San Jose, California (PRWEB) April 29, 2014
Follow us on LinkedIn – Rising fashion consciousness, recovering economies, rising disposable income, growing influence of media, increasing number of double income households, design innovations and expanding product offerings represent key growth drivers in the global watches market. Affluent aging baby boomers and women represent the two most lucrative demographic consumer clusters. China and India are forecast to offer significant opportunities for market growth.
Feature-rich smartwatches are expected to transform the digital watch landscape in the coming years. Smartwatch is a wrist-worn extension to smartphone that serves as a customized app-eco-system with added functionality such as games, fitness trackers, and others. Factors driving smartwatch adoption include increasing consumer emphasis on fitness and health and significant hardware enhancements. Future smartwatches will come equipped with advanced features such as sensors, Bluetooth Low Energy (BLE) technology, OLED display, SIM card, voice-controlled UI, full-function mobile phone, and a service delivery infrastructure that can be accessed online in real-time. Smartwatches will also include standard fingerprint-based activation and location awareness features.
Robust demand for luxury watches, particularly in China and other BRIC countries will continue to benefit market growth. Swiss-made luxury watches dominate the global watch market supported by technology sophistication, quality, design, tradition and craftsmanship. Favourable trends in the overall luxury goods market will also help spur demand. Vintage watches represent a booming market worldwide driven by rising demand from billionaires, private museums and watch investment funds.
Technologically advanced wristwatch models poised to benefit the market in the near term include Royal Oak Concept GMT Tourbillon, Duomètre Unique Travel Time, TimeWalker Extreme Chronograph DLC, RL67 Chronometer, and the advanced version of Malte Tourbillon Collection Excellence Platine, among others. Increasing use of the mobile technology in watch retailing also bodes well for the market supported by rising penetration of smartphones and tablet phones. Traditional stores are expected to leverage the potential of social media, mobile apps and multimedia aids for delivering an enriching experience to consumers.
As stated by the new market research report on Watches and Clocks, Europe represents the largest market worldwide, followed by the United States. Asia-Pacific ranks as the fastest growing market with a CAGR of 6.7% over the analysis period. Spiraling demand for Swiss-made luxury watches coupled with favourable demographics, burgeoning middle class population, rising income levels, increasing urbanization, rapidly developing retail infrastructure, growing brand awareness, Westernization, and preference for lifestyle products among the affluent middle class represent key growth drivers in the region.
Key players covered in the report include Bulgari, Casio Computer Co., Ltd. Chopard, Citizen Holdings Co. Ltd., Bulova, Compagnie Financière Richemont International, Cartier SA, Fossil Inc., Gucci Group, Hermes International S.A., Hindustan Machine Tools, Junghans Uhren GmbH, LVMH Moet Hennessy Louis Vuitton SA, Tag Heuer International SA, Movado Group, Inc., Patek Philippe SA, Rhythm Watch Co. Ltd., Rolex SA, Seiko Holdings Corporation, The Swatch Group Ltd., Timex Group USA Inc., and Titan Industries Ltd., among others.
The research report titled “Watches and Clocks: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, drivers, mergers, acquisitions, and other strategic activities of major companies. The report provides market estimates and projections in dollars for all major geographic markets including the United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, India and Rest of Asia-Pacific), the Middle East and Latin America (Brazil, Mexico and Rest of Latin America). Product categories analyzed include Mass Watches (Under $50), Mid-Priced Watches ($50 - $299), Upper Priced Watches ($300 - $999), and Luxury Watches ($1000 - $5000).
For more details about this comprehensive market research report, please visit:
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes 1500+ full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.
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