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.
Based on Category:
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:
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:
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.
