Market Overview
The Gulf Council Corporation (GCC) has emerged as a hub for watch fanatics in recent years, i.e., backed by big auctions and exhibitions like the 'Dubai Watch Week,' as well as various exclusive limited editions being launched by different brands. A large number of watchmakers are addressing the mounting popularity of high-end watches in gulf countries by introducing innovative products with remarkably unique features. Several brands are offering watches with a regionally inspired dial that features Eastern Arabic numerals, i.e., a profitable prospect for them to nurture a robust relationship with crucial retailers in the region and, consequently, contribute to the overall growth of the Wrist Watch industry in GCC.
Market Insights
The GCC Wrist Watch Market is projected to grow at a CAGR of around 5% during the forecast period, i.e., 2023-28. Most of the market expansion would be propelled by the ever-increasing demand for fitness bands & smartwatches, especially among the young generation, due to growing health awareness among consumers, especially after the advent of the Covid-19 pandemic. Smartwatches are in high demand across gulf countries and are undergoing remarkable innovations and updates. The growing interest of millennials in aesthetically appealing & technologically advanced smartwatches with multiple features is a crucial aspect expected to boost the market through 2028.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2018-21 |
| Base Year: 2022 | |
| Forecast Period: 2023-28 | |
| CAGR (2023-2028) | 5% |
| Country Covered | UAE, Saudi Arabia, Oman, Qatar, Bahrain, Kuwait |
| Key Companies Profiled | Audemars Piguet, Patek Philippe, Rolex, Seiko, Piaget, TAG Heuer, Breguet, CASIO COMPUTER CO., LTD., Apple, Garmin, Invicta Watch Group., Gucci, CARTIER, Others (Armani, etc.) |
| Unit Denominations | USD Million/Billion |
Moreover, the burgeoning inclination of people toward luxury watches as a status symbol, coupled with the emerging trend of online watch auctions in Dubai, are other crucial aspects strongly contributing to the expansion of the wrist watch industry across the GCC region. Most people used to attend live auctions in the past, which they have stopped with the advent of online auctions. As a result, an online auction offering rare & collectible watches is a promising prospect for the GCC Wrist Watch Market to expand notably in the coming years.
Market Segmentation
Based on Type:
Of them all, luxury watches hold a significant share of the GCC Wrist Watch Market. Among all countries comprising the GCC region, Dubai, followed by Saudi Arabia, Qatar, & Kuwait, is the top consumer of luxury watches. Despite the pandemic, the demand for luxury watches in these countries remains high, alongside long waiting lists, i.e., backed by the significantly high disposable income of people, brand consciousness among consumers, the booming tourism sector, and the rapidly increasing presence of luxury brands across the region.
