In the global market, there are a variety of watches available for consumers and demands for watches rely on the preference of consumers based on product features, functions, appearance, and customization, which is considered as a new luxury and is gaining popularity among consumers. Due to this, established market players are providing the facility to consumers to design watches with color editing options to suit the overall look and feel of the product. The global watch market is projected to grow at a significant rate of 6.7% from 2019 to 2024 to reach a market value of USD 75.8 Billion by the end of 2024. The growing interest of trending watches among consumers, primarily the youth, is offering lucrative business opportunities to market players, thereby encouraging new and innovative product launches.
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The global watch market has been segmented on the basis of type, category, distribution channel, end user, and region.
Based on type, the global watch market has been segmented into analog watches, smartwatches, chronograph watches, digital watches, and others. The analog watches segment is expected to dominate the global watch market due to the classic design, simplicity, and perfection in style offered by the watch industries. Additionally, the maintenance of analog watches is quite easy. However, the smartwatches segment is expected to grow at the fastest rate during the forecast period. Smartwatches are preferred by people who are influenced by technology and changing fashion trends. Popularity for smartwatches is increasing due to its features such as activity tracking applications, cellular connectivity, long battery life, unique designs, and infrared sensors. Activity tracking applications in smartwatches include features such as fitness tracker with heart rate tracking and pulse tracking. Growing consciousness toward fitness and health and is expected to lead to the demand for products with a wide range of functions. This is expected to encourage the sales of smartwatches over analog and digital watches. Urbanization and increasing per capita disposable incomes in developing countries are few of the factors expected to boost the segmental growth for smartwatches during the forecast period.
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