Watches: Key market research findings
- Product innovations and enhanced features
- Rising demand for sport watches
Technavio has released a new market research report on the global watch market, which is expected to grow at a CAGR of around 8% between 2015 and 2019. Rising demand for Swiss made luxury watches known for its quality and design, is boosting the growth of watches market. APAC is estimate to lead the global market with countries such as Hong Kong and China emerging as the main revenue contributors.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“Vendors are constantly introducing innovative products to gain a competitive edge in the market. Of late, the watches with enhanced features such as voice announcement, electroluminescence (EL) flashing and illumination, and incoming call alerts for phones are gaining popularity. Manufacturers are focusing on providing premium, unique, customized and futuristic offerings to consumers to boost sales. For instance, Bulgari’s Diagono Magnesium watch model has its chip-enabled near field communication (NFC) capabilities,” says Sriram Mohan, Lead Analyst, Consumer Goods & Retail, Technavio Research.
Increased participation in sporting activities have boosted the demand for sports watches, due to their use during running, biking, hiking, and other outdoor activities. The built-in GPS allows the person to track distance, pace, calories burnt, and time. Also, these sports watches keep track of altitude, barometric pressure, and ambient temperature. Some of the key brands in sports watches include Casio, Garmin, Nike, Polar, Seiko, and Suunto.
The major players in the global watch market include Fossil, LVMH, Richemont, Rolex and Swatch. The global watch market is highly competitive with a few leading vendors dominating the market. The vendors compete on the basis of product differentiation, portfolio, and pricing.
A more detailed analysis is available in the Technavio report, Global Watch Market – Market Analysis 2015-2019.
We can customize reports by other regions and specific segments upon request.
Other Related Reports:
- Global Wearable Electronics Market 2015-2019
- Global Personal Accessories Market 2015-2019
- Smartwatch Market in Japan 2015-2019
- Global Outdoor Sports GPS Device Market 2015-2019