Summary

China has a long history of producing watches, and it has grown to be a major force in the world watch market. Chinese watch companies are becoming more well-known for their inventive designs, excellent craftsmanship, and reasonable costs. Chinese watch companies with a large following include Seagull, FIYTA, Rossini, and Ebohr. These companies sell a variety of watches, ranging from classic mechanical timepieces to cutting-edge smartwatches. These Chinese watch companies have come a long way recently, becoming more well-known worldwide and becoming more prevalent in international marketplaces. However, even though Mainland China offers a wide selection of local watch brands, there is still a significant market for luxury timepieces, particularly among younger consumers who believe that foreign brands particularly Swiss timepieces offer the best quality. In recent years, luxury timepieces have become increasingly fashionable in China. Due to a thriving economy and expanding middle class, high-end timepieces are becoming more and more sought after by Chinese customers as status and prestige symbols. Due to the increased demand for luxury timepieces, a large number of boutiques and authorized dealers have opened up shop all across the nation, providing a vast array of high-end brands including Audemars Piguet, Patek Philippe, and Rolex. Luxury timepieces are a sought-after accessory for both men and women in China because of their reputation for appreciating fine craftsmanship and attention to detail. In China's dynamic fashion and luxury sector, high-end timepieces remain a stylish choice, whether intended for personal usage or as presents.

According to the research report "China watch Market Overview, 2029," published by Bonafide Research, the China watch Market is expected to grow with more than 5% CAGR from 2024 to 2029. China is now the world's top watch manufacturer after more than 30 years of growth. During this time, several upscale Chinese watch brands have surfaced. For watch brands, the Chinese market is a piece of cake. The Chinese watch market is expanding and becoming more powerful as a result of the expanding economy. With assistance from the Chinese government, the Tianjin watch manufacture created the first mechanical watch in 1955. We refer to that watch as a five star watch. The factories in Beijing, Tianjin, and Shanghai rose to prominence in the Chinese watch industry during the course of the following three years. Over the past three decades, China has seen substantial economic progress, which has contributed to the middle class's expansion. A greater number of people can now purchase luxury and stylish items, including watches, thanks to the expanding middle class and increased discretionary income. Chinese consumers are spending more of their spare income on discretionary items. Demand is fueled by the perception of watches as status symbols and fashion accessories, particularly for luxury and designer brands. China's customers are becoming more and more fashion-conscious, giving branded accessories and individual style a high priority. A wide range of watch styles are in high demand due to the perception that watches are a reflection of personal style. The explosion in China's e-commerce sector has been crucial to the expansion of the watch market. Online retailers facilitate the expansion of the market by giving customers simple access to a large selection of watches, including those from foreign companies.

Based on movement market is divided into smart watch, Quartz, mechanical, solar & other. Quartz is leading one. Compared to more expensive mechanical choices, timepieces made using quartz technology can be mass produced and sold to a wider segment of the Chinese populace. Customers looking for functionality and value will find this appealing. Chinese consumers who value practicality and accurate timekeeping are drawn to quartz movements because they are highly accurate and require little upkeep. Quartz technology is capable of producing a wide variety of forms and features, from sporty, high-tech watches to elegant, minimalist timepieces. This meets a range of needs and tastes. In the Chinese market, well-known quartz brands like Seiko, Citizen, and Casio have solidified their foothold by fostering high brand awareness and confidence.

Based on the product range of the market is divided into low- range, Mid-range, luxury. Mid-range is leading the Chinese market. Because of their appealing value proposition, accessibility, and variety, mid-range watches command a large portion of the market and consumer interest. A sizable and expanding portion of the Chinese population is served by this. Value for money is a common goal of consumers. Mid-range watches are said to offer good value and appeal to a wide variety of consumers since they combine quality and reasonable prices. A significant portion of the Chinese populace can buy mid-range watches, which offer dependable timekeeping, respectable construction quality, and brand recognition at a price point that is in between affordability and quality. A wide variety of styles are available from mid-range companies, including stylish sports timepieces, traditional designs, and fashion-forward items. Customers can choose watches that fit their personalities and lives thanks to this, which accommodates a wide range of tastes.

Based on the End user the market can be categorized by male, female, unisex. The male segment is dominating the Chinese market. The technical aspects of timepieces, such their intricacies, accuracy, and craftsmanship, may appeal more to men. Expensive timepieces featuring complex mechanisms and advanced technological features are typically targeted primarily at men. Male consumers who appreciate luxury and exclusivity are drawn to the luxury watch sector, which frequently offers high-end timepieces with elaborate designs and premium materials. Men who participate in sports or other outdoor activities could like timepieces with features designed for these activities. The dominance of the male category may be attributed in part to the demand for sports and adventure-oriented watches.

Based on type of Distribution Channel the market can be categorized by retail store, specialty store, and online retail. People in china prefers specialty store. With an emphasis on particular brands or collections, specialty boutiques frequently provide a carefully chosen assortment of watches. Customers may feel more prestigious and desirable as a result of this exclusivity, particularly when purchasing high-end or luxury timepieces. Specialty shops offer a regulated space where companies may present their timepieces in a professionally thought-out setup. The atmosphere, interior design, and whole experience build the brand and can raise the timepieces' perceived worth. Specialty shops frequently have skilled employees on staff who may offer consumers professional advice and support. Specialty boutiques can provide a favorable buying experience due to their expertise and individual treatment, especially for those looking for advice on luxury or technical timepieces.

Considered in this report:
• Geography: China
• Historic year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecast year: 2029

Aspects covered in this report:
• China Watch market with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Movement:
• Smart watch
• Quartz
• Mechanical
• Solar & other

By Product Range:
• Low- range
• Mid-range
• Luxury

By End user:
• Male
• Female
• Unisex

By Distribution channel:
• Retail store
• Speciality store
• Online retail


The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, and annual reports of companies, analyzing the government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age groups, and gender. Once we have primary data with us we started verifying the details obtained from secondary sources.

Intended audience:
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the Watch industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

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