Watches and Clocks Global Market Report 2023
Major players in the watches and clocks market are Apple Inc., Audemars Piguet Holding SA, Breitling SA, Casio Computer Co. Ltd., Chelsea Clock Company, Chopard, Citizen Watch Co.Ltd., Bulova Corporation, Frederique Constant S.
New York, Aug. 25, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Watches and Clocks Global Market Report 2023" - https://www.reportlinker.com/p06486605/?utm_source=GNW
A., Citychamp Watch & Jewellery Group Limited, Compagnie Financière Richemont SA, Cartier International SNC, Montblanc-Simplo GmbH, Fossil Group Inc., and Garmin Ltd.
The global watches and clocks market is expected to grow from $52.47 billion in 2022 to $56.04 billion in 2023 at a compound annual growth rate (CAGR) of 6.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The watches and clocks market is expected to reach $66.09 billion in 2027 at a CAGR of 4.2%.
The watches and clocks market consists of sales of automatic watches, quartz watches, solar watches, analogue watches, digital watches, chronograph watches, and hybrid watches.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Watches and clocks refer to timepieces that can be hung on a chain, carried in a pocket, or worn on the wrist using a band that shows time Watches and clocks are used to keep a measure of time and for other applications such as alarm clocks.
Asia-pacific was the largest region in the watches and clocks market in 2022 and is expected to be the fastest-growing region in the forecast period. The regions covered in watches and clocks report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of watches and clocks are sports watches, luxury watches, diamond watches, alarm clocks, and wall clocks.Sport watches refer to water-resistant wristwatches with alarm, stopwatch, compass, heart rate monitor, tachymeter (spinning bezel for speed calculation), thermometer, and tide indication (for divers).
Sport watches are used for monitoring body performance by athletes. The watches and clocks are distributed through offline and online channels that are used for displaying time, adornment, collection, and others.
Propelling infrastructure development is significantly contributing to the growth of the watches and clocks market going forward.Infrastructure refers to the underlying physical structures of an organization, area, or country which frequently involves the creation of public goods or manufacturing methods.
Clocks are used in commercial spaces and offices to keep time and manage work. For instance, according to a 2022 report published by the Bureau of Economic Analysis (BEA), a US-based government organization that provides official macroeconomic and industry statistics, the size of the US construction industry increased from $1.916 trillion in the first quarter of 2021 to $2.016 trillion in the first quarter of 2022. Therefore, the propelling infrastructure development will drive the watches and clocks market.
Product innovation is the key trend gaining popularity in the watches and clocks market.Major companies operating in the watches and clocks market are focusing on developing innovative products to sustain their position in the market.
For instance, in July 2022, ADVA, a Germany-based telecommunications company, launched Oscilloquartz high-performance optical cesium atomic clock.The coreSync OSA 3300-HP is the newest innovation in PNT from ADVA in terms of assured positioning, navigation, and timing (PNT).
The OSA 3300-HP sets new standards for accuracy and availability as a high-performance optical cesium clock.It offers the resilience needed for PNT assurance in critical infrastructure and empowers service providers to offer unique service-level-agreement timing offerings with integrated GNSS backup.
Atomic clocks combine great precision with exceptional availability to provide synchronization backup for networks that rely on GNSS-based timing.
In November 2022, LVMH, a France-based luxury goods manufacturer acquired Pedemonte Group for an undisclosed amount.The acquisition boosts LVMH’s capabilities in the watches and jewelry division.
Pedemonte Group is an Italy-based watch and jewelry manufacturer.
The countries covered in the watches and clocks market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The watches and clocks market research report is one of a series of new reports that provides watches and clocks market statistics, including watches and clocks industry global market size, regional shares, competitors with a watches and clocks market share, detailed watches and clocks market segments, market trends, and opportunities, and any further data you may need to thrive in the watches and clocks industry. This watches and clocks market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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