According to a report by the market research firm Euromonitor, global sales of wrist watches reached a value of approximately 45.5 billion U.S. dollars in 2020. This represents a slight decrease from the previous year, likely due to the impact of the COVID-19 pandemic on the global economy. However, the market is expected to recover and grow in the coming years.
In terms of regional trends, the Asia Pacific region is the largest market for wrist watches, accounting for over 40% of global sales. Europe and North America are also significant markets, while sales in Latin America and the Middle East and Africa are smaller but still significant.
In terms of specific brands, the Swiss watch company Swatch Group is the largest player in the global wrist watch market, followed by the Japanese company Citizen and the American company Fossil Group. However, there is a wide range of brands available at various price points, from luxury brands like Rolex and Cartier to more affordable brands like Timex and Casio.
According to a report by the market research firm Mordor Intelligence, the global wrist watch market is expected to grow at a compound annual growth rate (CAGR) of 3.6% between 2021 and 2026. This growth is expected to be driven by a number of factors, including:
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An increase in the number of people with disposable income: As the global economy recovers from the COVID-19 pandemic and more people have disposable income, they may be more likely to purchase wrist watches as a luxury or fashion item.
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The rise of e-commerce: The increasing popularity of online shopping is making it easier for people to purchase wrist watches from a wider variety of brands and retailers.
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The growing popularity of smartwatches: While traditional wrist watches remain popular, there is also increasing demand for smartwatches, which combine the functionality of a wrist watch with features like fitness tracking and smartphone notifications. According to a report by the market research firm IDC, global shipments of smartwatches increased by 28% in 2020.
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The influence of social media and influencers: The rise of social media and the influence of influencers on fashion and lifestyle trends is also driving demand for wrist watches, as people see them being worn by celebrities and influencers and want to replicate the look.
In terms of specific regions, the Asia Pacific region is expected to continue to be the largest market for wrist watches, with a CAGR of 3.6% between 2021 and 2026. The Middle East and Africa region is expected to have the highest CAGR of 4.4%, while the North American and European markets are expected to grow at CAGRs of 3.4% and 3.3%, respectively.
Wrist watches remain popular today because they are a convenient and stylish way to keep track of the time. Many people find it easier to glance at their wrist than to pull out their phone or another timekeeping device, especially in situations where it is not appropriate to use a phone, such as meetings or social events.
In addition to their practicality, wrist watches are also often seen as a fashion accessory. There is a wide variety of styles available, ranging from sporty to formal, so people can choose a watch that reflects their personal style.
Wrist watches can also be a form of self-expression. Some people collect watches, choosing ones that have special meaning or represent a particular brand or time period. Others may wear a watch as a statement piece, choosing one with a bold design or made from luxurious materials.
Overall, wrist watches remain popular because they are practical, stylish, and can be a form of self-expression.
