Global Watches And Clocks Market Size 2024, Forecast To 2033
6 Mar, 2024
The watches and clocks market has experienced robust growth, escalating from $53.11 billion in 2023 to $56.01 billion in 2024, with a Compound Annual Growth Rate (CAGR) of 5.4%. The growth in the historic period is attributed to factors such as luxury brand recognition, status symbol and gift culture, craftsmanship and artistry, globalization, and market access. Moving forward to 2028, the watches and clocks market is expected to witness steady growth, reaching $67.87 billion at a Compound Annual Growth Rate (CAGR) of 4.9%. The growth in the forecast period is driven by factors such as customization and personalization trends, sustainability and ethical practices, e-commerce, and digital retail expansion, smartwatch integration, and cultural and regional influences. Major trends anticipated in the forecast period include fashion-technology collaborations, global economic factors, changing demographics, innovative marketing strategies, and supply chain challenges.
Global Watches and Clocks Market Key Driver
The watches and clocks market is anticipated to witness growth propelled by the significant contributions of infrastructure development. Infrastructure refers to the underlying physical structures of an organization, area, or country, involving the creation of public goods or manufacturing methods. Clocks play a vital role in commercial spaces and offices for timekeeping and work management. According to a 2022 report by the Bureau of Economic Analysis, 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. This surge in infrastructure development is expected to drive the watches and clocks market, indicating positive market size values for 2023, 2024, and 2028.
Get A Free Sample Of The Global Watches and Clocks Market ReportGlobal Watches and Clocks Market Segments
The watches and clocks market covered in this report is segmented –
1) By Type: Sport Watches, Luxury Watches, Diamond Watches, Alarm Clock, Wall Clock
2) By Distribution Channel: Offline, Online
3) By Application: Display Time, Adornment, Collection, Other Applications
By Geography:The regions 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
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
Major Watches and Clocks Industry Players
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
Get The Full Global Watches and Clocks Market ReportWatches and Clocks Market Overview
Watches and clocks refer to timepieces that can be hung on a chain, carried in a pocket, or worn on the wrist using a band that shows time Watches and clocks are used to keep a measure of time and for other applications such as alarm clocks.
Watches and Clocks Global Market Report 2023 provides data on the global watches and clocks market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The watches and clocks market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.