The global watch market is projected to grow at a compound annual growth rate of 9.92% through 2025, according to Research and Markets.
The lower-priced and mid-priced watches are increasingly gaining market traction, due to increasing demand for “value-for-product” watches and accessories among women, adds the research group.
The demand for digital watches is stronger among young consumers, as they are more aware of smartphone technology. Popular brands, like Casio and Timex, have launched their own product lines, such as G-Shock and Command Watch collections.
Brands, like Casio and Timex, are continuously investing in R&D for product innovations to blend some of the features of smartwatches with the long-lasting battery life of digital watches, while offering the product in attractive design and affordable prices.
Research and Markets says the high penetration rate for wearable technologies in the United States and European countries, like the United Kingdom, Germany, France, Italy, and others, is contributing to the growth of the smartwatch segment. The key players are embarking on mergers and acquisitions as one of their key strategies, to achieve consolidation and to optimize their offerings, adds the research group.