The Canadian watch market was worth 1.95 billion in 2024 and is expected to grow steadily, reaching a value of US$ 2.94 billion by 2033. The growth is driven by increasing demand for fashion, smart, and luxury watches, as well as growth in wearable technology. With changing consumer preferences and ongoing innovation, the market is likely to grow with a compound annual growth rate (CAGR) of 4.66% between 2025 and 2033.
Canada Watch Market Outlooks
Watches have been popular in Canada among various age groups. Luxury watch manufacturers such as Rolex have fans among collectors and professionals, whereas companies such as Fossil and Citizen have followers among fashion-sensitive individuals. Apple and Samsung smartwatches control the wearable technology market, providing health monitoring and connectivity. Canadians like watches for their strength, accuracy, and glamour, making them a necessary item for both informal and formal wear. The growth of e-commerce has also helped to fuel the expanding watch market, giving consumers readily available access to a broad range of timepieces, further enhancing their sustained popularity in Canada.
Growth Drivers in the Canada Watch Market
Increasing Demand for Smart and Connected Watches
The widespread use of smartwatches, spurred by advances in technology, is one of the main growth drivers in the Canadian watch market. Customers are seeking watches with fitness tracking, heart rate monitoring, and connectivity. Companies such as Apple, Samsung, and Garmin are at the forefront, driving smartwatches to become a must-have accessory for health-conscious and technology-driven consumers. As Canada places more focus on health and digital connectivity, demand for smartwatches is increasing. Feb 2025, OnePlus Watch 3 was officially out now in Canada priced at $449, its release alongside being done globally within the US and European markets. It comes equipped with a lasting battery life, stronger fitness features tracking, as well as with the inclusion of an actual rotating crown.
Increasing Demand for Luxury and Premium Watches Segments
Premium watch brands like Rolex, Omega, and TAG Heuer are facing growing demand in Canada, specifically among high-income consumers. Rising disposable income, fashion for premium clothing, and a desire for high-end accessories drive the luxury watch segment to grow. People consider luxury watches both a symbol of status and an investment opportunity, which spurs their demand. The growing popularity of pre-owned luxury watch platforms is also bolstering this segment.
Expansion of Online and E-commerce Retail
E-commerce has revolutionized the watch market in Canada, enabling consumers to browse a wide range of watches from international and domestic brands. Online shopping convenience, competitive prices, and access to limited collections have driven online watch sales. Direct-to-consumer brands and major retailers are utilizing digital marketing tactics and online promotions to reach technology-savvy consumers, driving market growth.
Challenges in Canada's Watch Market
Competition from Wearables and Smart Devices
Smartphones and fitness bands create a challenge for legacy watchmakers. Most customers use smartwatches or fitness bands instead of the traditional analog or digital watch. This trend has pushed mainstream watch brands to adapt and add smart functionality, but legacy brands struggling to adapt to changing consumer demands continue to pose a challenge.
Counterfeit and Grey Market Problems
The Canadian watch market is plagued by counterfeits and unauthorized resellers. Mid-range and luxury brands lose revenue with counterfeit watches in the market. The existence of grey-market vendors, selling watches at discounted prices without brand warranties, impacts the reputation and pricing of authorized retailers. Authenticity and brand reputation are still key concerns.
Canada Quartz Watch Market
Quartz watches, popular for their low cost and precision, remain at the top in the Canadian market. Their low-maintenance, battery-driven mechanism ensures accuracy with low maintenance costs, and therefore, they remain a consumer favorite. Players such as Casio, Citizen, and Seiko dominate this market with their fashion and durable quartz watches across various price segments. The trend toward low-cost, daily wear watches also spurs this market segment.
Canada Electronic Watch Market
Canada's electronic watch market is growing on the back of technological advancements. Smartwatches, hybrid watches, and digital watches come under this category, with top players incorporating AI-powered features and health-tracking capabilities. Growing demand for multi-functional wearables, particularly among young and health-conscious individuals, is fueling growth in this segment. The growth in connected wearables is likely to drive this market further.
Canada Men's Watch Market
Men's watches are a major segment of the Canadian watch market, with demand for luxury, sports, and business watches. Luxury brands such as Rolex, TAG Heuer, and Seiko are still pulling male consumers seeking style, elegance, and resilience. The industry is experiencing an upsurge in high-end and casual wristwatches, with men buying timepieces as a fashion accessory.
Canada Luxury Watch Market
The Canadian high-end watch market flourishes on wealthy consumers and timepiece collectors who treat watches as investments and collectors' items. High-end brands such as Patek Philippe and Audemars Piguet remain in demand, fueled by exclusivity, craftsmanship, and prestige. Pre-owned high-end watch demand is also increasing, with collectors and investors interested in limited-edition and rare timepieces.
Canada Convenience Stores Watch Market
Convenience stores contribute to the watch market through affordable and practical timepieces. Consumers who are price-sensitive and want basic digital or quartz watches are able to easily find these products in local stores. While this market segment is small in relation to online or luxury sales, it is still significant for impulse and quick purchases.
Canada Online Watch Market
Canada's online watch market is expanding quickly, with internet platforms providing customers with a vast array of options. Amazon, Best Buy, and specialty watch stores are some of the e-commerce leaders offering a large inventory of brands, price ranges, and special offers. The convenience of online shopping, along with digital marketing promotions, influencer marketing, and virtual try-on technologies, is fueling consumer interest and sales in this channel.
Canada Watch Market Segments
Type
- Quartz Watches
- Electronic Watches
- Mechanical Watches
Gender
- Men
- Women
- Unisex
Price Range
- Luxury
- Non-Luxury
Distribution Channel
- Hyper Market/Super Market
- Convenience Stores
- Online
Company Analysis: Overviews, Key Person, Recent Developments, Revenue
- Fossil Group Inc.
- Titan Company Limited
- LVMH Group
- Apple Inc.
- Compagnie Financière Richemont S.A
- The Swatch Group Ltd
- Citizen Watch Co. Ltd.
- Seiko Group Corporation
Table of Contents
Companies Mentioned
- Fossil Group Inc.
- Titan Company Limited
- LVMH Group
- Apple Inc.
- Compagnie Financière Richemont S.A
- The Swatch Group Ltd
- Citizen Watch Co. Ltd.
- Seiko Group Corporation
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 200 |
| Published | March 2025 |
| Forecast Period | 2024 - 2033 |
| Estimated Market Value ( USD | $ 1.95 Billion |
| Forecasted Market Value ( USD | $ 2.94 Billion |
| Compound Annual Growth Rate | 4.6% |
| Regions Covered | Canada |
| No. of Companies Mentioned | 8 |
