LONDON--(EON: Enhanced Online News)--Technavio’s latest report on the global watch market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
“There is an increasing focus on leading healthier lives, which has resulted in increased participation in sporting activities. This has propelled the demand for sports watches, which are ideal for use during running, biking, hiking, and other outdoor activities”
The research report by Technavio on global watch market provides segmentation based on distribution channel (specialist stores and department stores, hypermarkets, and supermarkets), material used (gold, silver, Rolesium, Cerachrom, Ceragold, Magic Gold, etc.), product type (quartz watch and mechanical watch), and geography (APAC, Europe, North America, and ROW).
|The global watch market size is expected to reach USD 105.14 billion by 2021, showcasing a CAGR of close to 8% during the forecast period. APAC is the leading regional segment, responsible for generating maximum revenue and the highest incremental growth through 2021.|
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The top three emerging trends driving the global watch market according to Technavio consumer and retail research analysts are:
- Growing demand for sports watches
- Marketing initiatives
- Innovations in digital watches
Growing demand for sports watches
“There is an increasing focus on leading healthier lives, which has resulted in increased participation in sporting activities. This has propelled the demand for sports watches, which are ideal for use during running, biking, hiking, and other outdoor activities,” says Brijesh Kumar Choubey, one of the lead analysts at Technavio for retail goods and services research.
The sports watches have built-in GPS, which allows the person to track distance, pace, calories burnt, and time. In addition to performance, these watches can also keep track of altitude, barometric pressure, and ambient temperature.
The global watch market is witnessing intense competition among few key vendors who are investing heavily in marketing to gain an edge and establish a strong foothold. These marketing strategies and promotions are carried out with a vision to create a unique brand image in the mind of prospective buyers and reach out to a large consumer base. Manufacturers hire famous actors, models, and sportspersons who wield considerable influence on consumers to endorse their brands. These strategies attract investments, thereby contributing to market growth.
Innovations in digital watches
“The global watch market is highly competitive, and it is imperative for manufacturers to innovate to stay in the race continually. Offering innovative products periodically will accelerate market growth and generate high revenue, thereby driving the market,” says Brijesh.
Tech-savvy consumers popularly demand advanced features such as voice announcement, electroluminescence (EL) flashing and illumination, and incoming call alerts for phones. Bulgari's Diagono Magnesium concept watch which is embedded with a chip to enable near field communication (NFC) capabilities is one such futuristic offering. Novel product offerings that cater to niche customer segments will enable manufacturers to command key segments in the global market.
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