Watch Market, By Type, By Strap Material, By End Use, By Price Range, By Distribution Channel, Forecast 2025 - 2034

Watch Market Size

The global watch market was valued at USD 75.8 billion in 2024. The market is expected to grow from USD 78.8 billion in 2025 to USD 116.7 billion in 2034, at a CAGR of 4.5%.
 

The increasing use of smartwatches, especially the ones that focus on health, is driving the growth in the watch market. The International Data Corporation (IDC) reported that global shipment of smartwatches reached up to 150 million in 2023 alone, demonstrating a constant 12% growth each year. Consumers nowadays seek wearables that portray time as well as evaluate fitness activities, track health data, and can effortlessly connect with their mobile phones.
 

Moreover, this feature is appealing to not only traditional watchmakers, but also modern technology companies. They try to make their watches more pleasing to purchase for those who are increasingly conscious about their health. In the years that followed the recent global health problems, a drastic growth can be seen in the number of people interested in tracking and monitoring their health and fitness. This is precisely why there is a greater demand for those smart, health-tracking watches.
 

The growing adoption of these watches is driving the demand of the overall watch market, enabling it to grow and advance more than just classic timepieces.
 

Furthermore, latest smartwatches are capable of counting steps, monitoring heart rate, tracking sleep patterns, and in some cases, even notifying users of falls and arrhythmia, which illustrates their possible value in healthcare. Furthermore, a report conducted on the frequency with which people use technology to monitor their health estimated that more than 200 million smartwatches are available today, with America accounting for 45% of wearable tech users.
 

Watch Market Trends

• While there have been shifts in economic conditions and technological advancements, both these factors, along with changes in consumers preferences, have influenced the global watch industry recently. The luxury segment of the market, which has initially been the face of the industry, has appreciably marked an increase in demand as consumers capture high-end, lavish watches as an axiom of style and status. A good example is the Garmin penning India's ever-booming emerging markets with the launch of Marq, their premium luxury watch collection. Possessing predefined capabilities such as music storage, Garmin Pay, smart notifications and daily activity tracking plus advanced features like wrist heart rate and Pulse Ox sensors put these watches in a class of their own. 
   
• Furthermore, smartwatches have become increasingly popular. Currently active lifestyle and tech-savvy customers are using these devices which, in one, combine traditional time keeping with smart notifications and fitness tracking. Growth in health monitoring capabilities, particularly in this segment, is why more and more people are looking to embrace wellbeing for effortless convenience. For example, Samsung with their new Galaxy Watch 4 released in August 2021, featuring their new 3-in-1 BioActive sensor enabling heart rate, blood oxygen and body composition monitoring simultaneously. The incorporation of these additional health monitoring features on smartwatches has increasingly attracted customers interested in tracking their exercises and health indicators.
   

Watch Market Analysis

• Based on Category, the market is segmented into quartz wrist watches and digital. The quartz wrist watches segment held the maximum share in the market with revenue of USD 38.3 billion in 2024, which is anticipated to grow at a CAGR of 4.3% during the forecast period from 2025-2034. The segment of the market that includes quartz wrist watches is one of the most accurate and valued segments due to the low cost associated with these watches.
   
• The watches have a small quartz crystal which vibrates to the accurate measurement of time when an electric current from a battery is sent to the watch. Ranging from simple everyday watches to luxurious watches, there are a myriad of styles that a quartz watch can be worn as. The low maintenance required, simple batteries changes every few years, along with the ability to keep time and not require daily winding, makes these watches favorable.
   

• These broad segments address Based on end user, the market is segmented into men, women and kids. The men segment held 45.4% of the total market share in 2024 and is anticipated to grow at a CAGR of 4.6% during the forecast period from 2025-2034. The men segment includes wide range of affordable everyday watches to luxury high-end watches designed specifically for men.
   
• various styles, tastes and categories, providing options such as sporty, formal, smartwatches and even traditional analog watches. Men's watches usually come in large case sizes in comparison to the female counterparts choosing to focus on features such as durability, water resistance, and multi-functional features like chronographs or GMT.
   

• In terms of country, the U.S. dominated the watch market with a revenue of around USD 6.1 billion in 2024 and is expected to grow at a CAGR of 4.4% in the forecasted timeframe. The U.S. consumers have directed their attention towards high-end watch brands which further augments the position of the US in the luxury watch industry. Moreover, the Bureau of Economic Analysis has noted that the spending of US citizens on watches and other luxury goods has been increasing considerably at an average of 4.5% for the past five years. These figures are a result of the growing purchasing power as well as the willingness to spend on luxury items by the younger population.
   
• Germany is one of the leading countries when it comes to the watch market. Through German’s incredible history in horology combined with their strong will towards high-level precision engineering and modern technology, the country has positioned itself as the frontrunner in manufacturing timepieces. By stubbornly keeping traditional craftsmanship combined with new technologies, German watchmakers can develop timepieces that enchant not only collectors, but also wearers alike.
   
• China, the world's most populous country and a fast-growing economy, has been making a big impact on the global watch market. The middle-class expansion as well as shifting consumer spending patterns is positively correlated with the demand for high-end, stylish watches. With an increasing number of affluent citizens purchasing luxury goods as a means of manifesting their wealth and success, China has emerged as a vital market for leading watch brands. Changes in consumer behavior, along with the growth of China’s middle class after 2009 by 30%, has further heightened the need for refined, sophisticated watches. Adapting to these changes, the China Watch & Clock Association reported a 25% increase in demand for high-end watches with most consumers being from the middle class.
   

Watch Market Share

• In 2024, market players such as Seiko Holdings Corporation, Citizen Watch Company limited, The Swatch Group, Apple Incorporation and Fossil Group Incorporation collectively held around 5-10% market share.
   
• Fossil Group focuses on a unique blend of traditional watches and hybrid smartwatches that feature an analog look with fitness-tracking capabilities and smartphone alerts. Through collaboration with Google, the company ensures that its smartwatches always run on the updated Wear OS. With fashion-forward approach strengthened through collaborations with Michael Kors, Armani, Diesel, and other sponsors, Fossil targets consumers who pay attention to their appearance while paying attention to fashion. Furthermore, the brand has advanced the design of smartwatches and E-Ink displays to make them sleek and power-efficient, extending battery life even more. By offering stylish, high-tech, and inexpensive smartwatches, Fossil remains competitively relevant in the ever-growing watch market.
   
• Citizen is the industry leader, having developed Eco-Drive, which allows the watch to be powered by any form of light thereby eliminating the need to replace any batteries in the watch. This has undoubtedly reinforced the firm’s image as reliable and environmentally friendly. The brand has also made substantial improvements in Satellite Wave GPS technology, allowing for ultra-precise timekeeping from any location by connecting GPS satellites. Further upgrading their products, Citizen has made Super Titanium an exceptionally thin and scratch-resistant addition to their watches to improve their durability.
   
• With the introduction of the Apple Watch, Apple has completely transformed the wristwatch market by converting watches into tools for health and lifestyle management. Apple stands out from old watch manufacturers by including ECG, blood oxygen, and AFib health feature monitoring. Apple Ultra watch with its rough look and long-lasting battery attracts those into extreme sports, broadening the brand's population. The integration of all the iPhones, AirPods, and Apple Fitness with the rest of Apple products makes the brand stronger, because the watches are more useful for people who are into technology. The constant increase in the quality of resistance, functionality, and periodic software enhancements leaves no chances for competitors in the field of smart watches, it is an Apple product.
   

Watch Market Companies

Major companies operating in the watch industry include:

• Apple Incorporation
• Bell & Ross SA
• Breitling SA
• Cartier International SNC
• Casio Computer Company
• Citizen Watch Company Limited
• Fossil Group
• Glashütte Original GmbH
• Longines S.A.
• Omega SA
• Patek Philippe & Co.
• Rolex SA
• Seiko Holdings Corporation
• TAG Heuer S.A.
• The Swatch Group
   

Watch Industry News

• In March 2023, LVMH Moët Hennessy Louis Vuitton acquired Tiffany & Co. This strategic move is seen as a means for LVMH to bolster its portfolio of prestigious watch brands, such as TAG Heuer and Hublot, and further cement its position as a dominant player in the luxury watch market.
   
• In April 2024, Luxury conglomerate LVMH, owner of watch brands like TAG Heuer and Hublot, announced increased investment in lab-grown diamond technology for use in their timepieces, addressing sustainability concerns in the luxury watch sector.
   
• In June 2024, The Swatch Group unveiled ‘The MoonSwatch Mission on Earth’, which consists of three new non-limited Bioceramic watches themed after the natural wonders observed from space. The collection featured Lava, Polar lights, and Desert watches.
   
• In May 2024, CASIO COMPUTER CO., LTD. celebrated its 50th anniversary by adding five new Casiotron and G-SHOCK, EDIFICE, PRO TREK, and BABY-G model “Sky and Sea” watches, which feature blue and gold detailing symbolizing the water and sky's reflection.
   

The watch market research report includes in-depth coverage of the industry, with estimates & forecasts in terms of revenue (USD billion) from 2021 to 2034, for the following segments:

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Market, By Type

• Quartz wrist watches
• Digital
  • Smart
  • Others

 Market, By Strap Material

• Plastic
• Silicone
• Leather
• Stainless Steel
• Others

Market, By End Use

• Men
• Women
• Kid

Market, By Price Range

• Low range
• Medium range
• Luxury

Market, By Distribution Channel

• Online
• Offline

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Malaysia
  • Indonesia 
• Latin America
  • Brazil
  • Mexico
  • Argentina 
• MEA
  • Saudi Arabia
  • UAE
  • South Africa