The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

Market Overview

The watches and clocks market has experienced robust growth in recent years. The market size increased from $53.11 billion in 2023 to $56.01 billion in 2024, reflecting a compound annual growth rate (CAGR) of 5.4%. This growth is driven by several factors, including:

• Luxury brand recognition
• Status symbol and gift culture
• Craftsmanship and artistry
• Globalization and market access

Future Growth Projections

The market is expected to continue growing steadily, reaching $67.87 billion by 2028 at a CAGR of 4.9%. Key drivers for this future growth include:

• Customization and personalization trends
• Sustainability and ethical practices
• E-commerce and digital retail expansion
• Smartwatch integration
• Cultural and regional influences

Major Trends

• Fashion-technology collaborations
• Global economic factors
• Changing demographics
• Innovative marketing strategies
• Supply chain challenges

View More On The Watches and Clocks Market Report 2024 – https://www.thebusinessresearchcompany.com/report/watches-and-clocks-global-market-report

Infrastructure Development Boosts Market Growth

Importance of Infrastructure

Infrastructure development significantly contributes to the growth of the watches and clocks market. Infrastructure refers to the underlying physical structures of an organization, area, or country, often involving the creation of public goods or manufacturing methods.

Role of Clocks

Clocks are widely used in commercial spaces and offices to keep time and manage work.

Example

• According to a 2022 report by the Bureau of Economic Analysis (BEA), the US construction industry grew from $1.916 trillion in Q1 2021 to $2.016 trillion in Q1 2022.

Leading Companies

• Apple Inc.
• Audemars Piguet Holding SA
• Breitling SA
• Casio Computer Co. Ltd.
• Chelsea Clock Company
• And more…

Innovation Drives Market Advances

Key Trend: Product Innovation

Product innovation is a key trend gaining popularity in the watches and clocks market. Companies are focusing on developing innovative products to maintain their market position.

Example

• In July 2022, ADVA launched the Oscilloquartz high-performance optical cesium atomic clock, setting new standards for accuracy and availability in positioning, navigation, and timing (PNT).

LVMH Strengthens Watches and Jewelry Division

Strategic Acquisition

In November 2022, LVMH, a France-based luxury goods manufacturer, acquired Pedemonte Group, an Italy-based watch and jewelry manufacturer. This acquisition boosts LVMH’s capabilities in the watches and jewelry division.

Market Segmentation

By Type

• Sport Watches
• Luxury Watches
• Diamond Watches
• Alarm Clocks
• Wall Clocks

By Distribution Channel

• Offline
• Online

By Application

• Display Time
• Adornment
• Collection
• Other Applications

Regional Insights

Asia-Pacific was the largest region in the watches and clocks market in 2023 and is expected to be the fastest-growing region during the forecast period.

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The Watches and Clocks Global Market Report 2024  provides comprehensive insights on the watches and clocks market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the watches and clocks market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

View More Related Reports –
Watch, Clock, Measuring Device Global Market Report 2024
Smart Watch Global Market Report 2024
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