Watches Market To Reach $204.7 Billion By 2030 | CAGR: 9.1%

Watches Market Growth & Trends

The global watches market size is expected to reach USD 204.7 billion by 2030, expanding at a CAGR of 9.1% from 2024 to 2030, according to a new report by Grand View Research, Inc. Rising importance of smart watches as a key wearable device that provides exceptional functionality to paired up with Bluetooth and near field characteristics (NFC) is expected to prompt the product’s consumption among the buyers. Furthermore, growing popularity of weight management among sports enthusiasts and gym professionals as a result of increasing concerns over heart diseases and obesity is expected to fuel the demand for smart watches for body activity monitoring.

Asia Pacific is expected to expand at a CAGR of 13.9% from 2019 to 2025. Improvement in economic indicators including increasing disposable income and urbanization in the countries including China, India, and Malaysia is projected to upscale the requirement of watches. Furthermore, increasing number of supermarkets in these countries in light of favorable government policies for promoting investments in the manufacturing and retail sectors on a domestic level is expected to ensure the product’s access in the near future.

The industry is growing rapidly as the vast features offered by these products is attracting more customers. Features including GPS, distance tracker, health tracker, speakers, and Bluetooth connectivity are giving smartwatches an upper hand in terms of preference among the customers. The majority of watches are available in the form of quartz product types. In October 2017, Tag Heuer announced its partnership with Enjoy, a startup company by Ron Johnson that specializes in custom tailored and home delivery watches called Personal Atelier.

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Watches Market Report Highlights

• The North America watches market has a significant market share in the global watches market

• The fitness product segment generated a revenue of more than USD 10.0 billion in 2023

• By operation, quartz accounted for 70.0% share of the overall revenue in 2023

• Online channel is expected to expand at a CAGR of 10.9% from 2024 to 2030

• Key manufacturers in watches market include Rolex SA, Fossil Group; Omega SA; Apple Inc.; Rolex Watch U.S.A., Inc.; and CARTIER. Product launches are expected to remain a critical success factor over the next few years

• 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.

Watches Market Segmentation

Grand View Research has segmented the global watches market based on product, type, category, distribution channel, and region:

Watches Product Outlook (Revenue, USD Billion, 2018 - 2030)

• Traditional Watches

• Smart Watches

• Hybrid Watches

Watches Type Outlook (Revenue, USD Billion, 2018 - 2030)

• Quartz

• Mechanical

Watches Category Outlook (Revenue, USD Billion, 2018 - 2030)

• Luxury Watches

• Non-Luxury Watches

Watches Distribution Channel Outlook (Revenue, USD Billion, 2018 - 2030)

• Hypermarket & Supermarket

• Specialty Stores

• Online

• Others

Watches Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

• Asia Pacific

  • Japan

  • China

  • India

  • Australia & New Zealand

  • South Korea

• Latin America

  • Brazil

• Middle East & Africa

  • Saudi Arabia

  • UAE

 List of Key Players in Watches Market

• 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.