The India watch market is projected to grow at a CAGR of 20.32% over the forecast period, 2020-2025.
By product type, the quartz segment holds the maximum share, however, the smart watch segment was the fastest growing segment, mostly followed by an increasing demand coming from fitness sports and health-conscious consumers. On the other hand, the lower priced and mid-priced watches are increasingly gaining market traction, due to an increasing demand for value-for-product watches and accessories among women.
By distribution channel, the offline retail channel holds a major share and under the offline retail channel segment, specialty stores accounted for the prominent share and it turned out to be the largest segment as well. Furthermore, Mono-brand specialty stores are gaining popularity across the country, which for instance, a significant number of the chain stores of Titan are operated through ’World of Titan’ outlet franchises.
Key Market Trends Consumer inclination towards luxury goods
Luxury is no longer restricted to developed countries but is also gaining popularity in developing countries of Asia-Pacific. In India, watches are considered as a part of fashion accessories and, thus, consumers are shifting from classical watches to luxury brands with innovation and unique design. Furthermore, India is a lucrative market for various luxury brands, owing to the presence of royal heritage and availability of technological assets.
Some of the major brands offering luxury watches in India include Rolex, Omega, Rado, and Tissot, and due to the increasing demand, other companies have identified the potential and invested in expanding their product portfolio to strengthen the position in the market.
Increased sports participation
Healthy lifestyle adoption and the preference for staying fit has increased consumer indulgence in various sports activities. In line with the athleisure trend, consumers are increasingly seeking for various varieties in sports wearable segment, thereby, accelerating the smartwatch sales.
Presently, the usage of smartwatches among cyclers, runners, fitness conscious consumers, swimmers, and athletes is increasing rapidly attributed to their wide range of monitoring capabilities. Additionally, an increase in government initiatives in various countries, meant to improve sports participation, is playing a key role in driving the market in the last few years. For instance, In September 2019, Sports Authority of India (SAI) with technical and organizational support from AIFF (All India Football Federation) launched Khelo India Girls League. The initiative was part of the government’s effort to create a buzz for the U-17 women’s football World Cup.
Competitive Landscape The market studied is expected to witness a significant growth over the forecast period, owing to the adoption of various marketing strategies, such as product innovation, expansion of distribution network, and branding of the products via social media, with an aim to broaden their customer base.
Titan, Timex, Casio, Swatch Group, Rolex, Fossil, and Citizen are some of the major companies operating in the market studied. Titan is the most dynamic participant in the market that has segmented the market and developed different sub brands for each segment. On the other hand, foreign brands, like Omega, which belongs to the Swatch Group, India, witnessed a higher growth than the company’s global average in 2018.
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