Market Overview: Source: Mordor Intelligence

Market Overview
From the last few years, India has seen a growth in the wrist watch industry. Changing of fashion
trends and with the increase in the disposable income of mid working-class population are
projected to act as favorable factor in the watch market. Moreover, the watch market in India is
projected to have a CAGR of around 20.32% over the period between 2020-25. If we talk about
the high segmentation watch market in India is dominated by Quartz & it is the fastest growing
segment. Also, the low and mid-range price segment watches are gaining attention of the
customers as the customers are now in search of more value of product and accessories in the
women segment.
Source: Mordor Intelligence
There has been shift in the demand of the digitally enabled watches due to introduction of new
innovative product by some renowned organizations such as Apple, Samsung etc. Since the
availability of the smart watches in respect to different age groups is easy, it has promoting the
penetration of the product in the market. Additionally, there is slight inclination towards luxury
watchers such as Swiss etc. which is boosting up the growth of the industry.
These are some of the key market trends in the watch industry:
Inclination of consumer towards luxury watch: Luxury is no longer constrained to developed
countries only but also know gradually becoming the part in developing countries also.
Especially in countries like India, watches are now considering as a fashion accessories & thus,
there is shift in the consumer demands from having a classical brand to have a luxury brands
with the presence of some innovation and have a unique design. Some well-known brands in
India are Omega, Rado, Rolex etc.
Source: Mordor Intelligence
Increased of participation in sports: Customer are now becoming more health conscious. People
are now adapting a healthy life style and wanted to stay fit. To stay fit, customers are now more
indulged into sports activities. Thus, now customers are in search of varieties in sports wearable
segment of market and thus has accelerated sales in sports wear watches.
Source: FICCI
Segmentation
The market of wristwatches can be segmented, based on the customer’s personality, lifestyle, and
values. The major segments based on which the customers can be classified or segmented are as
follows
 Classic – The classic watches holds the highest share in the market. The classic watches
are preferred by those customers who want the watch at a reasonable price and which
works for a reasonable time. These types of customers have low value for the watch and
they need a watch to just keep a track of time, also, they replace the watch as and when it
fails. The customers of classic watches have a simple lifestyle and are generally from a
middle-class background. The major players in the classic watch segments are Titan,
Timex, Sonata, etc.
Figure 1: Titan advertisement
 Sports – Sports watches are generally preferred by those having more inclination towards
athletic activities like cycling, swimming, trekking, etc. The sports watches are generally
preferred by youngsters who want an innovative design with a rugged look. The
customers are willing to spend more money on the watches just to get a sporty look and
fulfill their need for cognition. Although most companies operate in various segments
through different brands but the major brands especially known for sports watches are
Casio, Seiko, Citizen, etc.
Figure 2: Casio advertisement
 Fashion – Fashion watches are preferred by customers who want a watch as a style and
fashion statement. The fashion brands like Chanel, Dior, Gucci, etc. which operate in the
fashion industry provide fashionable watches to its customers to make a style statement.
Fashion watches are generally preferred by women that are fashion freaks who want an
expensive watch that goes well with their personality and high standards of living.
However, fashion brands are not considered to be masters of watchmakers but they offer
fashion watches just to maintain the loyalty of its customers and provide a one-stop
solution for all their fashion needs.
Figure 3:Gucci advertisement

 Luxury – Luxury watches are gaining more popularity in developing countries. Luxury
watches are preferred by those customers who have high values for a watch and are
generally High Networth Individuals (HNIs). They have a high standard of living and like
to live a giant size life. Brands like Rolex, Rado, Omega, etc. are known for their
craftsmanship and innovative designs. These brands have highly loyal customers who
think that their watch represents their personality and wear luxury watches as a status
symbol.
Figure 4: Rolex advertisement
 Smartwatches – Smartwatches are the latest trending segment in the wrist-watch market.
With a changing attitude towards maintaining a healthy lifestyle and the trend of
athleisure, many consumers are opting for smartwatches and fitness bands. Many fitness
freaks, athletes, swimmers, etc. are preferring a fitness band or a smartwatch due to its
wide range of features and monitoring capabilities. Brands like Fitbit have been driving
the market of smartwatches and fitness brands.
Figure 5: Fitbit advertisement

Market Overview: Source: Mordor Intelligence

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Market Overview: Source: Mordor Intelligence

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Market Overview

Source: Mordor Intelligence

Source: Mordor Intelligence

Figure 1: Titan advertisement

Figure 3:Gucci advertisement

Figure 4: Rolex advertisement

Figure 5: Fitbit advertisement

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