The watch market is expected to grow by USD 3.31 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Global Watch Market 2020-2024 (Graphic: Business Wire)
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The rising purchasing power and increasing disposable income of consumers are fueling the demand for premium fashion accessories. In addition, the growing competition in the market is prompting vendors to increase their R&D efforts and introduce a wide range of products with premium designs. This is leading to premiumization in terms of technology, performance, features, and design. For instance, vendors are now introducing premium watches made using raw materials such as magnesium, PEEK, ceramic, CMC, ferrite, and carbon fiber. Therefore, the rising demand for premium watches coupled with product premiumization is expected to drive the growth of the global watch market during the forecast period.
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As per Technavio, celebrity endorsements will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Watch Market: Celebrity Endorsements
Fashion-conscious consumers tend to follow the lifestyles and fashion of celebrities. To capture the interest of such consumers, vendors often sign multi-year endorsement agreements with high-profile celebrities to enhance their brand image. For example, Roger Federer, one of the popular tennis players in the world, endorses Rolex watches. Such celebrity endorsements increase consumers' interest in the brand and help drive sales. This trend is expected to have a positive impact on the growth of the global watch market during the forecast period.
"Increasing use of smartwatches and the growing number of fashion-conscious consumers will further boost market growth during the forecast period," says a senior analyst at Technavio.
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Watch Market: Segmentation Analysis
This market research report segments the watch market by Product (Quartz and Mechanical), Geography (APAC, Europe, North America, MEA, and South America), and Distribution channel (Offline and Online).
The APAC region led the watch market in 2019, followed by Europe, North America, MEA, and South America respectively. During the forecast period, APAC is expected to register the highest incremental growth due to the increased penetration of global brands and products in the region.
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Some of the key topics covered in the report include:
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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