Watch Market Size, Share & Trends Analysis Report By Product Type (Quartz Watch, Digital Watch), By Price Range (Low Range, Mid-range, Luxury), By Distribution Channel (Offline Retail Stores, Online Retail Stores), By End-User (Women, Men, Unisex) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2025-2033

Watch Market Size and Trends

The global watch market size was valued at USD 103.01 billion in 2024. It is estimated to reach USD 104.21 billion in 2025 and USD 158.19 billion by 2033, growing at a CAGR of 4.8% during the forecast period (2025–2033). The increase in watch market share during the forecast period is related to the surge in product innovations and elevating demand for luxury accessories.

It is a mobile timepiece designed to be carried or worn by an individual. It is designed to maintain a consistent movement regardless of the person's activities. A wristwatch is intended to be worn on the wrist and is attached by a watch strap or other type of bracelet, such as metal bands, leather straps, or any other kind. A pocket watch is typically worn on a chain and designed to be carried in the pocket. It can also be fashioned from precious metals like gold, silver, and platinum and adorned with rubies and diamonds. With their wide variety, watches are regarded as the most popular accessories worldwide. The variety of watches varies according to their characteristics, functions, applications, and fashions. As a result, consumers have access to a variety of options.

The global watch market is experiencing significant growth, with a surge in demand across various regions due to rising disposable incomes, consumer preference for luxury items, and advancements in smartwatch technology. The market encompasses a variety of segments, including luxury watches, mid-priced watches, and smartwatches, catering to different consumer demographics. Key growth drivers include an increasing appetite for luxury timepieces in emerging markets, the proliferation of online retail channels, and the integrating of digital and health-tracking technologies in smartwatches.

Key Highlights

• The quartz watches segment owns the highest market share by product type.
• The low-range segment dominates the global market by price range.
• The offline retail stores segment is the most significant revenue contributor by distribution channel.
• The unisex segment is the most significant contributor to the market by end-users.

Watch Market Growth Factors

Surge in product innovations

The increase in health awareness among consumers across the globe has resulted in increased consumer spending on health monitoring gadgets. This has further led to surged sales of smartwatches owing to their wide range of monitoring functionalities, including the ability to control music, notifications, walking tracks, and heartbeat rates.

• For instance, Samsung released its Samsung Galaxy Watch 4 in the United States and the United Kingdom in August 2021. The product claimed to offer various health and fitness features, including an optical heart rate sensor, GPS for tracking runs, and ECG support.

Furthermore, the leading companies in the market have been gaining a competitive edge with innovations such as inventing eco-friendly strap materials.

• For instance, in 2019, Breitling launched a watch with a strap made from recycled materials. Each timepiece features a NATO strap made from ECONYL yarn, a regenerated nylon waste from landfills and oceans worldwide. Such product innovations are expected to boost market growth.

Elevating demand for luxury accessories

Consumers across the globe have witnessed an upgrowth in the preference for luxury watches owing to the influence of the Swiss watch industry. Although the luxury market for watches is quite mature or settled, the predicted growth of any brand across the global market can suddenly change at any given moment due to a shift in consumer purchase behavior and patterns.

As per Retail Dive, USD 5 million alone was spent on Rolex watches at Heathrow Airport in August 2017, and luxury watches and jewelry category sales were up a staggering 74%. Further, the increased brand awareness, the influence of Western trends, and the inherent desire for exclusivity have contributed to the increased demand for luxury watches over the review period. These factors are projected to influence the demand for luxury watches over the forecast period, thereby propelling the growth of the global market.

Restraining Factors

Alternatives for smartwatches

Smartphones have become essential to a human's social security and physiological well-being. An increase in the use of mobile smartphone applications has led to a surge in the adoption of various fitness and yoga apps for maintaining a healthy lifestyle. However, using these standalone fitness and tracker apps is expected to hamper the smartwatch market growth as the middle-class income group tends to spend less on smartwatches when compared to smartphones, through which they can utilize the same apps offered by smartwatches. Similarly, issues related to the limited functionality, screen size, and battery life compared to smartphones are predicted to hamper the growth of the smartwatch market globally.

Market Opportunities

Social media promotions

Enhanced vendor engagement via social media and other entertainment channels is expected to create opportunities for market growth. Companies utilize social media platforms like Facebook, LinkedIn, WhatsApp, Twitter, and YouTube to promote their products.

• For instance, Titan utilizes Simplify 360, a social media analytics tool, to evaluate the performance of its flagship brands, audience reach, and competitive standing across various social media channels.

Additionally, several manufacturers are forming partnerships with entertainment media for product promotion.

• For example, an upcoming James Bond film series will feature the Seamaster 300M 007 Edition watch by Swatch brand Omega. Consequently, promoting watches via social media and other digital platforms is anticipated to create growth opportunities for the global market over the forecast period.

Regional Insights

Asia-Pacific: Dominant region with 6.22% market share

The Asia-Pacific region remains the most significant shareholder in the global watch market, with a projected CAGR of 6.22% during the forecast period. The introduction of global luxury brands and rising disposable incomes in countries like China, Japan, India, and Hong Kong fuels this growth. The increasing demand for luxury watches, coupled with the region's rapid urbanization and the expansion of distribution networks, is attracting international brands like Rolex, Omega, Patek Philippe, and Cartier.

• For example, in 2024, Rolex launched its Submariner 2024 edition in Hong Kong, targeting affluent consumers and highlighting the region's demand for high-end timepieces.

Moreover, the rise in e-commerce and online promotions has made it easier for consumers to access premium brands, further boosting the market's growth. China, in particular, leads the regional market with a strong domestic demand for luxury and mid-priced watches, driven by increasing middle-class wealth and a penchant for high-status symbols.

Europe: Fastest growing region with the highest CAGR

In Europe, the watch market is expected to exhibit a moderate CAGR of 3.56%. The region is characterized by heritage brands and a growing interest in mid-priced, aesthetically designed watches. Local companies like BRUNO SÖHNLE continue to offer affordable yet stylish watches, such as their Materna collection, which appeals to the region's cost-conscious yet fashion-forward consumers. Additionally, Mr. Jones Watches, a UK-based company, has tapped into the market's demand for unique, limited-edition vintage models, with prices ranging from GBP 150 to GBP 350.

Additionally, luxury tourism also plays a critical role in driving sales in the UK and France, where tourists from Asia and the Middle East purchase high-end Swiss timepieces. Smartwatch sales in Europe are on the rise, fueled by tech-savvy consumers seeking functionality and style. Brands like TAG Heuer and Montblanc have capitalized on this by introducing hybrid smartwatches with a luxury feel, meeting the demand for digital innovation in timepieces.

The North American market is driven by the growing popularity of smartwatches, reflecting changing consumer preferences. The region is witnessing a shift from traditional watches to digital, multi-functional smartwatches, with brands like Apple, Garmin, and Fitbit leading the market. In 2024, Apple launched the Apple Watch Series 10, which features advanced health-tracking functions, further solidifying its dominance. The demand for mid-priced watches between USD 300 and USD 500 has also increased, catering to consumers seeking quality without the luxury price tag.

In addition, the US market offers a wide array of options, from entry-level smartwatches (USD 120–200) to mid-range luxury watches imported from Hong Kong. Retail chains like Fossil and Hour Passion continue to thrive due to their extensive collections of quartz and digital watches, appealing to a broad consumer base.

The Middle East and Africa markets are predominantly driven by demand for luxury watches, with countries like UAE and Saudi Arabia leading in sales of premium brands such as Rolex, Patek Philippe, and Audemars Piguet. In 2024, the Federation of the Swiss Watch Industry reported that the UAE remains a top importer of Swiss watches, with imports reaching CHF 925 million, reflecting the region’s strong appetite for luxury items. The growing number of online luxury retailers and mono-brand boutiques in major cities like Dubai and Riyadh contribute to this growth.

Meanwhile, the limited presence of domestic players in the region gives international brands ample opportunity to dominate the market. Rolex recently opened its largest boutique in Dubai in 2024, emphasizing its commitment to catering to the Middle Eastern clientele.

Watch Market Segmentation Analysis

By Product Type

The market is further segmented into quartz and digital watches. The quartz watches segment owns the highest market share and is estimated to exhibit a CAGR of 3.65% during the forecast period. The advancements in traditional quartz watches, with new innovative designs and different strap colors and functionality, are the significant factors strongly driving the sales of quartz watches among all age groups. These are available in various price ranges, which makes them suitable for price-sensitive consumers among all economic groups. This is also one of the key factors driving the sales of the market.

In recent years, there has been a slight decline in the sales of quartz watches due to the increase in consumer preference for digital watches. However, the recent upsurge in consumer appetite for vintage-inspired design watches is driving the sales of quartz watches. Moreover, affluent millennials remain highly attracted to luxury mechanical watches and seek simplicity, personalization, and transparency while choosing their luxury timepiece. Hence, manufacturers are creating timepieces that can appeal to affluent millennials.

By Price Range

The market is further segmented into low-range, mid-range, and luxury. The low-range segment dominates the global market and is projected to exhibit a CAGR of 4.88% over the forecast period. The lower economic growth leads consumers to seek more essential goods or utilities that suffice their needs, wherein the required spending on watches is shifted to procuring products. This way, the need for watches still exists, but the demand for lower-priced watches is ramped up, and customers categorize them as budget-friendly watches. The segment is more vulnerable to new designs, wherein start-ups working on timepieces would consider manufacturing products that more demographics in developing regions can easily consume. In addition, countries such as India, Vietnam, and Indonesia are some of the major growth markets. The watch segment under USD 500 seeks consumers in urban clusters who need more pronounced products, giving them societal status and urban appeal while spending a minimum.

By Distribution Channel

The market is further segmented into offline and online retail stores. The offline retail stores segment is the most significant revenue contributor and is expected to exhibit a CAGR of 3.80% over the forecast period. The physical stores will likely offer key advantages, especially for fast-moving consumer goods. In addition to the benefits provided within physical retail locations, eliminating shipping charges and integrating sensory experiences are anticipated to enhance consumer involvement and product engagement. Consumers are more likely to be more observant and selective while investing in consumer goods, as the products placed on the shelves can be tested and tried in terms of samples. Specialty stores also offer greater visibility and a wide assortment of watches. Prominent players operating in the global market sell their products through these stores, as it is a convenient retail channel for end users and vendors.

By End-users

The market is further segmented into women, men, and unisex. The unisex segment is the most significant contributor to the market and is estimated to exhibit a CAGR of 5.20% over the forecast period. The companies in the market have started launching products that function primarily as fitness devices and are also providing essential products with the functionalities of a smartwatch to create a holistic user experience for both men and women. One of the most widely used tactics to compete is for manufacturers to introduce new technological features powered by WearOS by Google, along with appealing designs and avant-garde styles.

• For instance, in November 2021, Conekt Gadgets launched SW1 PRO, a new unisex smartwatch. The latest smartwatch has attractive features such as blood pressure, 24x7 heart rate monitoring, ECG reports, and SpO2 (blood oxygen monitor).

Some significant players offering unisex watches in the smartwatch market include Samsung, Fitbit, and Apple.

Recent Developments

• April 2024 - Fossil unveiled its Gen 7 Hybrid Smartwatch, blending classic aesthetics with modern technology. It offers activity tracking, heart rate monitoring, and customizable watch faces, catering to mid-range buyers in North America and Europe.
• May 2024 - TAG Heuer launched its new Connected Calibre E5 Smartwatch, focusing on fitness tracking and luxury design. The company aims to increase its market share in the premium smartwatch category across Europe and Asia.