Quadintel offers a thorough analysis of the India Wrist Watch Market, including assessments of business solutions, studies and advancements, applications, advantages, benefits, and breadth. This market research study on India Wrist Watch Market provides a thorough analysis and improvement of the important business producers, opportunities, difficulties, and worldwide suppliers as well as a close investigation of risks and access restrictions. Additionally, it provides a competitive analysis of the most recent technological advancements, innovations, future market potential, industry share, sales, sales generation, funding analysis, and overall business environment.
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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).
Key Companies Covered in the India Wrist Watch Market Research 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 and other key market players.
The wrist watch segment accounts for around 80% of the Indian timepiece market.
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.
Market insights
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.
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 retail network by international fashion brands in tier II and tier III cities and 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 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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Highlight the Following Key Factors:
- Business Description: a particular description of agency operations and enterprise departments.
- Company Strategy: The analyst’s precis of the company’s commercial enterprise strategy.
- SWOT Analysis: Detailed evaluation of the company’s strengths, weaknesses, opportunities, and threats.
- Company History: The development of predominant occasions associated to the company.
- Main merchandise and services: A listing of the company’s fundamental products, services, and brands.
- Main Competitors: A listing of the company’s fundamental competitors.
- Important places and subsidiaries: The company’s major places and subsidiaries’ listing and contact information.
- Detailed economic ratios of the previous 5 years: The trendy monetary ratios come from the annual economic statements issued by means of agencies with a record of 5 years.
Some of the Key Questions Answered in this Report:
- What will be the market size and the growth rate by the end of the forecast period?
- What are the key Player trends impacting the growth of the market?
- What are the potential growth opportunities and threats faced by the leading competitors in the market?
- What are the key outcomes of Porter’s five forces analysis and the SWOT analysis of the key players functioning in the global Market?
- This report gives all the information regarding industry Overview, analysis and revenue of this market.
- What are the market opportunities and threats faced by the vendors in the global Market?
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