Watches and Clocks Global Market Report 2024

The watches and clocks market has grown strongly in recent years. It will grow from $53.11 billion in 2023 to $56.01 billion in 2024 at a compound annual growth rate (CAGR) of 5.4%. The growth observed in the historical period can be attributed to the recognition of luxury brands, the culture of using luxury items as status symbols and gifts, the emphasis on craftsmanship and artistry, and increased globalization leading to expanded market access.

The watches and clocks market is expected to see steady growth in the next few years. It will grow to $67.87 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%. The anticipated growth in the forecast period can be attributed to trends in customization and personalization, a focus on sustainability and ethical practices, the expansion of e-commerce and digital retail, integration with smartwatches, and the influence of culture and region. Major trends expected in the forecast period encompass collaborations between fashion and technology, the impact of global economic factors, shifts in demographics, innovative marketing strategies, and challenges within the supply chain.

The substantial contribution of infrastructure development is expected to drive the growth of the watches and clocks market in the future. Infrastructure encompasses the fundamental physical structures of an organization, area, or country, often involving the creation of public goods or manufacturing processes. Clocks play a role in commercial spaces and offices to manage time efficiently. For example, based on a 2022 report from the Bureau of Economic Analysis (BEA), a US government organization providing official macroeconomic and industry statistics, the size of the US construction industry increased from $1.916 trillion in the first quarter of 2021 to $2.016 trillion in the first quarter of 2022. Hence, the momentum in infrastructure development is expected to boost the watches and clocks market.

The anticipated growth of spending on personal accessories is set to propel the watches and clocks market. Personal accessories are items worn or carried by individuals to enhance their appearance or express their personality. Consumers are increasingly seeking individuality and ways to convey their uniqueness through personalized accessories, such as custom-engraved clocks, limited-edition watch faces, or bespoke watch cases. As of October 2023, according to Statistics Canada, a Canadian government agency, the average spending of all households in Canada on clothing and accessories was $2303, constituting 4.6% of the total expenditures in 2021. Consequently, the rise in spending for personal accessories is a driving force for the growth of the watches and clocks market.

Product innovation stands out as a prominent trend gaining traction in the watches and clocks market. Key players in the market are directing their efforts toward the development of innovative products to maintain their competitive positions. As an illustration, in July 2022, ADVA, a Germany-based telecommunications company, introduced the Oscilloquartz high-performance optical cesium atomic clock. Representing the latest advancement in assured positioning, navigation, and timing (PNT) from ADVA, the OSA 3300-HP sets new benchmarks for accuracy and availability as a high-performance optical cesium clock. This technology provides the resilience required for PNT assurance in critical infrastructure, allowing service providers to deliver unique service-level-agreement timing offerings with integrated GNSS backup. Atomic clocks, known for their precision and reliability, offer synchronization backup for networks dependent on GNSS-based timing.

Major companies in the watches and clocks market are concentrating on technological innovations, including meca-fluidic technology, to gain a competitive edge. Meca-fluidic technology blends traditional mechanical watchmaking with the precise movement of fluid to indicate time. For instance, in March 2023, HYT, a Switzerland-based watchmaking company, unveiled the HYT Hastroid featuring meca-fluidic technology. With a 48mm case made of titanium or magnesium, the Hastroid showcases a distinctive spaceship-inspired design. The dial exhibits a complex layout with multiple levels and an open-worked movement that highlights the intricate mechanics of the watch. This innovative timepiece pays homage to space exploration, combining futuristic aesthetics with cutting-edge technology.

In November 2022, LVMH, a France-based luxury goods manufacturer, completed the acquisition of Pedemonte Group for an undisclosed amount. This strategic move enhances LVMH's capabilities in the watches and jewelry division. Pedemonte Group, based in Italy, is a manufacturer of watches and jewelry.

Major companies operating in the watches and clocks market report are Apple Inc., Audemars Piguet Holding SA, Breitling SA, Casio Computer Co. Ltd., Chelsea Clock Company, Citychamp Watch & Jewellery Group Limited, Compagnie Financière Richemont SA, Cartier International SNC, Montblanc-Simplo GmbH, Fossil Group Inc., Garmin Ltd., Alpina Watch International SA, Timex Group USA, Tissot SA, Zodiac Watches, Tiffany & Company, Tag Heuer, Seiko Holdings Corporation, Citizen Watch Co. Ltd., Patek Philippe SA, Swatch Group, Rolex SA, Movado Group Inc., Bulova Corporation, Rado Watch Co. Ltd., Longines, Piaget SA, Le Petit-Fils de L.-U. Chopard & Cie S.A., Ulysse Nardin SA, Breguet, Blancpain, Montres Corum Sàrl, Girard-Perregaux SA, H. Moser & Cie, IWC International Watch Co. AG, Jaeger-LeCoultre, Panerai, Parmigiani Fleurier, Roger Dubuis, Vacheron Constantin, Zenith SA.

Asia-pacific was the largest region in the watches and clocks market in 2023 and is expected to be the fastest-growing region in the forecast period. The regions covered in the watches and clocks market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the watches and clocks market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main categories of watches and clocks include sports watches, luxury watches, diamond watches, alarm clocks, and wall clocks. Sports watches, for example, are wristwatches that are water-resistant and equipped with features such as an alarm, stopwatch, compass, heart rate monitor, tachymeter (a spinning bezel for speed calculation), thermometer, and tide indication (for divers). These sports watches cater to the needs of athletes, enabling them to monitor their body performance. The distribution of watches and clocks occurs through both offline and online channels, serving purposes such as timekeeping, adornment, collection, among others.

The watches and clocks market research report provides watches and clocks market statistics, including watches and clocks industry global market size, regional shares, competitors with a watches and clocks market share, detailed watches and clocks market segments, market trends, and opportunities, and any further data you may need to thrive in the watches and clocks industry. This watches and clocks market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The watches and clocks market consists of sales of automatic watches, quartz watches, solar watches, analogue watches, digital watches, chronograph watches, and hybrid watches. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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