GCC Wrist Watch

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

By Type (Luxury, Mid luxury, Economy, Low), By Country of Origin (Japanese, Swiss, Others), By Style (Analog, Digital, Analog/Digital, Smart), By Country (UAE, Saudi Arabia, Oman, Qatar, Bahrain, Kuwa Read more

  • FMCG
  • Nov 2022
  • 154
  • CG10204

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:

  • Luxury
  • Mid Luxury
  • Economy
  • Low

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.

Based on Category:

  • Analog
  • Digital
  • Analog & Digital
  • Smart

Here, smartwatches are projected to hold a sizeable market share through 2028. As smartwatches are becoming a fashion that is part of consumers' everyday life, they are gaining immense popularity in gulf countries. Both style and functionality are the key sales drivers for smartwatches in the GCC region, especially across the UAE. A large number of consumers in the country are showing greater interest in sleek designs, innovative interfaces, and trendy strap types & colors. In the coming years, the adoption of smartwatches is likely to be seen by existing fitness band owners as well as value-seeking consumers.

Country Landscape:

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

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 USD 938 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?

Frequently Asked Questions

A. The GCC Wrist Watch Market is projected to grow at a CAGR of around 5% during 2023-28.

A. The increasing number of international watch brands entering the region, coupled with growing consumer inclination toward smartwatches & fitness bands, are the key aspects projected to drive the GCC Wrist Watch Market during 2023-28.

A. Smartwatches are anticipated to provide lucrative prospects for the leading players in the GCC Wrist Watch Market during 2023-28.

A. The UAE would continue generating remunerative opportunities for the key companies in the GCC Wrist Watch Market in the years ahead.

  1. Market Segmentation
  2. Introduction
    1. Product Definition
    2. Research Process
    3. Assumptions
  3. Preface
  4. Executive Summary
  5. Impact of Covid-19 on GCC Wrist Watch Market
  6. Export-Import Analysis: GCC Wrist Watch Market 2018-2022
  7. GCC Wrist Watch Market Trends & Insights
  8. GCC Wrist Watch Market Dynamics
    1. Drivers
    2. Challenges
  9. GCC Wrist Watch Market Regulations & Policies
  10. GCC Wrist Watch Market Supply Chain Analysis
  11. GCC Wrist Watch Market Hotspots & Opportunities
  12. GCC Wrist Watch Market Outlook, 2018-2028F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
      2. By Units Sold (Thousands)
    2. Market Share & Analysis
      1. By Type
        1. Luxury (Above USD1,500)
        2. Mid-Luxury (USD301-USD1,500)
        3. Economy (USD101-USD300)
        4. Low (Up to USD100)
      2. By Country of Origin
        1. Japanese
        2. Swiss
        3. Others
      3. By Category
        1. Analog
        2. Digital
        3. Analog & Digital
        4. Smart
      4. By Country
        1. Saudi Arabia
        2. The UAE
        3. Qatar
        4. Kuwait
        5. Bahrain
        6. Oman
      5. By Company
        1. Competition Characteristics
        2. Market Share of Leading Companies, By Revenues
  13. Saudi Arabia Wrist Watch Market Outlook, 2018-2028F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
      2. By Volume
    2. Market Share & Analysis
      1. By Type
      2. By Country of Origin
      3. By Category
      4. By Region
  14. The UAE Wrist Watch Market Outlook, 2018-2028F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
      2. By Volume
    2. Market Share & Analysis
      1. By Type
      2. By Country of Origin
      3. By Category
      4. By Region
  15. Qatar Wrist Watch Market Outlook, 2018-2028F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
      2. By Volume
    2. Market Share & Analysis
      1. By Type
      2. By Country of Origin
      3. By Category
      4. By Region
  16. Kuwait Wrist Watch Market Outlook, 2018-2028F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
      2. By Volume
    2. Market Share & Analysis
      1. By Type
      2. By Country of Origin
      3. By Category
      4. By Region
  17. Bahrain Wrist Watch Market Outlook, 2018-2028F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
      2. By Volume
    2. Market Share & Analysis
      1. By Type
      2. By Country of Origin
      3. By Category
      4. By Region
  18. Oman Wrist Watch Market Outlook, 2018-2028F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
      2. By Volume
    2. Market Share & Analysis
      1. By Type
      2. By Country of Origin
      3. By Category
      4. By Region
  19. GCC Wrist Watch Industry- Market Attractiveness Indexing, 2018-2028F
  20. GCC Wrist Watch Market Key Strategic Imperatives for Growth & Success
  21. Competition Outlook
    1. Competition Matrix
      1. Brand Specialization
      2. Target Markets
      3. Target End Users
      4. Research & Development
      5. Strategic Alliances
      6. Strategic Initiatives
    2. Company Profiles
      1. Audemars Piguet
      2. Patek Philippe
      3. Rolex
      4. Seiko
      5. Piaget
      6. TAG Heuer
      7. Breguet
      8. CASIO COMPUTER CO., LTD.
      9. Apple
      10. Garmin
      11. Invicta Watch Group.
      12. Gucci
      13. CARTIER
      14. Others (Armani, etc.)
  22. Disclaimer
GCC Wrist Watch Market Segmentation