Global Wrist Watch Packaging Market Size Growing at 5.55% CAGR, Set to Reach USD 23.56 Billion by 2030: Zion Market Research
[215+ Pages Report] The demand analysis of global wrist watch packaging market size was valued at around USD 2.31 billion in 2022 and is estimated to grow about USD 23.56 billion by 2030, at a CAGR of approximately 5.55% between 2023 and 2030, as highlighted in a report published by Facts & Factors. The rising demand for mid-range and premium watches is expected to propel the wrist watch packaging market to significant growth.
NEW YORK, United States, June 13, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled *“Wrist Watch Packaging Market 2023 – 2030”* in its research database. According to the latest research study, the demand of global wrist watch packaging market size was valued at USD 2.31 billion in 2022 and it is expected to reach around USD 23.56 billion mark by 2030, growing at a compound annual growth rate (CAGR) of roughly 5.55% during the forecast period 2023 to 2030.
*Wrist Watch Packaging Market** Overview:*
The companies in the wrist watch packaging industry are in charge of creating, manufacturing and disseminating the packaging materials needed to store wrist watches. Boxes, cases, pouches, and bags are just a few examples of the numerous products that make up the packaging materials. Ensuring product safety while storing or transporting is the primary purpose of wrist watch packaging components. Additionally, it serves as a component of wrist watch manufacturers' branding. As a result, these materials are created to not only endure challenging external conditions but also enhance the selling point of the product's attractiveness.
*Get a Free Sample PDF of this Research Report for More Insights -* https://www.zionmarketresearch.com/sample/wrist-watch-packaging-market-sizeThe players in the market are able to do this by offering distinctive visuals, materials, colors, and textures that are necessary to boost consumer attractiveness. Additionally, packaging must make sure that the watch is adequately protected and maintains its functionality. The market for wrist watch packaging worldwide is anticipated to increase steadily throughout the course of the projected period.
*Market Dynamics**: *
*Growth Drivers*: *Increasing demand for mid-range and luxury watches*
· The rising demand for mid-range and luxury watches around the world is expected to boost the market for wrist watches packaging. For many years, people have regarded these things as necessities for daily life. With the development of technology and the introduction of smart devices that perform the fundamental job of watches, which is to tell the time accurately, they continue to have a sizable and loyal customer base that is willing to spend more money on mid-range and luxury watches because they are an integral part of the lifestyles of those who wear them.
· Additionally, luxury watch manufacturers have recently reported greater income. For instance, the watch company TAG Heuer, a well-known luxury watch brand owned by the Swiss luxury giant LVMH Mot Hennessy - Louis Vuitton SE, produced more than €4.4 billion in revenue in 2020. Such elements are anticipated to have a significant impact on the need for packaging materials for wrist watches that are both aesthetically beautiful and highly functional.
*Restraints: Growing concerns over sale of counterfeit products to restrict market expansion*
· Due to the increased sales and availability of fake goods in the commercial industry, the worldwide wrist watch packaging market is anticipated to have growth restrictions. Because some of these products are so close to the original objects, it can be challenging to tell the difference between the two types of wrist watches with the naked eye. The expansion of the sector is likely to be impacted by the rise in suppliers of counterfeit goods as a result of the rising demand for luxury watches.
· For instance, a recent official report noted that fake watches were connected to about 9.7% of the goods that were confiscated due to counterfeiting. The European Union Intellectual Property Office (EUIPO) and the Organization for Economic Co-operation and Development (OECD) jointly released the study.
*Directly Purchase a Copy of The Report with TOC | Quick Delivery Available @* https://www.zionmarketresearch.com/buynow/su/wrist-watch-packaging-market-size*Report Scope:*
*Report Attribute* *Report Details*
*Market Size in 2022* USD 2.31 Billion
*Market Forecast in 2030* USD 23.56 Billion
*Growth Rate* CAGR of 5.55%
*Base Year* 2022
*Forecast Years* 2023- 2030
*Key Companies Covered* Swatch Group, LVMH, Richemont, Timex Group, Seiko Watch Corporation, Citizen Watch Co., Ltd., Fossil Group, Movado Group, Inc., Casio Computer Co., Ltd., Rolex SA, Patek Philippe SA, Omega SA, Breitling SA, TAG Heuer SA, Cartier International SNC, Hermès International S.A., Chanel S.A., Bulgari S.p.A., Audemars Piguet Holding SA, Girard-Perregaux SA, Piaget SA, Ulysse Nardin SA, Hublot SA, Jaeger-LeCoultre SA, and Vacheron Constantin SA.
*Segments Covered* By Shape Type, By Material Type, By Product Type, and By Region
*Regions Covered* North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa
*Customization Scope* Avail customized purchase options to meet your exact research needs. *Request For Customization**Wrist Watch Packaging Market: Segmentation*
The global wrist watch packaging market is segmented based on shape type, material type, product type, and region.
The global market is segmented by shape type as follows: triangle, round, rectangle, oval, square, and others. The industry saw the greatest increase in rectangular wristwatch packaging solutions, followed by circular products. Rectangular wrist watch packaging has been one of the most commonly used shapes for the longest time, which is one of the primary factors for the segment's increased growth. It gives the entire brand an enduring and classic appearance. In addition, the convenience of arranging and storing rectangular packaging makes it a sensible option for manufacturers and retailers. Square packaging is also popular due to its elegant and contemporary appearance. Popular watchmaker Titan intends to increase its revenue by 25% by the end of 2023.
Based on material type, the global market divisions are wood, cardboard & paperboard, fabric, plastic, and metal.
The segments of the global market based on product type are cases and boxes. During the forecast period, the wrist watch packaging industry is anticipated to be led by boxes due to the increased use of presentation boxes, which are widely used for high-end watches and enable the product contained within to be displayed in a more elegant manner. Moreover, presentation boxes enhance the watch's overall aesthetic allure. The primary purpose of cases is to provide storage and transportation protection for timepieces. The Patek Philippe Grandmaster Chime Ref. 6300A-010, which was sold for 31 million Swiss Francs, is the most expensive wristwatch ever sold.
The global wrist watch packaging market is segmented as follows:
*By Shape Type*
· Triangle
· Round
· Rectangle
· Oval
· Square
· Others
*By Material Type*
· Wood
· Cardboard & Paperboard
· Fabric
· Plastic
· Metal
*By Product Type*
· Cases
· Boxes
*Browse this Full Research Report | **Wrist Watch Packaging Market By Shape Type (Triangle, Round, Rectangle, Oval, Square, And Others), By Material Type (Wood, Cardboard & Paperboard, Fabric, Plastic, And Metal), By Product Type (Cases And Boxes), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030**Competitive Landscape:*
Some of the main competitors dominating the global wrist watch packaging market include -
· Swatch Group
· LVMH
· Richemont
· Timex Group
· Seiko Watch Corporation
· Citizen Watch Co. Ltd.
· Fossil Group
· Movado Group Inc.
· Casio Computer Co. Ltd.
· Rolex SA
· Patek Philippe SA
· Omega SA
· Breitling SA
· TAG Heuer SA
· Cartier International SNC
· Hermès International S.A.
· Chanel S.A.
· Bulgari S.p.A., and others.
*Key Insights from Primary Research**:*
· According to the analysis shared by our research analyst, the wrist watch packaging market is likely to expand at a CAGR of around 5.55% during the forecast period (2023-2030).
· In terms of revenue, the wrist watch packaging market size was valued at around US$ 2.31 billion in 2022 and is projected to reach US$ 23.56 billion by 2030.
· The wrist watch packaging market is projected to grow at a significant rate due to the growing demand for mid-range and luxury watches
· Based on shape type segmentation, the rectangle was predicted to show maximum market share in the year 2022
· Based on product type segmentation, cases were the leading type in 2022
· On the basis of region, North America was the leading revenue generator in 2022
*Request For Customization on This Report as Per Your Requirements - *https://www.zionmarketresearch.com/custom/7241*(We tailor your report to meet your specific research requirements. Inquire with our sales team about customising your report.)*
*Key questions answered in this report:*
· What is the market size and growth rate forecast for Wrist Watch Packaging industry?
· What are the main driving factors propelling the Wrist Watch Packaging Market forward?
· What are the leading companies in the Wrist Watch Packaging Industry?
· What segments does the Wrist Watch Packaging Market cover?
· How can I receive a free copy of the Wrist Watch Packaging Market sample report and company profiles?
*Regional Analysis:*
*North America* is anticipated to experience the highest development in the global wrist watch packaging market, primarily due to the increasing number of players selling wrist watches, which includes smartwatch segment players such as Apple Watch. Wearables, Home, and Accessories, which includes the smartwatch segment, generated more than USD 43.7 billion in revenue in 2021. The expanding number of individuals who regularly purchase luxury watches is a crucial aspect of regional development. According to Forbes 2022's 'The World's Billionaires' list, there are more than 724 billionaires in the United States alone.
*Europe* is another significant contributor to the global market, primarily due to the presence of renowned wristwatch manufacturers. Germany and France are well-known for being technology-driven economies in all industries, including the watch industry, which enables them to maintain a dominant position worldwide.
*By Region*
· North America
· U.S.
· Canada
· Rest of North America
· Europe
· France
· UK
· Spain
· Germany
· Italy
· Rest of Europe
· Asia Pacific
· China
· Japan
· India
· South Korea
· Rest of Asia Pacific
· The Middle East & Africa
· Saudi Arabia
· South Africa
· Rest of the Middle East & Africa
· Latin America
· Brazil
· Argentina
· Rest of Latin America
*Recent Developments:*
· In August 2021. Bangalore Watch Company, an Indian player in the industry, announced the launch of its new collection of wrist watches called Apogee. The collection is inspired by the country’s space division also known as the Indian Space Research Organization (ISRO) as Apogee stands for the farthest point in a satellite’s orbit
· In January 2023, Tag Heuer, a luxury watch-making brand, announced the launch of its new limited-edition collection of watches called the TAG Heuer Carrera Chronograph Year of the Rabbit watch. There are only 500 watches available in this edition and comes in golden, red, and black chronographs
*Have Any Query? Ask Our Experts:* https://www.zionmarketresearch.com/inquiry/wrist-watch-packaging-market-size*Browse Other Related Research Reports from Zion Market Research:*
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