Watch has become a major fashion accessory among women and also shows the status symbol in society which is propelling the demand for women watch.
Moreover, women have watches according to shades of cloths which fuels the global women’s watch market during the forecast period. Also, new watch launches by key players like Rado, Audemars Piguet, Louis Vuitton, and fossil are assumed to give a positive impact on the women’s watch market As a result, the women’s watch market is set to witness a steady rise at a CAGR of 6.1% during the forecast period
What is Driving Demand for Women’s Watch?
The rise in the number of working women has accelerated the sales of women’s watches across the globe. Also, the increase in innovative and customized designs is anticipated to drive the market in the next few years.
Usage of women watch is no longer limited to offices and functions. Women wear these watches as a fashion statement. Moreover, watches are gifted on various occasions or events like birthdays and anniversaries. This consumption behaviour is expected to positively impact market growth.
Furthermore, the trend of smartwatches among women nowadays drives the women’s watch market. Many prominent key players in the women’s watch industry include Withings Steel, Fitbit Versa Smart Watch, are investing in the research and development sector for introducing smartwatches with a more efficient battery, excellent performance and advance features like connect with GPS, receive calls and texts.
Many players are principally engaged in introducing varieties of attractive designs at affordable prices. This innovation and new launch gives the opportunity to the customers to choose the watch according to their budget and also encourage other players to invest in this sector which drives the market during the forecast period.
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Introduction of Smart Feature Along with the Growing Health Awareness are Likely to Augment Women’s Watch Sales
Growing awareness regarding health among women all around the globe has resulted in the raised women’s spending on health care gadgets, which has further lead the market of smartwatches. This smartwatch has multiple features like walk tracking, analyze heartbeat rate, connect with smartphones and other advanced applications which has raised the sales of women’s smartwatches.
For instance, Fossile launched Gen 4 Venture, an impressive watch for women. Apart from good looks, this watch offers extra features to the customers like recording the activity done by the women as well as the Calories burned while doing physical activity. These watches can be used as a sleep monitoring device. All these advanced features offered by manufacturers are anticipated to drive the demand for jewellery over the forecast period.
Impact of COVID-19 on Women’s Watch Market
Due to the COVID-19 pandemic, the demand for women watches was affected severely, as the pandemic resulted in the closure of showrooms and shops which affected the market in the long run.
However, taking advantage of the prevalent situation, many players in the market have introduced coronavirus detecting watches, which detects the coronavirus in women. For instance, Apple introduced the Apple Watch Series 6 in September 2020, in this smartwatch a sensor is installed which display the approximate value of the blood oxygen and pulse rate.
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US and Canada Women’s Watch Market Outlook
The ladies of the United States and Canada are technologically outstanding and have a higher mission for strong advancements with a vision to make life simpler. Young ladies in the region are more aware of smart technology which has increased the demand for smartwatches in the region.
Moreover, for expanding the product portfolio of smartwatches in the region, many prominent players like Zelos, Shreve & Co., VANNA and Fossil continuously launching smartwatches at different price ranges.
For instance, Fossil launched a smartwatch that keeps the record of the user physical activity and also monitors the heartbeat and the blood pressure of the person. This helps the player to strengthen their presence in the regional market.
Europe Demand Outlook for Women’s Watch
According to the report of BMI in 2019, 37% to 58% women in Italy and Croatia suffer from obesity, which is increasing the demand for health gadgets like fitness band/watch in the European market.
The growing popularity of fitness watches among women, which also helps in recording body activity like cycling, swimming laps, daily steps, sleeping pattern, pulse rate and blood pressure. These advanced features encourage women to buy a smartwatch to accessing their regular activates including calories intake. Furthermore, the rising income of people enabling them to buy such smart products which also meet their requirements and desires.
Moreover, with an aim of business expansion and growing business portfolio, players are creating a partnership with the regional distributors to get feedback from the customers and fulfil the demands of the customers. This helps the players to generate more revenue.
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Who are the Key Manufacturers and Suppliers of Women’s Watch?
Some of the leading manufacturers and suppliers of ladies watches include
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
