Online Watch Stores Market Size, Share, Growth, and Industry Analysis, By Type (Mechanical Watch and Quartz Watch), By Application (Hobby, Collect, Daily Wear, & Others), And Regional Insights and Forecast To 2032

Updated On: 17 June 2024

ONLINE WATCH STORES MARKET REPORT OVERVIEW

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The global online watch stores market size expanded rapidly in 2021 and will grow substantially by 2028, exhibiting a prodigious CAGR during the forecast period. 

Online watch stores increase the sale of watches by selling online. The availability of an assortment that is greater than before and the accessibility of buying products from the convenience of your home is facilitated by this. It includes products like watches, pocket watches, and stop-watches. Long-established luxury watch brands are succeeding with new players and mid-range brands arriving. E-commerce watch shops tend to have user-friendly sites that are developed especially for anyone who is into watches or is a seller of watches. Producers work with famous brands and guarantee the authenticity and originality of their items. This allows them to have the freedom to consider modern design styles in their private online searches. 

COVID-19 Impact: Market Growth Restrained by Pandemic Due to Supply Chain Disruptions

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden growth reflected by the rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

The substantial effects of the COVID-19 pandemic have been observed in the market worldwide. In the initial phases, the demand for these stores declined significantly.  The consumers reduced spending on non-essential products and services. Due to supply chain disruptions, there was a reduction in raw materials and delays in the production process.  The economic hardships reduced the demand for these stores. 

LATEST TRENDS

"Rise in demand for smartwatches to propel market growth"

The handset market has been on a constant surge, driven by the prospects for smartwatches. They offer health monitoring, messages, and contactless payments, addressing the needs of young tech-savvy individuals. These products are becoming increasingly popular as they are compatible with both iOS and Android operating systems.

ONLINE WATCH STORES MARKET SEGMENTATION

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By Type

Based on the type, the market can be categorized into mechanical watches and quartz watches.

• Mechanical Watch: A mechanical watch is a watch that tracks the time passage with the help of a clockwork mechanism. It is self-sustaining and does not have to depend on any battery for its operation.

• Quartz Watch: Quartz watches stand out for their exceptional performance in terms of accuracy and reliability. They utilize a quartz crystalline oscillation, in its regulation of time. The manufacturing cost for these watches is less, thus making them affordable.

By Application

Based on the application, the market can be categorized into hobby, collect, daily wear, & others.

• Hobby: Online buyers can enjoy the luxury of a huge selection of brands and types who buy watches as a hobby and want to familiarize themselves with diverse kinds and movements they can do so online at their own pace.

• Collect: Watch collectors are fond of frequently choosing among vintage or limited-edition watches. Online stores give more opportunities to deal with a lot of sellers and auction platforms, as they can get their rare ones or find a specific timepiece easily.

• Daily Wear: Online retailing offers a variety of styles from well-established dress watches to sporty divers and fashionable smartwatches for daily use.

DRIVING FACTORS

"Use of the Internet in shopping to expand the market"

One of the key factors in the online watch store market growth is the use of the Internet in shopping. The proliferation of smartphones and tablets has resulted in a wider reach of online shopping than before. This enables monitoring stores to exploit mobile-friendly sites and apps, which guide shoppers through in-depth product references with clear high-quality images of watches and zoom in on their unique features – by phone. Secure payment gateways that are incorporated with mobile wallets facilitate transactions easily. Social media websites with such brands involve watch companies and online stores so that the products can reach their audience through the Internet directly.

"Rising demand for luxury goods to boost the demand"

The availability and distinctiveness of watches in several materials, dial colors, strap patterns, and themes have made watches a must-have product for most people. Some business players are selling off their used luxury watches through online retailers at a discounted price. Luxury items are more and more acceptable, and young people leading the way thanks to their grip on high demand and low prices. These players also spend money doing promotional activities such as celebrity endorsements so that they can be able to access a wide market.

RESTRAINING FACTOR

"Physical Purchasing Experience to Impede Market Growth"

Physical purchasing is a major restraining factor that impedes the growth of these stores. Many consumers prefer to shop offline for a personalized experience from a salesperson. Moreover, many of them have quality concerns for the delivery of watches. Overcoming these challenges is very important to ensure seamless growth of the market.

ONLINE WATCH STORES MARKET REGIONAL INSIGHTS

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"Asia Pacific to Dominate the Market Due to a Strong E-commerce Infrastructure"

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

Asia Pacific, particularly China has emerged as the most dominant region in the online watch stores market share, due to a strong e-commerce infrastructure. The region can provide various resources which brings the opportunity to think of more opportunities to enlarge the business. Technological advancement is the root of this dominance, which makes the region independent in innovating and applying the latest innovations. The various companies and more advanced technologies of this region, further, add to the growth in this sector as well. As a result, Asia Pacific stands out as a key player, setting the standard for efficient, technologically advanced, and environmentally friendly platforms on the global stage.

KEY INDUSTRY PLAYERS

"Key Players Provide Diverse Portfolio for Innovations"

Major industry players have a role in developing the market by offering a variety of products. These significant players revamp the industries' standards by providing a broad array of customers with new creative options. This is because these brands have the realm of global market attention and thus they will cater to the different customer needs of different markets. The inclusion of both revolutionary advances and a wide market base is what makes them stand out among the other brands.

List of Market Players Profiled

• World of Watches (U.S)
• Time Depot (Philippines)
• Authentic Watches (U.S)
• Watch Direct (Australia)
• Jura Watches (Derbyshire)
• Farfetch (London) 

INDUSTRIAL DEVELOPMENT

March 2020: Japanese online watch rental concept Kairtoke is opening its third store. The service offers a variety of watches for rent. Consumers can even check the wrist size on their AR app before visiting the store. It offers a unique experience to consumers as they can wear watches from different brands without actually purchasing them.  

REPORT COVERAGE

This report is based on historical analysis and forecast calculation that aims to help readers understand the global online watch stores market from multiple angles, which also provides sufficient support to readers’ strategy and decision-making. Also, this study comprises a comprehensive analysis of SWOT and provides insights for future developments within the market. It examines varied factors that contribute to the growth of the market by discovering the dynamic categories and potential areas of innovation whose applications may influence its trajectory in the upcoming years. This analysis considers recent trends and historical turning points, providing a holistic understanding of the market’s competitors and identifying capable areas for growth. 

This research report examines market segmentation by using quantitative and qualitative methods to provide a thorough analysis that also evaluates the influence of strategic and financial perspectives on the market. Additionally, the report's regional assessments consider the dominant supply and demand forces that impact market growth. The competitive landscape is detailed meticulously, including shares of significant market competitors. The report incorporates unconventional research techniques, methodologies, and key strategies tailored for the anticipated frame of time. Overall, it offers valuable and comprehensive insights into the market dynamics professionally and understandably.