Pocket Watch Market: Industry Outlook, Growth Prospects and Key Opportunities
Posted by Harshad Borde on May 17th, 2019
A pocket watch is a small watch attached with a chain that is intended to carry in the pocket of a jacket, waistcoat, lapels or belt loop so to prevent them from being dropped. Such watches are also attached with short leather strap or fob when a long chain proves to be cumbersome. It is a popular fashion accessory was invented in the 17th century. Pocket watch is a collectable item and people store it for long periods. The design of pocket watches have seen various advancement and changes over the years. Pocket watches have different mechanism of operation such as key set, stem-set, lever-set, and pin-set.
Increase in millennial population creates income opportunities which is projected to drive the growth of the global pocket watch market. Growth in disposable income of consumers increases the demand for pocket watches. Compared to previous years, lifestyles and spending behavior of people have changed significantly. People these days spend and indulge on luxury products. Manufacturers are focusing on distribution channels to make their products available even in remote areas. Major manufacturers are now focusing on the online channel for distribution of products.
Growth in penetration of internet users and availability of internet in remote areas is increasing the demand for pocket watches. Pocket watch is a premium product and some manufacturers are designing these watches with gold and other premium metals apart from adding diamonds and other precious metals to it. Manufacturers are also launching exclusive products for a limited time to make them more popular. In March 2018, Citizen Watch Co. launched Citizen Caliber 0100 Eco-Drive pocket watch which is equipped with solar power and gives accurate time to within ± one second. This watch uses self-correcting technology in order to provide precise timing.
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However, slow growing economies are a restraint to the demand for pocket watches. Pocket watch is a mechanical device which needs regular maintenance and repair which may increase the expenditure of consumers. Pocket watch is not easy to use when compared to wrist watch and its considerable weight may be a concern for some consumers. High cost of pocket watches is also restraining the growth of the market. These factors are expected to decrease the demand for pocket watches during the forecast period.
The global pocket watch market can be segmented based on product, type, distribution channel, and region. Based on product, the pocket watch market can be classified into open face/ dial pocket watch, full hunter pocket watch, half hunter pocket watch, double hunter pocket watch, and double half hunter pocket watch. In the product segment, open face pocket watch and full hunter pocket watch hold a major share of the market. Open face pocket watch does not have any cover and consumers can easily read the time on the watch.
Full hunter pocket watch has an outer casing which protects the glass of the watch. This watch became very popular in the 18th century. Based on type, the global pocket watch market can be bifurcated into key set, stem-set, lever-set, and pin-set. In terms of distribution channel, the pocket watch market can be categorized into online and offline channel. Offline channel is further segmented into hypermarkets and supermarkets, exclusive stores, multi-brand stores, and departmental store. Based on region, the pocket watch market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Some of the key players active in the global pocket watch market are Thor Instruments Co., Tissot S.A., Patek Philippe S.A., Seiko Epson Corporation, Officine Panerai, Cartier International SNC, Stephen Bogoff, Fossil, Inc., Omega SA, and Citizen Watch Co.
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About the AuthorHarshad Borde
Joined: April 26th, 2019
Articles Posted: 526
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