The Indian watch market reduced to $11.2B in 2024, which is down by -11.2% against the previous year. Over the period under review, consumption, however, showed buoyant growth. Over the period under review, the market reached the maximum level at $12.7B in 2023, and then reduced in the following year.

Fire-Boltt accounted for around 24 percent in the Indian smartwatch market in 2023. The second place was occupied by Noise (Nexxbase) with more than 21 percent of the market share.

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Watch Market Size 2025-2029

The watch market size is forecast to increase by USD 8.01 billion at a CAGR of 2.1% between 2024 and 2029.

The global watch market is driven by rising demand for premium timepieces and advancements in smartwatch technology. Key factors include a shift in consumer preference toward luxury and functional watches as status symbols, alongside innovations like AI integration that enhance user experience. 
This report offers a detailed look at market size, growth forecasts through 2029, and key segments such as quartz and mechanical watches, providing practical insights for refining business strategies, engaging customers, and optimizing operations. It highlights the trend of connected smartwatches as a growing market driver, while addressing challenges like counterfeit products that threaten brand integrity. For businesses aiming to stay competitive in the global watch market, this report delivers essential data and analysis to navigate emerging opportunities and tackle persistent hurdles effectively.

What will be the Size of the Watch Market During the Forecast Period?

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The market continues to evolve, driven by consumer demand for personalized timepieces and the fusion of craftsmanship with advanced technologies. Brands are enhancing their offerings by integrating smartwatch functionalities, such as notifications, fitness tracking, and smartphone connectivity, catering to health-conscious consumers. The market encompasses high-quality raw materials, production technologies, and a range of price points. Physical retail stores and online retailers, including e-commerce platforms and brand boutiques, serve diverse customer preferences. Vintage designs and sustainable materials are gaining traction, reflecting a growing appreciation for both tradition and environmental consciousness. Watchmakers, celebrities, and fashion brands are collaborating to introduce new products, further expanding the market landscape.
Smartwatches with features like titanium exteriors, monitoring functionalities, music control, walk tracks, heartbeat rates, and body composition monitoring are shaping the future of this dynamic industry.
The market is experiencing significant growth, driven by the increasing popularity of smartwatches and wearable technology. Consumers are increasingly opting for these digital timepieces, which offer features such as GPS, music playback, and app integration, making them functional extensions of smartphones. The market is further propelled by digital transformation, with e-commerce platforms and social media enabling seamless engagement between brands and customers. However, challenges persist, including the presence of counterfeit products and the need for longer battery life. 

How is this Watch Industry segmented and which is the largest segment?

The watch industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.ProductQuartzMechanicalDistribution ChannelOfflineOnlinePrice RangeLow RangeMid-rangeLuxuryLow RangeMid-rangeLuxuryEnd-UserWomenMenUnisexTypeAnalog WatchesDigital WatchesSmartwatchesHybrid WatchesMaterialStainless SteelLeatherRubber/SiliconePrecious Metals (Gold, Platinum)ApplicationFashionSports/FitnessEveryday UseCollectible/InvestmentGeographyAPACAustraliaChinaIndiaJapanSouth KoreaEuropeFranceGermanyUKNorth AmericaUSCanadaMiddle East and AfricaSouth America

By Product Insights

The quartz segment is estimated to witness significant growth during the forecast period. The quartz watch segment is projected to experience continuous expansion In the market. Quartz watches' popularity stems from their affordability compared to mechanical watches. companies such as Casio, Citizen, and Fossil provide a diverse selection of quartz watches, available in both digital and analog formats. The analog quartz watches dominate the market due to their wide availability in various styles, price points, and designs. Fashion trends and rising disposable income levels worldwide will fuel the market's growth. Quartz watches cater to health-conscious consumers with smartwatch features like fitness tracking, notifications, and smartphone integration. High-quality raw materials and advanced production technologies ensure durability and precision.

The market encompasses physical retail stores, online retailers, brand boutiques, e-commerce platforms, and shopping websites. Vintage designs and sustainable materials are gaining traction among consumers, with watchmakers like Breitling using recycled materials and eco-friendly straps. Luxury brands like Rolex and luxury market leaders continue to innovate, offering new products and limited editions. Consumers, particularly affluent millennials, are increasingly investing in health monitoring

Luxury Watch Market Analysis | Industry Forecast, Size & Report Insights

Dataset updated: Jun 27, 2024

Dataset authored and provided by: Mordor Intelligence

License: https://www.mordorintelligence.com/privacy-policy

Time period covered: 2019 - 2029

Area covered: Global

Variables measured: CAGR, Market size, Market share analysis, Global trends, Industry forecast

Description: The Luxury Watch Market size is estimated at USD 51.31 billion in 2024, and is expected to reach USD 68.17 billion by 2029, growing at a CAGR of 5.84% during the forecast period (2024-2029)

Quantitative Units: Revenue in USD Billion, Volumes in Units, Pricing in USD

Regions and Countries Covered (from Scope of Report):

• North America: United States, Canada, Mexico, Rest of North America
• Europe: Germany, United Kingdom, France, Italy, Russia, Spain, Rest of Europe
• Asia-Pacific: India, China, Australia, Japan, Rest of Asia-Pacific
• South America: Brazil, Argentina, Rest of South America
• Middle East & Africa: United Arab Emirates, South Africa, Rest of Middle East & Africa

Industry Segmentation Covered (from Scope of Report):

Type: Quartz or Mechanical Watch, Digital Watch

End User: Women, Men, Unisex

Distribution Channel: Online Retail Stores, Offline Retail Stores

Market Players Covered: Rolex SA, The Swatch Group Ltd, Compagnie Financiere Richemont SA, Patek Philippe SA, and Audemars Piguet.

Market Estimates and Report Statistics

Report Attribute	Key Statistics
Study Period	2019-2029
Market Size (2024)	USD 51.31 Billion
Market Size (2029)	USD 68.17 Billion
CAGR (2024 - 2029)	5.84%
Fastest Growing Market	South America
Largest Market	Asia Pacific

By Product Type

Product Type	Market Size Data Available from	CAGR % (2024-2029), Revenue in USD Million
Quartz/ Mechanical Luxury Watches	2019 to 2029	x%
Digital Luxury Watches	2019 to 2029	x%
Total	2019 to 2029	5.84%

By End User

End User	Market Size Data Available from	CAGR % (2024-2029), Revenue in USD Million
Men’s Luxury Watches	2019-2029	x%
Women’s Luxury Watches	2019-2029	x%
Unisex Luxury Watches	2019-2029	6.90%
Total	2019-2029	x%

By Distribution Channel

Distribution Channel	Market Size Data Available from	CAGR % (2024-2029), Revenue in USD Million
Offline Retail Stores	2019-2029	4.13%
Online Retail Stores	2019-2029	x%
Total	2019-2029	x%

Luxury Watch Sales by Region

Region	Study Period	CAGR % (2024-2029), Revenue in USD Million
North America	2019-2029	x%
Europe	2019-2029	x%
Asia Pacific	2019-2029	x%
South America	2019-2029	x%
Middle East & Africa	2019-2029	x%
Total	2019-2029	5.84%

In fiscal year 2020, the market size of jewelry and watches in the organized retail sector amounted to 20.2 billion U.S. dollars in India. The market size will likely increase to 38 billion U.S. dollars in the fiscal year 2025.

The Report Covers Smart Watch Companies in Asia Pacific and the Market is Segmented by Operating Systems (Watch OS, Android/Wear OS, Other Operating Systems), Display Type (AMOLED, PMOLED, TFT LCD), Application (Personal Assistance, Medical, Sports, Other Applications), and Country (China, Japan, India, South Korea, Rest of Asia Pacific). The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.

The Indian market for plastic or non-precious metal watches dropped sharply to $4.7B in 2024, which is down by -17.2% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, showed a buoyant increase. As a result, consumption reached the peak level of $5.7B, and then reduced remarkably in the following year.

After two years of growth, the Indian precious metal watch market decreased by -19.9% to $267M in 2023. Overall, consumption, however, recorded a prominent expansion. Precious metal watch consumption peaked at $333M in 2022, and then shrank dramatically in the following year.

Clocks or Watch Parts Market Size Value in India, 2021 Discover more data with ReportLinker!

In the fiscal year 2022, the import value of watches from India amounted to 29 billion Indian rupees. The exports with a value of 6.5 billion Indian rupees underscored the imports by far during that year.

According to Cognitive Market Research, the global mechanical watch market size will be USD 61025.2 million in 2024. It will expand at a compound annual growth rate (CAGR) of 5.5% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 24410.1 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.7% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 18307.6 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 14035.8 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.5% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 3051.3 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.9% from 2024 to 2031.
Middle East & Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 1220.5 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.2% from 2024 to 2031.
The automatic category is the fastest-growing movement type segment of the mechanical watch industry.

Market Dynamics of Mechanical Watch Market

Key Drivers for Mechanical Watch Market

Growing Demand for Luxury and Heritage Craftsmanship to Promote Market Growth

The elevating demand for luxury products, especially items that symbolise status, heritage, and exclusivity, is propelling the mechanical watch market share. Mechanical watches are often seen as prestigious items with intricate craftsmanship and traditional value, unlike digital counterparts that focus on functionality. Consumers, particularly in affluent demographics, are drawn to the craftsmanship, history, and prestige associated with renowned brands. Brands like Rolex, Patek Philippe, and Audemars Piguet continue to see high demand because they are perceived not just as timepieces but as timeless investments and symbols of sophistication. Besides, emerging markets with rising disposable incomes, such as China and India, further contribute significantly to this market demand, as consumers seek symbols of success and individuality that align with global luxury trends.

Expansion of E-Commerce and Digital Platforms to Drive Market Share

The rise of e-commerce platforms has opened new avenues for purchasing mechanical watches, expanding their accessibility to global audiences. High-end retailers and brands are actively using online platforms to reach potential buyers, especially younger consumers who prefer shopping online. This shift to digital platforms also enables companies to engage with customers directly, offer personalised experiences, and educate them about the heritage of mechanical watches. Moreover, digital platforms offer extensive choices, transparent comparisons, and flexible financing options, making luxury timepieces more attainable. For consumers in regions where access to flagship stores is limited, online platforms offer an appealing way to browse and purchase luxury watches, effectively boosting market reach and supporting growth for the industry.

Restraint Factor for the Mechanical Watch Market

Competition from Smartwatches and Wearable Technology to Limit Market Expansion

The rising popularity of smartwatches and wearable technology poses a significant restraint to the mechanical watch market. Smartwatches, offered by brands like Apple, Samsung, and Garmin, appeal to a broad demographic by integrating advanced features such as fitness tracking, health monitoring, GPS, and smartphone connectivity. These features cater to a modern, tech-savvy consumer base that values functionality and real-time digital convenience, often at a more accessible price point than high-end mechanical watches. While mechanical watches emphasise craftsmanship, tradition, and luxury, the utility-driven appeal of smartwatches is reshaping consumer preferences, especially among younger buyers. As wearables continue to evolve, the mechanical watch market faces a challenge in attracting new customers who increasingly view smart technology as essential, impacting market growth and demand for traditional timepieces.

Impact of Covid-19 on the Mechanical Watch Market

The COVID-19 pandemic had a substantial impact on the mechanical watch market, primarily due to global economic slowdow...

According to Cognitive Market Research, the global children watch market size is USD XX million in 2024 and will expand at a compound annual growth rate (CAGR) of 10.20% from 2024 to 2031.

North America held the major market of more than 40% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.4% from 2024 to 2031.
Europe accounted for a share of over 30% of the global market size of USD XX million.
Asia Pacific held a market of around 23% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of 12.2% from 2024 to 2031.
Latin America's market will have more than 5% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of 9.6% from 2024 to 2031.
Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of 9.9% from 2024 to 2031.
Bluetooth held the highest children watch market revenue share in 2024.

Market Dynamics of Children Watch Market

Key Drivers of Children Watch Market

Presence of Advanced Technologies to Provide Viable Market Output

The children's watch market has witnessed a surge in innovation with advanced technologies like GPS tracking, touchscreen displays, and parental control features becoming commonplace. These watches offer parents peace of mind with real-time location tracking and communication capabilities while providing fun and educational features for kids. With colorful designs, durability, and interactive functionalities, they cater to safety concerns and children's entertainment needs, driving growth in the market segment.

For instance, in December 2021, Inbase established its Urban Fab smartwatches for teenagers and kids in India. The smartwatch will be available in four color options -- Blue, Light Purple, Pink, and Army Green. The watch is prepared for the age group of 5-15 years old.

(Source:https://timesofindia.indiatimes.com/gadgets-news/inbase-launches-urban-fab-smartwatch-for-kids-in-india-price-and-other-details/articleshow/88454328.cms )

Durability and Water Resistance to Propel Market Growth

Durability and water resistance are pivotal in the children's watch market, ensuring timepieces withstand active play and potential spills. Parents seek watches crafted from sturdy materials capable of enduring rough handling. Water antagonism adds an additional layer of security, which is crucial for children engaging in water-related activities like swimming. Watches designed with these features offer peace of mind to parents, assuring longevity and functionality amidst the rigors of childhood adventures.

For instance, in December 2022, Huawei announced a new smart wearable product for the Chinese market. The new smartwatch was built specifically for children and is called the Huawei Watch Kids 5X, with a unique design.

(Source: https://www.gizmochina.com/2022/12/02/huawei-watch-kids-5x-launch/ )

Restraint Factors of Children Watch Market

Raw Material Price Volatility to Restrict Market Growth

Raw material price volatility affects the children's watch market by increasing production costs, impacting profit margins, and potentially raising consumer prices. This volatility can restrain market growth as manufacturers may struggle to maintain competitive pricing while ensuring product quality and safety standards. Additionally, it can limit investment in research and development for innovative features or eco-friendly materials, hindering the ability of firms to differentiate their products in the market.

Impact of COVID-19 on the Children Watch Market

The COVID-19 pandemic significantly impacted the children's watch market, accelerating the demand for smartwatches with educational features and connectivity for remote learning and virtual activities. Hygiene concerns also drove interest in watches with easy-to-clean designs. However, disruptions in supply chains and economic uncertainties led to fluctuating consumer spending and delayed product launches. Despite challenges, the market shifted towards digitalization and innovation to meet evolving needs during the pandemic. Introduction of the Children Watch Market

Children's watches are timepieces des...

A survey conducted by Rakuten Insight in September 2022 found that around 39 percent of female respondents in India owned a smartwatch. Although both male and female respondents in India preferred smartwatches over other wearables, most male respondents did not own any wearable devices during the survey period.

In fiscal year 2020, jewelry and watches contributed four percent to the e-commerce market share in India. The share of jewelry and watches in this market is likely to increase to seven percent in the financial year 2025.

The report covers India Smart Wearables Companies and the market is segmented by product (Smart Watches, Head-Mounted Displays, Smart Clothing, Ear Worn, Fitness Tracker, Body-Worn Camera, Exoskeleton, Medical Devices).

In 2017, the amount of watch movements, complete and assembled imported into India amounted to X units, increasing by X% against the previous year. In general, imports of watch movements, complete and assembled continue to indicate a strong increase. The pace of growth appeared the most rapid in 2008, when the imports increased by X% year-to-year.

The report covers India Consumer Smartwatch Market Size, Market Trends in India Smartwatch Market, India Smartwatch Market Revenue, North India Consumer Wearables Market.

Forecast: Clocks or Watch Parts Market Size Value in India 2022 - 2026 Discover more data with ReportLinker!

Organized jewelry and watches in India were estimated to penetrate 32 percent of the retail market in 2021, indicating a growth from 29 percent in 2018. The slow growth could be a consequence of the expensive jewelry being bought infrequently across the south Asian country. Typically, jewelry in India is not bought for occasions and adornment purposes only. Investment has been an important reason for jewelry purchase as well.

Organized retail in India

Jewelry and watches had the highest penetration in organized retail across India in 2017, at about 28 percent. This was closely followed by footwear and consumer electronics with a penetration rate of 27 percent each. Food and groceries had the lowest penetration rate that year. Despite having the lowest penetration rate, the food and grocery segment had the highest value in the organized retail market at around 16 billion U.S. dollars.

Leading jewelry retailers

Kalyan Jewellers, Tanishq and Malabar are some of the leading retailers in the jewelry and watches segment within the organized market across the country. Kalyan Jewellers a profit after tax of five billion Indian rupees in 2019. That year, the retailer was present across 18 states domestically as well as in the Middle East. Joyalukkas, on the other hand, reported a profit of almost 14 billion rupees in 2019. Established in the southern city of Kottayam in 2002, the company had 88 stores across the country as of August 2019.

After two years of decline, the Indian rough watch movements market increased by 374% to $30K in 2024. Over the period under review, consumption enjoyed a moderate increase. Rough watch movements consumption peaked at $315K in 2014; however, from 2015 to 2024, consumption stood at a somewhat lower figure.