The global Mechanical Watch Market size is projected to reach a CAGR of 6.2% from 2022-2028.
A Mechanical wrist Watch is a watch that uses a clockwork mechanism to measure the passage of time, as opposed to quartz watches which function electronically via a small battery. A mechanical watch is driven by a mainspring which must be hand-wound periodically. Its force is transmitted through a series of gears to power the balance wheel, a weighted wheel which oscillates back and forth at a constant rate. A device called an escapement releases the watch's wheels to move forward a small amount with each swing of the balance wheel, moving the watch's hands forward at a constant rate. This makes the 'ticking' sound characteristic of all mechanical watches.
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The global watch market is seeing an uplift which can be contributed to demand of fashion accessories from the younger generation and the rise of disposable income in developed and developing nations. Technological advancements also played a key role in this uptick for the global watch market. The advent of quartz watches by Seiko ended the domination of mechanical watches.
Recent Developments
· September 23, 2021-Fossil has launched its new Gen 6 smartwatch in India. The fashion watch and accessories company say there is a price segment that is driven by “fashion watches” and that is where Gen 6 smartwatch fits in. The Gen 6 smartwatch is priced between Rs 23,995 and Rs 24,995.
· June 14, 2021- For 2021, they have unveiled an incredible selection of new designs and many Seiko limited editions in celebration of their 140th anniversary. In particular, we’ve seen many new pieces from their legendary Prospex diver’s collection alongside several Seiko Presage references.
Prominent Players
· Rolex
· Tag Heuer
· IWC
· Omega
· Patek Philippe
· Tudor
· Blancpain
· Panerai
· JLC
· Cartier
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North America to Dominate the Market
· The North American region is expected to hold the largest share of the mechanical watch market during the forecast period. The presence of key players of the industry in the region, technological innovations in the region, and the large purchasing power of the region have been the major contributors to the dominance of the region.
· The APAC region is envisaged to become the fastest-growing region for mechanical watches during the forecast period. Increased manufacturing in countries like China and India is expected to have a positive impact on the demand for watches in the region.
Mechanical Watch Market Segmentation:
On the basis of Product
· Quartz
· Digital
On the basis of Price Range
· Low-Range
· Mid-Range
· Luxury
On the basis of Distribution Channel
· Retail stores
· Online stores
On the basis of End-User
· Men
· Women
Based on region:
· Asia Pacific
· North America
· Europe
· South America
· Middle East & Africa
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