Report Ocean introduces a fresh report examining the ‘India Wrist Watch Market’, encompassing its size, share, growth, industry trends, and forecast up to 2032. This comprehensive analysis delves into various industry components and growth patterns that offer valuable insights for anticipating the market’s future trajectory.
Obtain a comprehensive report on the India Wrist Watch Market, which includes a full table of contents, over 100 tables and figures, and charts. The report provides precise information on the market before and after the COVID-19 outbreak, segmented by region.
Wristwatches constitute a significant portion, approximately 80%, of the Indian timepiece market. In 2018, the wrist watch market in India was valued at INR 94.55 billion, and it is projected to reach INR 192.74 billion by 2024, growing at a compound annual growth rate (CAGR) of around 13.21% during the forecast period from 2019 to 2024.
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Over the past decade, wristwatches have undergone a transformation from mere time-telling devices to fashionable accessories. This shift can be attributed to the increasing brand awareness among millennial consumers, celebrity endorsements, and the aggressive marketing strategies employed by fashion brands. Leading markets for wristwatches in India, in terms of sales volume, are Delhi, Mumbai, and Bengaluru.
Market Insights:
Notably, smartwatches and premium watches have seen a surge in demand and popularity, driving the rapid growth of the wristwatch market. Reduced Goods and Services Tax (GST) rates on luxury watches and the increasing fashion consciousness among consumers have further accelerated market expansion. Additionally, the evolving retail landscape and the rise of internet retailing are expected to drive substantial growth in wristwatch sales in India. However, counterfeit products pose a significant challenge to the market, as does the growing market for fitness bands and activity trackers as alternatives to smartwatches.
Market Segment Analysis:
The wristwatch market in India is segmented based on price range into mass price, economy price, and premium price segments. The mass price segment is predominantly operated by the unorganized sector in India. The economy price segment, with a customer base primarily comprising millennials and the working population, contributed to approximately 37.95% of the overall market revenue in 2018. The demand for premium branded watches is projected to grow rapidly at a rate of around 13.75% during this period. This growth is driven by increasing average disposable income, the steady expansion of the retail network by international fashion brands in tier II and tier III cities, and the growing fashion consciousness among the populace.
Competition Analysis:
Key players in the market include Titan Company Limited, Casio India Co. Private Limited, Rolex Watch Company Private Limited, and Timex Group India Limited. Titan Company Limited has maintained its leadership in the industry, accounting for nearly 40% of the overall wristwatch market for almost a decade. In a strategic move to capture a larger market share, these players are diversifying their product portfolios by introducing smartwatches. In 2019, the sales volume of smartwatches in India reached approximately 34,200 units. Companies are constantly innovating, introducing new features and technologies, intensifying the competition in this dynamic market.
List of 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
- Swatch Group (India) Private Limited
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Comprehensive Market Insights: Delve into the depths of the India Wrist Watch Market Report to gain an all-encompassing and meticulous analysis of the market landscape. Uncover details such as market size, share, trends, and growth catalysts, which provide invaluable perspectives on both the present market scenario and its promising future prospects.
Reliable Projections: Rely on the report’s dependable forecasts and projections, which are underpinned by rigorous research methodologies, insights into industry expenditures, and assessments of market expansion rates. These foresights empower businesses to make well-informed decisions and chart out effective strategies for the times ahead.
In-depth Competition Analysis: Equip yourself with an extensive evaluation of key market players, their array of products, and the strategies they employ. This comprehensive understanding arms businesses with the knowledge needed to not only comprehend their rivals but also to craft strategies that position them ahead in the dynamic market arena.
Clear Market Scope and Segmentation: Gain clarity on the broad expanse of the market through the report’s clear delineation of market scope. With detailed insights into diverse market segments and their growth potential, businesses can discern and capitalize on opportunities that align with their objectives.
Insightful Regional Examination: Assess the market’s performance across different regions, enabling enterprises to pinpoint lucrative markets and tailor their approaches accordingly. With region-specific insights, businesses can adapt strategies that resonate with the unique dynamics of each area.
Evaluation of Industry Technology: Grasp the pulse of technological progress within the India Wrist Watch market. The report dissects cutting-edge advancements and trends, providing businesses with a window into emerging technologies that have the potential to reshape the industry.
Dynamics of Supply and Demand: Acquire a profound comprehension of supply-demand dynamics. This understanding empowers businesses to optimize production, distribution, and inventory management processes, resulting in enhanced operational efficiency.
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Unveiling Long-Term Growth Avenues: Through the scrutiny of trends and growth stimulants, the report illuminates the enduring opportunities the India Wrist Watch market holds. By identifying these sustainable growth prospects, businesses are poised to set a course for lasting success.
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