Report Ocean introduces a fresh report examining the “India Wrist Watch Market” encompassing its size, share, growth, industry trends, and forecast up to 2030. This comprehensive analysis delves into various industry components and growth patterns that offer valuable insights for anticipating the market’s future trajectory.
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 Billion in 2018 and is expected to reach INR 192.74 Billion by 2024, expanding at a compound annual growth rate (CAGR) of ~13.21% during the forecast period (2019-2024).
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Over the past decade, wrist watches have become more of a fashion accessory than a mere timekeeping device. The popularity of wrist watches as a fashion accessory can be attributed to high brand consciousness among millennial consumers, celebrity endorsements, 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.
Market insights:
In the past few years, smartwatches and premium watches have witnessed significant growth in demand and popularity. These two components 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 market growth. Moreover, with the progressing retail landscape and the 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.
Market segment analysis:
Based on the price range of products, the wrist watch market in India is segmented into mass price, economy price, and premium price segments. In India, the mass price segment is operated mostly by the unorganized sector. The customer base of the economy price segment is the highest and comprises mainly the millennial and working demography of the country. The revenue generated from the sale of products in the economy price segment accounted for ~37.95% of the overall market revenue in 2018. The demand for premium branded watches is predicted to expand at a rapid growth rate of ~13.75% during this period, owing to the increase in average disposable income, steady expansion of the retail network by international fashion brands in tier II and tier III cities, and the increase in fashion consciousness among people.
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 smartwatches in their product portfolio. In 2019, the overall sales volume of smartwatches 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.
Companies covered:
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, and Swatch Group (India) Private Limited.
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The report addresses the following key questions regarding the India Wrist Watch market:
- What is the expected growth rate of the market in the upcoming years and what factors are driving this growth?
- How do consumers perceive and adopt different types of India Wrist Watch in the market?
- How are regulatory policies and government initiatives impacting the growth of the India Wrist Watch market?
- What is the market share of the top 5 players in the India Wrist Watch market and how is it likely to change in the future?
- What are the latest technologies and innovations in the India Wrist Watch market and how are they shaping the industry landscape?
- How do macroeconomic factors such as inflation, GDP, and exchange rates affect the India Wrist Watch market?
- What are the challenges related to the supply chain and logistics that India Wrist Watch market players face and how are they addressing them?
- How is the changing consumer behavior and preferences influencing the dynamics of the India Wrist Watch market?
- What are the potential risks and uncertainties associated with investing in the India Wrist Watch market, and how can they be mitigated?
Reasons to Buy This Report
(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of India Wrist Watch market revenues on a global, regional, and country level, projecting trends until 2030. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the India Wrist Watch market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the India Wrist Watch market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate India Wrist Watch business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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