The GCC Wristwatch market is expected to experience an astronomical growth in the forecast years. This is due to upcoming premium brand companies, increasing demand for smart and fitness watches among teenagers, and presence of giant market players in the region. Moreover, rising discretionary spending of the people, extensive demand for luxury watches, and launch of new innovative watches by market players such as Apple, Fitbit Inc. are projected to fuel the demand for wristwatches in the forthcoming years. However, the outbreak of COVID-19 has had a positive impact on the GCC wristwatch market owing to the introduction of electronic wristwatch trackers in the Saudi Arabia in order to monitor the individuals who have tested positive for the virus.
According to MarkNtel Advisors’ research report “GCC Wristwatch Market Analysis, 2020”, the GCC Wristwatch market is expected to grow at a CAGR of 5% during 2020-25. Based on Style, Smart wristwatches is gaining popularity at a robust rate due to rising inclination of youth toward smartwatches on account of rising awareness of smartphone technology. Moreover, growing concerns regarding fitness, which has upsurged the launch of innovative smartwatches in health and fitness domain by the market players such as Huawei in the region. However, the analogue segment acquired the largest share in the market due to the rising demand of Swiss origin watches which are majorly analogue style and is still ruling the market in an increasingly digital age.
“GCC Wristwatch Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and growth opportunities available for Wristwatch providers across the region. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
UAE Dominated the Market
UAE dominated the GCC Wristwatch market in 2019 as it is the first country among Arab countries and tenth globally in importing luxury Swiss watches. According to Federation of the Swiss Watch Industry, UAE imported USD 938 million of Swiss watches in 2019. Moreover, the significant foothold of international players in the country through the launch of digital watches and smartwatches, extensive demand for luxury watches due to rise in discretionary income, and growing number of tourists are projected to accelerate the growth of Wristwatch market in the coming years as stated in the MarkNtel Advisors’ research report “GCC Wristwatch Market Analysis, 2020”.
According to MarkNtel Advisors, the key players with a considerable market share in the GCC Wristwatch market are Titan, Casio, Apple, Huawei, Rolex, LVMH, Seiko, Amazfit, Samsung Electronics Co. Ltd, Garmin Ltd., Fitbit Inc. etc.
Key questions answered in the study: