Market Size of India Watch Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 20.32 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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India Watch Market Analysis
The Indian Watch Market is projected to register a CAGR of 20.32% during the forecast period.
The disposability and affordability of watch brands make them a popular fashion choice among consumers across the country. Lower priced and mid-priced watches are increasingly gaining market traction due to increasing demand for 'value-for-product' watches and accessories among Indians. Furthermore, the increased health awareness among consumers across the country has resulted in rising consumer spending on health monitoring gadgets. This has further led to the increased sales of smartwatches as it has a wide range of monitoring functionalities that enable users to control music, notifications, walk tracks, heartbeat rates, and other functions, increasing the market's growth. Popular brands, like Apple Inc, Fitbit, Xiaomi, and Fossil Group Inc., are increasingly launching new products with new product innovation year-on-year to sustain in this growing market. Additionally, companies offering watches in India use advertisements and promotion of their products by prominent public figures to promote their respective brands and push the sales of their products in the market. For instance, in July 2022, TAGG, an Indian homegrown watch brand, featured Rohit Sharma, the Captain of the Indian cricket team, in their print advertisement campaign sporting a TAGG smartwatch. Similarly, the popular Indian brand "Boat" features various cricketers like K L Rahul and others to promote their wearables, including the smartwatches they offer.
Furthermore, 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; for instance, a significant number of chain stores on Titan are operated through 'World of Titan' outlet franchises.
India Watch Industry Segmentation
A watch is a portable timepiece intended to be carried or worn by a person. The Indian Watch Market is segmented by product type, distribution channel, and end-user. By product type, the market is segmented into quartz, digital, and smartwatches. By distribution channel, the market is segmented into online retail stores and offline retail stores. Offline retail stores are further sub-segmented into specialty stores, supermarkets/hypermarkets, and other offline retail stores. By End-user, the Indian watch market is segmented into women, men, and unisex. For each segment, the market sizing and forecasts have been done based on value (in USD million).
| Product Type | |
| Quartz Watch | |
| Digital Watch | |
| Smart Watch |
| Distribution Channel | |||||
| Online Retail Stores | |||||
|
| End Users | |
| Women | |
| Men | |
| Unisex |
India Watch Market Size Summary
The Indian watch industry is experiencing robust growth, driven by the increasing popularity of both traditional and smartwatches. The market is characterized by a shift towards affordable and mid-priced watches, as consumers seek value-for-money products. The rise in health consciousness has further propelled the demand for smartwatches, which offer a range of health monitoring features. Prominent brands like Apple, Fitbit, Xiaomi, and Fossil are continuously innovating and launching new products to capture market share. Marketing strategies, including endorsements by public figures and targeted advertising, are prevalent, with brands like TAGG and Boat leveraging celebrity endorsements to enhance their visibility and appeal. The offline retail sector, particularly specialty stores, remains a dominant distribution channel, while mono-brand stores are gaining traction.
The luxury watch segment is also witnessing significant growth, fueled by increasing disposable incomes and a shift in consumer preferences towards high-end fashion accessories. Brands such as Rolex, Omega, Rado, and Tissot are expanding their presence in India, capitalizing on the country's royal heritage and technological advancements. The market is becoming increasingly competitive, with companies adopting strategies like product innovation and expanding their distribution networks to strengthen their market position. E-commerce is emerging as a vital sales channel, complementing traditional retail. The introduction of sports watches and smartwatches tailored for fitness enthusiasts aligns with the growing trend of health and fitness, further driving market expansion.
India Watch Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Product Type
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2.1.1 Quartz Watch
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2.1.2 Digital Watch
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2.1.3 Smart Watch
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2.2 Distribution Channel
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2.2.1 Online Retail Stores
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2.2.2 Offline Retail Stores
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2.2.2.1 Specialty Stores
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2.2.2.2 Supermarkets/Hypermarkets
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2.2.2.3 Other Offline Retail Stores
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2.3 End Users
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2.3.1 Women
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2.3.2 Men
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2.3.3 Unisex
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India Watch Market Size FAQs
What is the current India Watch Market size?
The India Watch Market is projected to register a CAGR of 20.32% during the forecast period (2024-2029)
Who are the key players in India Watch Market?
Fossil Group Inc., Casio Computer Co. Ltd., The Tata Group (Titan Company), The Swatch Group Ltd. and BBK Electronics Corporation are the major companies operating in the India Watch Market.
