Watches & Clocks: A Global Strategic Business Report
San Jose, California (PRWEB) March 5, 2008
The global watches market is projected to exceed US$31.6 billion by the year 2009, growing at a compounded annual rate of nearly 4% during the 2001-2010 period while the global clocks market is projected to expand at a CAGR of about 2% for the next few years and reach US$4.9 billion by the year 2009. Of late, watches that are water-resistant, shock resistant, durable and functional have gained popularity as trendy and sporting accessories. The sporty-look watches have become more popular among the teenagers and young adults worldwide. The market for watches is also being influenced by casual office wear. Colorful watches with flexible designs and interchangeable charm attachments play a vital role in consumer acceptance of watches in the market.
United States represents the largest watch market in the world and is projected to reach US$8.6 billion by the year 2010, registering a CAGR of about 2%. Europe is the second largest watches market globally. Digital watches continue to maintain their share in the worldwide market despite growing demand for quartz analogs and its perceived sophistication. Technological advances in the watch industry include development of watches that can be reset automatically through satellite stations. Certain watches have been developed for usage as remote control devices for audio and television equipment. Mass-Priced Watches (Priced under $50) market represents the largest segment with an estimated share of 42.6% of the global watches market in 2007. Upper-Priced Watches (Priced between $300 - $999) market, with an expected CAGR of 4.8% over the period 2000-2010, represents the fastest growing watches segment in the world.
Customers' demand for watches varies significantly based on their needs and tastes. To meet the ever-changing demands, companies are regularly introducing new brands with new designs of watches under sports, kids, luxury, and many more categories. However, companies are being forced to provide the best products at lower prices to sustain presence in the marketplace. Product differentiation is vital in this scenario, as similar products can be sold by two or more companies, under different brand names and at different prices leading to more fierce competition.
Asia-Pacific is the fastest growing clock market globally and is projected to register a compounded annual growth rate of more than 3.4% during the ten-year period. United States is the largest clocks market in the world and is projected to account for sales of nearly US$1.2 billion by the year 2010, as stated by Global Industry Analysts, Inc.
Changing perception of possessing a trendy gizmo among people aged below 30 years, the main target group for wristwatch makers is burgeoning day by day. Wrist watches, particularly in the low and mid range segments are witnessing severe competition from electronic gadgets such as cell phone, MP3 player, iPod or Palm Pilot, digital radio, and others, which display time. However, the overall market has managed to post a positive growth owing to increasing demand for luxury brands, the high-end market. Despite registering low volumes, the high-end market is being driven by the perception of treating a luxurious brand as a success trophy and having one as a status symbol.
The report titled "Watches & Clocks: A Global Strategic Business Report" published by Global Industry Analysts, Inc., provides a comprehensive review of market trends, product overview, key markets worldwide, product introductions/innovations, and recent industry activity. The report analyzes market data and analytics in value sales for regions such as the United States, Canada, Japan, Europe, Asia-Pacific, Middle East, and Latin America. The study analyzes the watches market by the following product segments - Mass-Priced Watches (Priced under $50), Middle-Priced Watches (Priced between $50-$299) market, Upper-Priced Watches (Priced between $300 - $999), and Luxury Watches (Priced $1,000 and above) market over the period 2011-2015.
Key players dominating the global watches & clocks market include Bulgari, Bulova, Casio Computer, Compagnie Financière Richemont International, Cartier, Citizen Holdings, Gucci Group, Hermes International, Junghans Uhren, Movado Group, Patek Philippe SA, Rhythm Watch, Seiko Holdings Corporation, The Swatch Group, Tag Heuer International SA, Timex Corporation, and Titan Industries.
For more details about this research report, please visit http://www.strategyr.com/Watches_And_Clocks_Market_Report.asp
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world's largest market research publishers. The company employs over 700 people worldwide and publishes more than 880 full-scale research reports each year. Additionally, the company also offers a range of over 60,000 smaller research products including company reports, market trend reports, and industry reports encompassing all major industries worldwide.
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