celebrity endorsement, and increasing demand for customized watches will boost the watch market growth during the forecast period,” says a senior analyst at Technavio.
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Global Watch Market: Segmentation Analysis
This market report segments the global watch market by product (quartz and mechanical), and distribution channel (offline and online) and geography (APAC, Europe, MEA, North America, and South America).
APAC led the watch market share in 2019, followed by Europe, North America, MEA, and South America. The growth can be attributed to the increased introduction of global brands and products in the market coupled with the rising adoption of premium watches. Furthermore, the watch market in APAC is witnessing a rapid increase in the presence of international players, and rising promotional activities and advertisement campaigns.
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Some of the key topics covered in the report include:
Five Forces Analysis
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SOURCE: Technavio Research
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