Global Watch Market Overview:
Watches are vital accessories available with a wide range of functions. The developments in batteries and watch designs are likely to drive its continuous sales. The global watch market report by Market Research Future (MRFR) looks at the latest trends, innovations, and challenges to be faced by industry leaders for the period 2025 to 2035.
In 2023, Watch Market Size was projected to be worth USD 63.31 billion. By 2035, the watch market industry is projected to have grown from 64.88 billion USD in 2024 to 85 billion USD. During the projection period (2025-2035), the watch market's compound annual growth rate (CAGR) is anticipated to be approximately 2.48%.
One of the main causes influencing the demand for handcrafted luxury watches worldwide is the rising fast fashion trend and the expanding use of high-end accessories as a status symbol. In addition, the expanding use of smart and connected gadgets, the spread of the internet, and the reliance on smartphones are the key market driver enhancing watch market growth.
Technological breakthroughs in watches are expected to be the primary driver of the market. For instance, wrist watches provide various functions according to watch size and design. Wristwatches for divers have high water resistance and the presence of various experts in horology is likely to herald a new era in watches. Changing lifestyles of customers and the need for personalization are expected to bolster the demand for watches.
The proliferation of the internet and miniaturization of cells and processors can bring forth new avenues to explore in the watch market. A huge need for basic and mid digital watches in Singapore can augur favorably for the market. But the availability of counterfeit products and unorganized players can hamper market growth. The COVID-19 pandemic has led to many potential customers opting for online channels for the procurement of watches.