Market Trends of India Watch Industry
This section covers the major market trends shaping the India Watch Market according to our research experts:
Consumer Inclination Toward Luxury Watches
Luxury is no longer restricted to developed countries but is also gaining popularity in developing countries of the Asia-Pacific. In India, watches are considered a part of fashion accessories; thus, consumers are shifting from classical watches to luxury brands with innovative designs. Additionally, the increasing disposable income of Indian citizens is driving the market for luxury watches across the country. According to World Bank data, India's GDP per capita in 2021 was USD 2,277, registering a 17.81% increase from 2020. With these factors, the Indian watch market is expected to grow in the upcoming years. Furthermore, India is a lucrative market for various luxury brands, owing to the presence of royal heritage and the availability of technological assets.
Some of the major brands offering luxury watches in India include Rolex, Omega, Rado, and Tissot. Due to the increasing demand, other companies have identified the potential and invested in expanding their product portfolio to strengthen their position in the market. For instance, in October 2022, a limited-edition timepiece with an Indian-inspired design was launched by Franck Muller. Exclusively at Kapoor Watch Company retail locations across India, the luxury watch company will offer the timepieces. The watch is available in two variations: steel and gold (100 pieces) and rose gold (50 pieces). Each piece is uniquely numbered, and the watch casing is etched with a map of India. The watches have a green leather strap and are part of its hallmark Vanguard collection.
Increased Sports Participation
Healthy lifestyle adoption and the preference for staying fit have increased consumer indulgence in various sports activities. In line with the athleisure trend, consumers increasingly seek multiple varieties in the sports wearable segment, thereby accelerating smartwatch sales. Presently, the usage of smartwatches among cyclers, runners, fitness-conscious consumers, swimmers, and athletes is increasing rapidly, attributed to their wide range of monitoring capabilities. Additionally, increased government initiatives in various countries meant to improve sports participation are playing a key role in driving the market in the last few years. For instance, the Sports Authority of India (SAI), with technical and organizational support from AIFF (All India Football Federation), launched Khelo India Girls League. Thus, owing to the increased sports participation rate among women, players have also introduced sports watches specifically designed for women to encourage them to engage in sports activities and lead healthy and active lifestyles.
