Mechanical Watch Market by Product (Mechanical, Quartz, Digital [Smartwatches, Others]), By Price Range (Low Range, Mid-Range, Luxury), By Distribution Channel (Retail Stores, Online Stores), End User (men and women) and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
Mechanical Watch Market Overview
The global Mechanical Watch Market size is projected to reach a CAGR of 6.2% from 2022-2028.
A Mechanical wrist Watch is a watch that uses a clockwork mechanism to measure the passage of time, as opposed to quartz watches which function electronically via a small battery. A mechanical watch is driven by a mainspring which must be hand-wound periodically. Its force is transmitted through a series of gears to power the balance wheel, a weighted wheel which oscillates back and forth at a constant rate. A device called an escapement releases the watch's wheels to move forward a small amount with each swing of the balance wheel, moving the watch's hands forward at a constant rate. This makes the ‘ticking' sound characteristic of all mechanical watches.
The global watch market is seeing an uplift which can be contributed to demand of fashion accessories from the younger generation and the rise of disposable income in developed and developing nations. Technological advancements also played a key role in this uptick for the global watch market. The advent of quartz watches by Seiko ended the domination of mechanical watches. These new watches required less labour, were easier to produce and repair and could be fairly easily mass produced as well. Mechanical watches have now relegated to be a collector's item and a luxury. This has led to an increased demand for mechanical watches as well, especially by Swiss manufacturers which involve skilled craftsmanship and high-quality materials as the major pull factors. The increasing number of options for consumers and availability in various price ranges are expected to further enhance the demand for wrist watches in the market. The use of 3D printing, automation, and deployment of artificial intelligence in watch manufacturing is also expected to have a positive impact on the market.
The market however, also has restraining factors hampering the growth. These include the ever-expanding number of unorganised product players which produce cheap imitations of many high-end causing people to regularly get scammed. Then there is also the lack of ease of availability of products on a global scale. Many watch makers struggle to compete in the international watch market hampering the growth of the market itself. The changing technology and the high price associated with some watches also act as a deterrent of growth for the industry as a whole. All these simultaneously act together to lower the growth in the forecast period.
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COVID 19 impact has hampered the Watch Market somewhere, just like any other sector in the world. Similar to the other industry, the demand for sales is reduced day by day that forced the global market to adopt the new technologies and sales strategy. In this way, the market has adopted the new marketing strategy and developed practices that increase the sales rate. By adopting these developments, the market has able to reach its targeted audience. Because of the covid19, the market has disrupted the growth of the supply chain which impacts the financial aspect of the industry.
Key Findings
- The product segment is further segmented into quartz and digital. The majority stake in mechanical watches for the forecast period is that of the quartz watch. Watches that employ the quartz movement have fewer moving parts making them more reliable and easier to produce. They are also more precise than the mechanical movement watches and also require less labour to produce. These quartz watches also have much more aesthetic features similar to those found in digital watches and further help in driving the market for quartz watches in the global watch market.
- The price range segment is further fragmented into low range, mid-range, and luxury segments. Low range watches are extremely versatile for the price point at which they are offered. This particular niche allows a buyer to buy multiple watches for different occasions and outfits and use them according to their fashion needs. The way these low range watches are used is more as a fashion accessory rather than a typical watch. The large variety of watches available in this range combined with aforementioned factors lead to this segment holding a giant chunk of the market.
- The distribution channel segment is further bifurcated into online stores and retail stores. Retail stores are expected to hold the lion’s share of the wrist watch market. Retail stores such as hypermarkets and specialty stores have been the preferred mode of purchase as they allow consumers to physically inspect the watch before purchasing. Retail stores offer customer loyalties and often have discounts that make them ideal for consumers. The online segment is expected to grow faster than the retail segment. The growing e-commerce industry across the globe has increased accessibility for various brands into more regions. Online stores often have a greater number of brands and models than a brick-and-mortar stores. The ease of access and offerings such as same-day delivery is expected to be the major drivers of the online segment.
- The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. The North American region is expected to hold the largest share of the mechanical watch market during the forecast period. The presence of key players of the industry in the region, technological innovations in the region, and the large purchasing power of the region have been the major contributors to the dominance of the region.
Mechanical Watch Market Regional Analysis
North America to Dominate the Market
- The North American region is expected to hold the largest share of the mechanical watch market during the forecast period. The presence of key players of the industry in the region, technological innovations in the region, and the large purchasing power of the region have been the major contributors to the dominance of the region.
- The APAC region is envisaged to become the fastest-growing region for mechanical watches during the forecast period. Increased manufacturing in countries like China and India is expected to have a positive impact on the demand for watches in the region.
Mechanical Watch Market Competitive landscape
- Rolex
- Tag Heuer
- IWC
- Omega
- Patek Philippe
- Tudor
- Blancpain
- Panerai
- JLC
- Cartier
- Richard Mille
- Piaget
- Chopard
- Hublot
- Breitling
- Rado
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Mechanical Watch Market Recent Developments
- September 23, 2021-Fossil has launched its new Gen 6 smartwatch in India. The fashion watch and accessories company say there is a price segment that is driven by “fashion watches” and that is where Gen 6 smartwatch fits in. The Gen 6 smartwatch is priced between Rs 23,995 and Rs 24,995.
- June 14, 2021- For 2021, they have unveiled an incredible selection of new designs and many Seiko limited editions in celebration of their 140th anniversary. In particular, we’ve seen many new pieces from their legendary Prospex diver’s collection alongside several Seiko Presage references.
Reasons to Acquire in the Mechanical Watch Market
- Increase your understanding of the market for identifying the best and suitable strategies and decisions on the basis of sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends and factors
- Gain authentic and granular data access for Mechanical Watch Market so as to understand the trends and the factors involved behind changing market situations
- Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future
- In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns
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