Watches Market Growth & Trends

According to a recent report by Grand View Research, Inc., the global watches market is projected to reach a value of USD 204.7 billion by 2030, expanding at a compound annual growth rate (CAGR) of 9.1% from 2024 to 2030. This robust growth is largely driven by the increasing adoption of smartwatches, which are emerging as essential wearable devices offering multifunctional capabilities. With features such as Bluetooth pairing and Near Field Communication (NFC), smartwatches are rapidly becoming popular among tech-savvy consumers looking for seamless connectivity and enhanced lifestyle management.

The surge in smartwatch demand is further amplified by growing health awareness, particularly among sports enthusiasts, fitness professionals, and individuals concerned with heart health and obesity. As fitness tracking becomes an integral part of daily routines, smartwatches are increasingly used for body activity monitoring, including heart rate, sleep patterns, calories burned, and exercise performance. This trend is expected to significantly contribute to overall market expansion.

From a regional standpoint, the Asia Pacific market is forecast to grow at an impressive CAGR of 13.9% from 2019 to 2025. This rapid expansion is supported by favorable macroeconomic trends such as rising disposable incomes, rapid urbanization, and evolving consumer lifestyles in countries like China, India, and Malaysia. Additionally, the expansion of modern retail infrastructure, including supermarkets and specialty electronics stores, is making watches more accessible to a broader consumer base. Government initiatives promoting domestic investments in manufacturing and retail sectors are also expected to strengthen distribution channels and drive regional growth.

The overall watches industry is experiencing a technological evolution, with smartwatches increasingly taking center stage due to their advanced features and versatile functionality. Key features such as GPS navigation, distance tracking, heart rate monitoring, built-in speakers, and Bluetooth connectivity have made smartwatches highly desirable among consumers seeking both style and utility. These innovative features offer significant value-adds over traditional timepieces, which helps explain the growing consumer preference.

Despite the popularity of smartwatches, traditional quartz watches continue to hold a substantial share of the market due to their affordability, accuracy, and classic appeal. However, manufacturers are actively seeking ways to bridge traditional craftsmanship with modern innovation. For example, in October 2017, renowned Swiss watchmaker Tag Heuer entered into a strategic partnership with Enjoy, a startup founded by Ron Johnson. This collaboration introduced a custom-tailored and home-delivered watch service called “Personal Atelier”, combining luxury watchmaking with personalized, tech-enabled shopping experiences.

In conclusion, the global watches market is evolving rapidly, driven by technological advancements, rising health consciousness, increasing urbanization, and higher disposable incomes, particularly in emerging markets. As consumer preferences shift toward smarter, more connected, and lifestyle-enhancing products, industry players are expected to continue innovating to meet the dynamic needs of a tech-integrated global audience.

Get a preview of the latest developments in the Watches Market? Download your FREE sample PDF copy today and explore key data and trends

Watches Market Segmentation

Grand View Research has segmented the global watches market based on product, type, category, distribution channel, and region:

Watches Product Outlook (Revenue, USD Billion, 2018 - 2030)

• Traditional Watches
• Smart Watches
• Hybrid Watches

Watches Type Outlook (Revenue, USD Billion, 2018 - 2030)

• Quartz
• Mechanical

Watches Category Outlook (Revenue, USD Billion, 2018 - 2030)

• Luxury Watches
• Non-Luxury Watches

Watches Distribution Channel Outlook (Revenue, USD Billion, 2018 - 2030)

• Hypermarket & Supermarket
• Specialty Stores
• Online
• Others

Watches Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
• Asia Pacific
  • Japan
  • China
  • India
  • Australia & New Zealand
  • South Korea
• Latin America
  • Brazil
• Middle East & Africa
  • Saudi Arabia
  • UAE

List of Key Players in Watches Market

• The Swatch Group Ltd
• Compagnie Financière Richemont SA
• Rolex Watch U.S.A., Inc.
• OMEGA SA.
• Seiko Group Corporation
• Fossil Group
• CARTIER
• CASIO COMPUTER CO., LTD.
• Patek Philippe SA
• CITIZEN WATCH CO., LTD.

Order a free sample PDF of the Market Intelligence Study, published by Grand View Research.