Summary

Watches in India extend beyond their functional role, carrying profound cultural significance. Often intertwined with traditional attire, watches become symbolic accessories during cultural festivals and ceremonies. The market witnesses a steady demand for watches adorned with intricate craftsmanship and ethnic designs, reflecting a deep-rooted appreciation for tradition. Catering to a diverse consumer base with varying tastes and budgets, the Indian watch market is characterised by its affordability and diversity. From everyday timepieces with budget-friendly price tags to luxury watches that grace the wrists of the affluent, brands offer a spectrum of options. The rise of online retail has further democratised access, allowing consumers to explore a plethora of choices conveniently. In a country enamoured with Bollywood, celebrity endorsements play a pivotal role in shaping watch trends. Watches worn by popular actors and actresses often become coveted fashion statements, driving consumer choices and influencing the market. The synergy between horology and entertainment contributes to the ever-evolving landscape of watch fashion. The smartwatch trend has gained traction in India, reflecting a growing interest in wearable technology. Smartwatches with health monitoring features, connectivity options, and stylish designs appeal to tech-savvy consumers.

According to the research report "India Watch Market Overview, 2029," published by Bonafide Research, the India Watch market is anticipated to grow at more than 7% CAGR from 2024 to 2029. Watches are popular gifts during weddings and other special occasions in India. They are considered not only functional but also thoughtful and timeless gifts, symbolising enduring relationships. Some watch brands in India offer customisation options, allowing consumers to personalise their timepieces. This trend caters to individuals seeking unique and one-of-a-kind watches. India is home to some heritage watchmakers with a legacy of craftsmanship. These brands often fuse traditional techniques with modern designs, offering watches that celebrate the country's horological heritage. The expanding middle-class population in India has become a key demographic for watchmakers. As disposable incomes rise, more individuals will have the means to invest in watches as both functional accessories and status symbols. Celebrity endorsements, especially from Bollywood actors and actresses, have a significant impact on consumer choices. Watches worn by popular celebrities often become fashion trends, influencing the market. Affordable and stylish watches are in high demand in India. Many brands focus on offering trendy designs with reasonable price points, making watches accessible to a wider audience. International luxuries watch brands have established a strong presence in India, catering to a growing segment of affluent consumers who appreciate high-end timepieces. Exclusive boutiques and authorised dealerships showcase a range of luxury watches. Traditional and ethnic designs hold a special place in the hearts of Indian consumers. Watches featuring traditional craftsmanship, intricate detailing, and cultural motifs are popular choices, especially for special occasions and cultural events

Based on the product types, which are segmented into smart watches, quartz, mechanical, solar, and others, in the country where quartz leads the watch market, the younger demographic in India, which forms a significant portion of the consumer base, tends to favour quartz watches. The youth segment appreciates the modern and sleek designs, as well as the practicality and ease of use associated with quartz movements. Quartz watches come in a wide range of designs, styles, and sizes, catering to diverse consumer tastes. Indian consumers, who have a penchant for fashion and individual expression, appreciate the variety offered by quartz watches in terms of aesthetics. The global popularity of quartz watches has influenced consumer preferences in India. Exposure to international brands and trends through media and travel contributes to the acceptance and growth of quartz watches in the Indian market. In terms of the end user, they are bifurcated by men, women, and unisex; among them, women are significantly contributing to the market. In Indian culture, accessories and jewellery hold cultural significance and are often considered an integral part of traditional attire. Women frequently wear watches as a complement to their jewellery, adding a touch of elegance and completing their overall look during various occasions, including festivals, weddings, and cultural celebrations. Beyond cultural symbolism, watches are practical accessories that help women manage their time efficiently. In a rapidly evolving society where women play multifaceted roles, having a watch is not only a fashionable choice but also a functional one, aiding in punctuality and time management.

According to the report, the product range is segmented into low-range, mid-range, and luxury; among them, luxury is a growing market. The aspirations of the Indian consumer have evolved, with a growing emphasis on lifestyle and status symbols. Luxury watches, often perceived as symbols of prestige, craftsmanship, and success, align with the changing aspirations of consumers who seek to make a statement with their possessions. Luxury watch brands have invested in creating exclusive boutiques and experiential retail spaces in premium locations. These boutiques provide a luxurious and immersive environment where customers can explore the brand's collections, fostering a unique and memorable shopping experience. Based on the distribution channel, they are bifurcated into retail stores, specialty stores, and online retail. Among them, the retail store is a growing market. Retail stores offer watch brands a physical presence in key locations, contributing to enhanced brand visibility. The presence of dedicated brand boutiques or authorised dealerships in prominent retail spaces helps build brand recognition and trust among consumers. The ambiance and atmosphere of retail stores play a crucial role in shaping the perception of a brand. The interior design, layout, and overall aesthetics of a store contribute to the brand's identity and create a unique and memorable experience for customers.

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

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

By Products Types
• Smart watch
• Quartz
• Mechanical
• Solar & other
• Other

By Product Range:
• low- range
• Mid-range
• luxury

By End User:
• Male
• Female
• Unisex

By Distributing 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, 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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