Wrist Watch Market Growing Popularity and Emerging Trends | Timex, Casio, Citizen Watches

Wrist Watch Market in India 2019 is latest research study released by HTF MI evaluating the market, highlighting opportunities, risk side analysis, and leveraged with strategic and tactical decision-making support. The study provides information on market trends and development, drivers, capacities, technologies, and on the changing investment structure of the Wrist Watch Market. Some of the key players profiled in the study are Timex Group India Limited, Titan Company Limited, Casio India Co. Private Limited, Citizen Watches (India) Private Limited, Fossil India Private Limited, PA Time Industries (Maxima Watches), Rolex Watch Company Private Limited, Swatch Group (India) Private Limited.

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Over the last decade, wrist watches have gained much popularity as a fashion accessory than a device for telling time. This recognition can be attributed to the high brand consciousness among millennial consumers, celebrity endorsement and aggressive marketing strategies adopted by fashion brands. Delhi, Mumbai and Bengaluru are the leading markets for wrist watches in India, in terms of sales volume.

 

Competition analysis
Some of the major players in the market include Titan Company Limited, Casio India Co. Private Limited, Rolex Watch Company Private Limited and Timex Group India Limited. Among these accomplished players, the industry is being led by Titan Company Limited, accounting for approximately 40% of the overall wrist watch market, for almost a decade. As a strategic move to capture higher market share, players are trying to diversify their product portfolios by introducing smart watches in their product portfolio. In 2019, the overall sales volume of smart watches in India was about 34,200 units. The companies are coming up with innovative ranges of products incorporated with new features and technologies that are likely to further intensify the competition.

 

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Market insights

The wrist watch segment accounts for around 80% of the Indian timepiece market. The wrist watch market in India was valued at INR 94.55 Bn in 2018, and is expected to reach INR 192.74 Bn by 2024, expanding at a compound annual growth rate (CAGR) of ~13.21%, during the forecast period (2019-2024). In the past few years, smartwatches and premium watches have witnessed a significant growth in demand and popularity. These two are the main components which have attributed to the rapid growth of the wrist watch market. Slashed goods and services tax (GST) rates on luxury watches and increasing fashion consciousness among consumers have further accelerated the market growth. Moreover, with the progressing retail landscape and increase in Internet retailing, the sale of wrist watches is anticipated to experience a swift increase in the Indian market. However, the presence of counterfeit products is a major challenge for the market. The developing market for fitness bands and activity trackers as substitutes for smartwatches, also impedes the growth of the wrist watch market.

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Key Answers Captured in Study are
Which geography would have better demand for product/services?
What strategies of big players help them acquire share in regional market?
Countries that may see the steep rise in CAGR & year-on-year (Y-O-Y) growth?
How feasible is market for long term investment?
What opportunity the country would offer for existing and new players in the Wrist Watch market?
Risk side analysis involved with suppliers in specific geography?
What influencing factors driving the demand of Wrist Watch near future?
What is the impact analysis of various factors in the Wrist Watch market growth?
What are the recent trends in the regional market and how successful they are?

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Some extract from Table of Contents
• Overview of Wrist Watch Market
• Wrist Watch Size (Sales Volume) Comparison by Type (2019-2025)
• Wrist Watch Size (Consumption) and Market Share Comparison by Application (2019-2025)
• Wrist Watch Size (Value) Comparison by Region (2019-2025)
• Wrist Watch Sales, Revenue and Growth Rate (2019-2025)
• Wrist Watch Competitive Situation and Trends
• Players/Suppliers High Performance Pigments Manufacturing Base Distribution, Sales Area, Product Type
• Analyze competitors, including all important parameters of Wrist Watch
• Wrist Watch Manufacturing Cost Analysis
• Marketing Strategy Analysis, Research Conclusions

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