The mechanical watch global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Mechanical Watch Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The mechanical watch market size has grown steadily in recent years. It will grow from $42.85 billion in 2023 to $43.98 billion in 2024 at a compound annual growth rate (CAGR) of 2.6%. The growth in the historic period can be attributed to growing awareness regarding mechanical watches, a growing market for mechanical timepieces, economic growth, and the growth of crowdfunding and internet platforms.
The mechanical watch market size is expected to see steady growth in the next few years. It will grow to $49.64 billion in 2028 at a compound annual growth rate (CAGR) of 3.1%. The growth in the forecast period can be attributed to rising sales of watches in store-based outlets, rising fast fashion trends, rising due to a combination of appreciation for classical horology, rising interest in vintage styles, and a growing number of manufacturing units. Major trends in the forecast period include technological advancements, innovation in materials, development of smart features, product innovations, and technology-enhanced movements.
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Scope Of Mechanical Watch Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Mechanical Watch Market Overview
Market Drivers –
The rising demand for luxury goods is expected to propel the growth of the mechanical watch market going forward. Luxury goods refer to high-quality products not considered essential for daily living but associated with superior craftsmanship, exclusivity, and prestige. The increasing demand for luxury goods is fueled by rising wealth and disposable income and the aspirational desire for social status and prestige associated with these items. The demand for luxury goods drives the popularity and success of mechanical watches by emphasizing their craftsmanship, exclusivity, status, and investment potential. For instance, in 2022, according to Klarna Bank AB, a Sweden-based fintech company, over half of consumers (45%) in Sweden bought a luxury item in 2021. Therefore, rising demand for luxury goods is driving the growth of the mechanical watch market.
Market Trends –
Major companies operating in the mechanical watch market are focusing on developing innovative products, such as three-dimensional openwork dial designs, to enhance their timepieces’ visual appeal and exclusivity. A three-dimensional openwork dial design refers to a particular watch dial style that incorporates depth and transparency, creating a visually striking and intricate aesthetic. For instance, in July 2022, CIGA Design, a China-based luxury watch company, introduced the 3-in-1 designer mechanical watch. This groundbreaking watch features a unique construction, seamlessly transitioning between mechanical, smart, and hybrid modes. Its transparent dial showcases intricate inner workings, crafted from premium materials for durability and style. The campaign provides early backers exclusive access to this fusion of traditional elegance and modern functionality, setting a new standard in watch design.
The mechanical watch market covered in this report is segmented –
1) By Type: Stainless Steel Mechanical Watches, Leather Mechanical Watches, Metal Mechanical Watches, Titanium Mechanical Watches, Rubber Mechanical Watches, Plastic Mechanical Watches, Other Types
2) By Application: Men, Women
3) By Distribution Channel : Store-Based, Non-Store-Based
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Regional Insights –
North America was the largest region in the mechanical watches market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the mechanical watch market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the mechanical watch market are Pobeda LCC, Rolex Watch U.S.A. Inc., Citizen Watch Co. Ltd., Seiko Watch Corporation, FOSSIL GROUP Inc., Cartier International SNC, TAG Heuer, Piaget SA, OMEGA SA, Le Petit-Fils de L.-U. Chopard & Cie S.A., Jaeger-LeCoultre SA, Vacheron Constantin SA, Blancpain SA, Bulova, Tissot SA, Hublot, Montres Tudor SA, Invicta Watch Group, Oris SA, Hamilton International Ltd., Bell and Ross, PATEK PHILIPPE SA, Kairos Watches Inc., IWC International Watch Co. AG, Charles-Hubert Paris
Table of Contents
1. Executive Summary
2. Mechanical Watch Market Report Structure
3. Mechanical Watch Market Trends And Strategies
4. Mechanical Watch Market – Macro Economic Scenario
5. Mechanical Watch Market Size And Growth
…..
27. Mechanical Watch Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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