Global $58.28 Billion Watch Markets, Competition, Forecast & Opportunities, 2027
DUBLIN, April 21, 2021 /PRNewswire/ -- The "Global Watch Market, By Product Type (Digital Watches, Analog Watches, Fitness Watches), By Distribution Channel Type (Offline, Online), By End User (Male, Female, Unisex), By Region, Competition, Forecast & Opportunities, 2027" report has been added to ResearchAndMarkets.com's offering.
The Global Watch Market stood at USD58.28 billion in 2020 and is expected to grow at a double-digit CAGR of over 12% during the forecast period.
The Global Watch Market is driven by increasing disposable income especially in developing countries and rising consumer awareness towards a fit and healthy lifestyle, thus giving boost to the wearable industry post COVID-19.
Many of the smartwatches include attributes that have been useful for sports enthusiasts as well as a shifting focus of people towards a healthy lifestyle, which will help the Global Watch Market to grow during the forecast period.
With shifting focus towards a fit and healthy lifestyle, the demand for fitness watches is expected to grow at a faster pace during the projected years. However, analog watches are still preferred by consumers in the wedding season and with formal attire in business meetings. It is also found that there would be a higher demand for unisex watches, with new watch launches that can be worn by both men and women.
The major players operating in the Global Watch Market are Apple Inc., The Swatch Group Ltd, Casio Computer Co. Ltd, Citizen Watch Co. Ltd, Fossil Group Inc., Titan company Limited, Seiko Holdings Corp., Samsung Electronics Co., Ltd., Timex Group USA, Inc., Movado Group Inc., and others. Major companies are focusing on product development and launching new products with advanced features to stay competitive in the market.
For instance, Samsung has recently launched the Samsung Galaxy Watch 3 which can monitor blood pressure, blood oxygen saturation, and heart rate in addition to several other metrics. It could also take an ECG reading. Apple has also launched the Apple Watch Series 6 with almost similar features. Mergers and acquisitions and new service developments are some of the competitive strategies adopted by the companies in the Global Watch Market.
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For more information about this report visit https://www.researchandmarkets.com/r/wxbs0v
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