Technological sophistication, superior quality, enhanced designs, and craftsmanship, the global watch industry – led by many top-notch watch companies and watch brands – has always been about innovations and evolution that inspires consumers to spend more on luxurious watches. Today, the demand for Swiss-made luxurious watches is at its all-time high owing to the rapidly growing economies, and rising disposable income, especially in developing countries. Combine this with the emergence of innovative technologies and new watch categories like smartwatches, the competition in the global watch market is fierce, with top watch brands competing neck-to-neck in terms of technology, designs, and specifications.
Global Watch Market Analysis
The growing western influence, increasing brand awareness, and the need for exclusivity is boosting the growth of the global watch market. According to expert analysts at Technavio, the global watch market will grow at a CAGR of more than 8 % over the next five years. In terms of geography, APAC accounted for the maximum share of the global watch market last year and is expected to dominate the industry for the next few years. This upward trend in the region is attributed to increased consumer propensity toward luxury products and the expanding middle-class population segment.
For more insights on the latest global watch market size, top watch manufacturers, and future trends in this market, please check Technavio’s?Global Watch Market Report 2017-2021, or download your?Global Watch Market Report Sample?for FREE!
Top 10 Watch Brands in the World by Market Share in 2018
Fossil Group has a unique position in the global watch market, thanks to its diverse portfolio of most-recognized and bestselling watch brands including Relic, Fossil, Skagen Denmark, Zodiac, WSI, Misfit, Abacus, and Michele Watch, and licensed brands such as Burberry, Emporio Armani, Michael Kors, Tory Burch, Marc Jacobs, Chaps, Armani Exchange, and many more. The company recently formed a global licensing agreement with BMW for designing and manufacturing BMW-branded smartwatches through 2023. Fossil Group’s recently announced the launch of its new smartwatch portfolio that will offer more than 250 smartwatch styles, powered by Wear OS by Google.
LVMH, the luxury goods conglomerate which owns iconic brands like Bulgari, Celine, Chaumet, Dior, Fred, Hublot, Louis Vuitton, Tag Heuer, Zenith is dominating the global watch market with innovative designs and advanced technologies. Among all its luxury watch brands, Bulgari recorded a solid growth this year backed by iconic lines including Diva, Octo, B.Zero1, and Serpenti. This year, LVMH launched a thinnest automatic tourbillion premium watch named Octo Finissimo Automatic Tourbillon that is limited to 50 pieces. The company also introduced the Big Bang Sapphire Tourbillon under its Hublot brand and Defy under the Zenith brand. In addition, LVMH celebrated the 55th anniversary of its Carrera line with a number of new watches.
Founded in 1988, Richemont is the most popular name in the luxury goods industry, with a strong position in the jewelry, writing instruments, and watch markets. The company has been dominating the premium watch industry with some of the high-end brands including Cartier, A. Lange & Sohne, Piaget, Montblanc, Roger Dubuis, IWC Schaffhausen, Baume & Mercier, and Jaeger-LeCoultre. Adding to its broad portfolio of brands, Richemont launched a new eco-friendly watch brand this year; Baume, offering trendy timepieces for millennials at affordable prices. This is very rare from the company’s side to start an entry-level brand rather than acquiring from outside.
Rolex, one of the most powerful manufacturers of luxurious watches, jewelry, and clocks, produces more than 2000 watches per day, sold in Switzerland and across the world. The company has been in business for more than a century and has a strong history of successful and innovative watch designs. Rolex was one of the first watch brands that introduced waterproof and watches that automatically change dates. Today, Rolex offers a wide range of Rolex watch models for different consumer desires, for instance, Rolex Submariner for swimmers, Rolex Daytona for Racers, Rolex Oysters, Rolex Cellini collection, and many more popular models.
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Global Watch Market Report 2018-2022
The Swatch Group
The Swatch Group is the largest watchmaker of Switzerland that was found as a result of a merger between three of the world’s biggest watch companies such as Tissot, Omega, and ASUAG. The company has been in a strong position in the global watch industry since its inception with consistent innovations in designs and technology. The Swatch Group owns prestigious brands such as Rado, Omega, Calvin Klein watches + jewelry, Tissot, Balmain, Certina, Hamilton, Swatch, Jaquet Droz, Glashütte Original, Blancpain, Harry Winston, and Breguet. The Swatch Group is a key manufacturer and seller of electronic systems that are widely used in watchmaking and other industry verticals.
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From luxurious sports watches; Royal Oak to Millenary collection that are designed exclusively for millennial, the Audemars Piguet has been one of the most innovative brands in the watches and jewelry landscape.? The company caters to a high-end clientele with premium watches costing upwards of $50,000. Audemars Piguet was the first company to produce repeater wristwatch in 1892. Today, their product lineup includes some of the most successful models including Millenary, Haute Joaillerie,? Jules Audemars, Royal Oak Offshore, Royal Oak, Royal Oak concept, and Classique.
Breitling has been one of the world leaders in the global watch market since its foundation in 1884 by Leon Breitling that produces high performance, water-resistant timepieces. The company has consistently evolved throughout its journey to become one of the top watch brands in the world, manufacturing luxurious watches that are certified and authenticated by the Swiss Official Chronometer Testing Institute. Today, Breitling has established several models under five product ranges including Windrider, Navitimer, Professional, Aeromarine?, and Breitling for Bentley. CVC Capital Partners acquired a majority stake of Breitling in 2017.
Casio Computer, a Japanese electronics giant has been a leading figure in the global watchmaking industry for decades. Casio has been the evolutionary brand in the watch industry with consistent innovation and constant introduction of new product lines. The company owns some of the most prominent brands in the watch industry including G-Shock, Lineage, Oceanus, Edifice, Wave Ceptor, Databank, Youth Series, Pro-Trek, Casio sheen, and Casio Classic. Casio’s business strategy encompasses frequently updating its product lines and the introduction of offshoots of its well-known watch brands and other electronic products to spur sales.
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With a heritage and experience of more than three decades in watchmaking and jewelry manufacturing, Chanel continues to reach higher levels in the ever-growing global market for watches and jewelry with products that combines unique designs and advanced technologies. The company introduced its first watch collection in 1987 with the PREMIèRE watch and then continued launching iconic product lines like J12, the MONSIEUR, and Code Coco Black. The Chanel Group is one of the top-performing luxury brands that made the annual sales of close to US$10 billion in 2017.
Founded by Louis Ulysse Chopard in 1860, Chopard is one of the largest Swiss watch brands in the world which is most-recognized for manufacturing pocket watches and ladies’ watches. The company was acquired by a watchmaker from Germany; Karl Scheufele in 1963 which is since then owned and managed by his family. Although Chopard is still best-known for its high-end jewelry products, the company is growing its watch business by consistently launching a new range of watches that are innovatively designed and technologically advances.
Global Watch Market Trends: Future of the Top Watch Brands
The customization of luxury watches is trending in the global watch market. Many third-party retailers across the world are offering the customization services to customers which involves modifying the bezels, dials, and bands. Perpetual Time, a company that provides watch customization services offers diamond customization for top luxury watch brands in the world.
In addition, the increased penetration of the Internet and its access through personal computers, smartphones, and tablets have led to the popularity of online platforms for buying products across categories and watches are no exception to it. Vendors such as Swatch and Fossil had strong sales through Internet retailing, and this trend is expected to drive the global watch market growth during the forecast period.
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