Watches and Clocks Market Report 2024 (Global Edition)

Global Watches and Clocks Market Report 2024 Market Size Split by Type (Sport Watches, Luxury Watches, Diamond Watches, Alarm Clock, Wall Clock), by Application (Display Time, Adornment, Collection, O...

Watches and Clocks Market Report Description

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Watches and Clocks Market Insights Video

Competitive Landscape of the Watches and Clocks Market

The Watches and Clocks Market is a dynamic environment with a variety of competitors striving for market dominance. Companies are constantly looking for ways to expand their reach with strategies such as launching new products across various regions. Key players include established watch and clock manufacturers, specialized timepiece makers, and rising startups that are bringing new and improved watch and clock solutions to the market.

June 2024: Casio announced the release of the GBD-300, a new addition to their G-SQUAD line of sports-driven G-SHOCK watches. The GBD-300 features a slim, compact design for a more comfortable fit and includes several handy functions for tracking running and other training activities. (Source: https://www.casio.com/intl/news/2024/0617-gbd300/) April 2024: Rolex updated its wristwatch line up, offering unique materials, colors, and textures. The updated models include Oyster Perpetual Gmt-Master II, Oyster Perpetual day-date, perpetual 1908, Oyster Perpetual, rolex deepsea, Oyster Perpetual Cosmograph Daytona, and Oyster Perpetual Sky-dweller. (Source: https://newsroom.rolex.com/watches/new-watches)

Top Companies Market Share in Watches and Clocks Industry: (In no particular order of Rank)

• AcuRite
• SDI Technologies
• Inc.
• Sangean Electronics
• Inc.
• Westclox
• Sonic Alert
• La Crosse Technology
• Ltd.
• Sony Corporation
• Emerson Radio Corporation
• Oregon Scientific
• Inc.
• Philips Electronics N.V.
• Electrohome
• Gingko Electronics Ltd.
• Lumie
• Brookpace Lascelles
• Newgate Clocks Ltd.
• The White Company
• Swatch Group Ltd.
• Rolex SA
• Richemont
• LVMH Moët Hennessy Louis Vuitton
• Fossil Group
• Inc.
• Citizen Watch Co.
• Ltd.
• Seiko Holdings Corporation
• Patek Philippe SA
• Casio
• Chopard & Cie S.A.
• Audemars Piguet
• Movado Group
• Inc.
• Kering SA
• Confidential Data
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• Data Hidden

*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional Analysis of the Watches and Clocks Market

Which Region will dominate the Watches and Clocks Market in 2024?

According to Cognitive Market Research, North America dominated the market in 2024. It accounted for around 40% of the global due to the region’s strong consumer base with high disposable incomes, which supports the demand for luxury and premium watches. Moreover, technological advancements and a robust e-commerce infrastructure facilitate easy access to a wide range of products, including smartwatches. Additionally, a growing trend towards fitness and health-conscious lifestyles boosts the demand for wearable devices with health monitoring features. Furthermore, strong retail networks and promotional activities further stimulate market growth by enhancing product visibility and consumer engagement across the continent.

Which Region is Expanding at the Fastest CAGR ?

Asia Pacific stands out as the fastest-growing region in the Watches and Clocks Market due to the region's cultural affinity towards craftsmanship and luxury goods, which has fueled demand for high-end watches and designer timepieces. Additionally, increasing urbanization and rising standards of living are expanding the consumer base interested in premium and fashion-forward watches. Moreover, technological advancements and the popularity of smart devices are driving the adoption of smartwatches, especially among tech-savvy consumers in countries like Japan, South Korea, and China. Furthermore, the region's diverse retail landscape, including both traditional brick-and-mortar stores and thriving e-commerce platforms, plays a crucial role in enhancing market accessibility and driving sales growth across Asia Pacific.

 

The current report Scope analyzes Watches and Clocks Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Watches and Clocks

According to Cognitive Market Research, the global Watches and Clocks Market size was estimated at USD 48510.6 Million, out of which North America held the major market of more than 40% of the global revenue with a market size of USD 19404.24 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.7% from 2024 to 2031.

• According to Cognitive Market Research, the US had a major share in the Watches and Clocks market with a market size of USD 15309.95 million in 2024 and is projected to grow at a CAGR of 4.5% during the forecast period. The demand is amplified by the growing demand for smartwatches with advanced health and fitness tracking features.
• The Canada Watches and Clocks Market had a market share of USD 2328.51 million in 2024 and is projected to grow at a CAGR of 5.5% during the forecast period. A robust e-commerce infrastructure drives Canada’s increasing popularity of online shopping for watches and clocks.
• The Mexico Watches and Clocks Market is projected to witness growth at a CAGR of 5.2% during the forecast period, with a market size of USD 1765.79 million in 2024.

Europe Watches and Clocks

According to Cognitive Market Research, the global Watches and Clocks Market size was estimated at USD 48510.6 Million, out of which Europe held the market of more than 30% of the global revenue with a market size of USD 14553.18 million in 2024 and will grow to a compound annual growth rate (CAGR) of 5.0% from 2024 to 2031.

• The United Kingdom Watches and Clocks Market had a market share of USD 2444.93 million in 2024 and is projected to grow at a CAGR of 5.8% during the forecast period. In the UK, rising interest in luxury and vintage watches as investment assets and status symbols drives market sales.
• The France Watches and Clocks Market is projected to witness growth at a CAGR of 4.2% during the forecast period, with a market size of USD 1338.89 million in 2024.
• According to Cognitive Market Research, the German watches and Clocks Market size was valued at USD 2881.53 million in 2024 and is projected to grow at a CAGR of 5.2% during the forecast period. In Germany, Watches and Clocks sales surged due to the high demand for precision-engineered and technologically advanced timepieces, reflecting strong engineering and innovation culture.
• The Italy Watches and Clocks Market is projected to witness growth at a CAGR of 4.4% during the forecast period, with a market size of USD 1251.57 million in 2024.
• The Russia Watches and Clocks Market is projected to witness growth at a CAGR of 4.0% during the forecast period, with a market size of USD 2255.74 million in 2024.
• The Spain Watches and Clocks Market is projected to witness growth at a CAGR of 4.1% during the forecast period with a market size of USD 1193.36 million in 2024
• The Luxembourg Watches and Clocks Market is projected to witness growth at a CAGR of 5.1% during the forecast period, with a market size of USD 451.15 million in 2024.
• The Portugal Watches and Clocks Market is projected to witness growth at a CAGR of 4.8% during the forecast period, with a market size of USD 305.62 million in 2024.
• The Greece Watches and Clocks Market is projected to witness growth at a CAGR of 5.3% during the forecast period, with a market size of USD 174.64 million in 2024.
• The Rest of Europe's Watches and Clocks Market is projected to witness growth at a CAGR of 3.7% during the forecast period, with a market size of USD 2255.74 million in 2024.

Asia Pacific Watches and Clocks

According to Cognitive Market Research, the global Watches and Clocks Market size was estimated at USD 48510.6 Million, out of which Asia Pacific held the market of around 23% of the global revenue with a market size of USD 11157.44 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.5% from 2024 to 2031.

• According to Cognitive Market Research, the China Watches and Clocks Market size was valued at USD 5020.85 million in 2024 and is projected to grow at a CAGR of 8.0% during the forecast period. Watches and Clock sales surged in China due to the growing middle-class population with increasing purchasing power driving demand for luxury watches, especially those perceived as status symbols and investments.
• The Japan Watches and Clocks Market is projected to witness growth at a CAGR of 7.0% during the forecast period, with a market size of USD 1539.73 million in 2024.
• The India Watches and Clocks Market had a market share of USD 1338.89 million in 2024 and is projected to grow at a CAGR of 10.3% during the forecast period. India's rising urbanization and expanding middle-class segment, which are fostering a growing consumer base interested in both traditional and smartwatches for personal style and functionality, are driving market growth.
• The South Korea Watches and Clocks Market is projected to witness growth at a CAGR of 7.6% during the forecast period, with a market size of USD 1115.74 million in 2024.
• The Australia Watches and Clocks Market is projected to witness growth at a CAGR of 8.2% during the forecast period, with a market size of USD 580.19 million in 2024.
• The South East Asia Watches and Clocks Market is projected to witness growth at a CAGR of 9.5% during the forecast period, with a market size of USD 769.86 million in 2024.
• The Rest of Asia Pacific Watches and Clocks Market is projected to witness growth at a CAGR of 8.3% during the forecast period, with a market size of USD 792.18 million in 2024.

South America Watches and Clocks

According to Cognitive Market Research, the global Watches and Clocks Market size was estimated at USD 48510.6 Million, out of which Latin America held the market of around 5% of the global revenue with a market size of USD 2425.53 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.9% from 2024 to 2031.

• According to Cognitive Market Research, the Brazil Watches and Clocks Market size was valued at USD 1038.13 million in 2024 and is projected to grow at a CAGR of 6.50% during the forecast period. Watches and Clocks sales flourished in Brazil due to the growing interest in fashion and luxury watches among affluent consumers, supported by economic recovery and increasing discretionary spending.
• Argentina Watches and Clocks Market had a market share of USD 407.49 million in 2024 and is projected to grow at a CAGR of 6.8% during the forecast period. In Argentina, rising consumer preference for stylish and functional watches, driven by urbanization, increasing disposable incomes, and a growing appreciation for fashion accessories, drives market sales.
• Colombia Watches and Clocks Market is projected to witness growth at a CAGR of 5.7% during the forecast period, with a market size of USD 215.87 million in 2024.
• Peru Watches and Clocks Market is projected to witness growth at a CAGR of 6.1% during the forecast period, with a market size of USD 198.89 million in 2024.
• The Chile Watches and Clocks Market is projected to witness growth at a CAGR of 6.2% during the forecast period, with a market size of USD 174.64 million in 2024.
• The Rest of Latin America Watches and Clocks Market is projected to witness growth at a CAGR of 5.0% during the forecast period, with a market size of USD 390.51 million in 2024.

Middle East and Africa Watches and Clocks

According to Cognitive Market Research, the global Watches and Clocks Market size was estimated at USD 48510.6 Million, out of which the Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 970.21 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.2% from 2024 to 2031.

• The GCC Countries Watches and Clocks Market is projected to witness growth at a CAGR of 7.0% during the forecast period, with a market size of USD 415.25 million in 2024. Watches and Clocks sales flourish due to the high demand for luxury watches driven by affluent lifestyles, cultural appreciation for luxury goods, and a growing interest in sophisticated timepieces as symbols of status.
• The Egypt Watches and Clocks Market is projected to witness growth at a CAGR of 6.5% during the forecast period, with a market size of USD 101.87 million in 2024
• The South Africa Watches and Clocks Market is projected to witness growth at a CAGR of 7.2% during the forecast period, with a market size of USD 153.29 million in 2024. Watches and Clocks sales flourish in South Africa due to economic growth and a growing luxury market in major urban centers like Johannesburg and Cape Town.
• The Turkey Watches and Clocks Market is projected to witness growth at a CAGR of 5.7% during the forecast period, with a market size of USD 83.44 million in 2024.
• The Nigeria Watches and Clocks Market is projected to witness growth at a CAGR of 5.3% during the forecast period, with a market size of USD 101.87 million in 2024.
• The Rest of the MEA Watches and Clocks Market is projected to witness growth at a CAGR of 5.2% during the forecast period, with a market size of USD 114.49 million in 2024.

Watches and Clocks Market Analysis

Watches and Clocks Market Type Segment Analysis

According to Cognitive Market Research, the luxury watches segment holds the largest market share driven by a combination of prestige, craftsmanship, and brand appeal. These timepieces are crafted using the finest materials, such as gold, platinum, and diamonds, showcasing intricate designs and meticulous attention to detail. Luxury watches appeal strongly to affluent consumers who value exclusivity and status symbols, often choosing prestigious brands known for their heritage and craftsmanship. The allure of luxury watches extends beyond mere timekeeping, and they are viewed as investments and heirloom pieces that foster brand loyalty and repeat purchases among discerning buyers. Moreover, the ability of luxury watches to maintain or appreciate over time adds to their appeal, making them sought-after items among collectors and enthusiasts.

Sport watches have emerged as the fastest-growing segment in the Watches and Clocks Market, driven by shifting consumer lifestyles and preferences. These timepieces are designed to cater to active individuals who prioritize functionality, durability, and style in their daily activities and outdoor pursuits. The rising popularity of sports watches can be attributed to increasing health consciousness and fitness trends globally. Features such as water resistance, GPS tracking, heart rate monitoring, and specific sports modes appeal to consumers engaged in various sports and fitness activities. Manufacturers are innovating to meet this demand by integrating advanced technologies and durable materials, thereby expanding the appeal of sports watches beyond mere timekeeping to essential fitness and performance tools. As consumers seek watches that complement their active lifestyles while offering robust performance and style, the sports watches segment continues to grow rapidly, capturing a larger share of the market.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Watches and Clocks Industry. Request a Free Sample PDF!

Watches and Clocks Market Application Segment Analysis

According to Cognitive Market Research, Adornment dominates the Watches and Clocks Market due to consumer preferences for watches and clocks as fashion accessories and status symbols. Adornment refers to the use of timepieces primarily for enhancing personal style, complementing outfits, and projecting a sense of elegance or luxury. This segment includes both traditional analog watches, digital watches, and various styles of clocks that are chosen based on their aesthetic appeal, brand reputation, and design features. Consumers often purchase watches and clocks in this category to align with fashion trends, social occasions, or personal tastes, making it a consistently dominant segment in the market.

Collection is the fastest-growing segment within the Watches and Clocks Market. Collecting watches and clocks has gained popularity among enthusiasts and investors alike due to several compelling reasons. Certain timepieces, especially limited editions, vintage models, or those with historical significance, appreciate over time, making them attractive investments. Collectors are often driven by a passion for horology, seeking rare or unique pieces to add to their collections. The rise of online platforms and auction houses specializing in timepieces has facilitated easier access to collectible watches and clocks, further fueling this segment's growth. Additionally, the community aspect of watch collecting, including forums, events, and exhibitions, contributes to the segment's expansion by fostering a vibrant and engaged community of enthusiasts.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Watches and Clocks Price Range Segment Analysis

Watches and Clocks Market Price Range Segment Analysis

According to Cognitive Market Research, the medium price range segment dominates the market due to its broad appeal and accessibility to a wide consumer base. Watches and clocks within this category strike a balance between affordability and quality, making them popular choices for everyday use and gifting purposes. Consumers opt for medium-priced timepieces from reputable brands known for their reliable craftsmanship and stylish designs. These watches and clocks cater to individuals seeking functional accessories that complement their style without the higher price tags associated with luxury items. Moreover, the medium price range segment benefits from a competitive marketplace where brands continuously innovate to offer value-driven products that meet consumer expectations for durability, aesthetics, and technological features.

High price range represents the fastest-growing segment in the Watches and Clocks Market. High-priced watches and clocks appeal to a discerning clientele seeking exclusivity, superior craftsmanship, and prestigious brand names. These timepieces are characterized by their use of premium materials such as precious metals, diamonds, and rare gemstones, reflecting luxury and status. The growth of the high price range segment is driven by several factors, including the investment potential of collectible pieces, technological innovations that blend traditional craftsmanship with advanced functionalities, and the enduring appeal of heritage brands with long-standing reputations in horology. Additionally, high-end watches often feature limited editions or bespoke customization options, catering to the preferences of affluent consumers who value uniqueness and craftsmanship excellence.

• Low
• Medium
• High

Watches and Clocks Sales Channel Segment Analysis

Watches and Clocks Market Sales Channel Segment Analysis

According to Cognitive Market Research, offline sales channel dominates the Watches and Clocks Market. Traditional brick-and-mortar stores, including luxury boutiques, department stores, and authorized retail outlets, remain the primary avenues for purchasing watches and clocks. This dominance is largely due to the unique customer experience that physical stores provide. Shoppers can physically examine and try on watches, an important aspect of high-value purchases where tactile feedback and immediate visual assessment are crucial. Furthermore, brick-and-mortar stores, especially those representing well-known brands, offer an environment of trust and exclusivity. Customers feel assured of the authenticity and quality of their purchases, reinforced by the personalized service and expert advice available from knowledgeable sales representatives. This level of customer care enhances the buying experience, particularly for luxury and high-end watches. Additionally, offline shopping provides the immediate gratification of taking the purchase home right away, avoiding the wait and potential issues associated with shipping.

Online represent the fastest-growing segment in the Watches and Clocks Market. The growth of online sales is driven by several key factors that cater to modern consumer preferences and behaviors. Convenience is a significant driver, as online shopping allows customers to browse and purchase watches and clocks from the comfort of their homes at any time of day. This is especially appealing to busy consumers and those who may not have easy access to physical stores. E-commerce platforms also offer a much wider selection of brands, styles, and price ranges than most brick-and-mortar stores, broadening consumer choices and catering to diverse tastes and budgets. Online retailers often provide competitive pricing, discounts, and promotions, making online shopping an attractive option for price-sensitive customers. Moreover, technological advancements have significantly enhanced the online shopping experience. The integration of augmented reality (AR) and virtual try-on technologies allows customers to visualize how watches will look on their wrists, bridging the gap between physical and online shopping experiences.

• Online
• Offline

Author's Detail

Sneha Mali

Research Analyst at Cognitive Market Research

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I am a research analyst working in various domains including the Consumer Goods domain, and my primary responsibility is to conduct thorough research on various subjects and provide valuable insights to support client requirements. I have knowledge of research methodologies, and data mining which enables me to analyze large data sets, draw meaningful conclusions, and communicate them effectively. I stay up-to-date with the latest research trends, methodologies, and technologies to ensure that my research is accurate, relevant, and impactful.

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