GCC Wrist Watch Market Research Report: Forecast (2023-2028)

Market Definition

The wrist watches are designed to be worn around the wrist and are attached by a watch strap or other type of bracelet. There are different categories of wrist watches are available in the market including analog, digital, analog & digital, and smart. In addition, there is a variety of wrist watches available in the market based on different origins & make such as Japanese, Swiss Origin, and others. Prices of wrist watches vary from the premium range to the economical range.   

Market Insights & Analysis: GCC Wrist Watch Market (2023-28)

The GCC Wrist Watch Market is projected to grow at a CAGR of around 5.14% 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 & 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.

In addition to this, the wrist watch companies such as Rolex, TAG Heuer, etc., have been persistently offering a variety of wrist watches to a diverse range of clientele with high buying power which, in turn, has positively impacted the market of wrist watches in the GCC. Along with this, the innovative design and addition of mechanical marvels, technology, etc., by wrist watch companies have been captivating the customers of GCC. This has also improved the demand not only for the luxury watches market but has significantly assisted the demand for smartwatches in the region.

Market Dynamics 

Key Driver :

Rising inclination of the Female Customers Towards Watches with Diamonds and Blin

The GCC region has always been known for its affluent lifestyle, where the customers mostly prefer to wear luxurious accessories like royal wrist watches, etc. Due to this, the market of wrist watch has been constantly growing in the countries such as the UAE, Saudi Arabia, Oman, etc. The female customers have been looking for a luxurious timepiece, which has led to improved sales of luxury watches subsequently improving the demand for wrist watches in the region in the historical years. Furthermore, the sales of female wrist watches made with gold, diamond, etc., are expected to increase in the forecast years, due to the growing inclination of female customers to enhance their wardrobe with these premium accessories.

Market Segmentation

Based on Type:

• Luxury (Above USD1,500)
• Mid-Luxury (USD301-USD1,500)
• Economy (USD101-USD300)
• Low (Up to USD100)

Of them all, the economy type of watches grabbed a sizeable share in the GCC Wrist Watch Market over the past period. The major factor attributed to the demand for the economy type of watches in the region is the presence of a significant number of expatriates in the countries such as the UAE, Saudi Arabia, Kuwait, etc. Additionally, as per the purchase ability of the immigrants in the region, the economy type of watches is witnessing notable sales. The growing demand for blue-collar & white-collar manpower has been leading to the expatriate population in the region. Thus, the rising expatriates in the UAE, Saudi Arabia, Bahrain, etc., are estimated to maintain the demand consistency for the economy type of wrist watches in the upcoming years.

Based on Category:

• Analog
• Digital
• Analog & Digital
• Smart

With increasing technological advancements in the wrist watches such as the involvement of display technology, integrated feature of calling & mobile payments, fitness features, etc., would likely gain a noticeable number of smart wrist watch users in the forthcoming years. The outbreak of the COVID-19 pandemic in 2020 also catalyzed the sales of smart wrist watches, owing to induced concerns among the customers to timely monitor their blood oxygen levels with the help of smart wrist watches. Various other companies such as Apple, One plus, Garmin, etc. have also launched their smartwatches along with their smartphone connectivity. This has also attracted a sizeable demand from tech-enthusiast consumers to opt for the smartwatch category.

Country Landscape:

• Saudi Arabia
• The UAE
• Qatar
• Kuwait
• Bahrain
• Oman

Of all GCC countries, the UAE dominated the Wrist Watch Market in previous years, and the same trend is likely during 2023-28. In 2019, the UAE imported USD938 million worth of Swiss watches, cited the Federation of the Swiss Watch Industry. Dubai in the UAE is the most mature market for wristwatches, with the prominent presence of collectors of the best brands and the rising consumer interest in classy & monochrome timepieces. The notable foothold of international players, the launch of innovative digital & smartwatches, the ever-increased demand for luxury watches, and the growing influx of tourists & migrants are the prime aspects that make the UAE Wrist Watch market the largest across the GCC region.

Key Questions Answered in the Market Research Report:

1. What are the overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares) of the GCC Wrist Watch Market?
2. What are the country-wise industry size, growth drivers, and challenges?
3. What are the key innovations, opportunities, current & future trends, and regulations in the GCC Wrist Watch Market?
4. Who are the key competitors, their key strengths & weaknesses, and how do they perform in the GCC Wrist Watch Market based on the competitive benchmarking matrix?
5. What are the key results derived from surveys conducted during the GCC Wrist Watch Market study?