The global wrist watch packaging market size was worth around USD 2.31 billion in 2022 and is predicted to grow to around USD 23.56 billion by 2030 with a compound annual growth rate (CAGR) of roughly 5.55% between 2023 and 2030.
The study examines the growth opportunities, demand, and supply in the global wrist watch packaging market throughout the forecast period. The paper also investigates new possibilities in the wrist watch packaging market.
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Wrist Watch Packaging Market: Overview
The companies, organisations, and individuals that create and sell the containers used to store wristwatches are collectively known as the “wrist watch packaging industry.” Boxes, cases, pouches, and bags are only some examples of the variety of products used as packaging. The primary objective of packaging components for wrist watches is to protect the watches themselves while they are being stored or transported. It’s also a trademark for watch companies. Therefore, these materials are created to survive severe weather conditions, while also improving the product’s visual appeal. Industry participants accomplish this by supplying the key bespoke hues, fabrics, textures, and designs that boost consumer interest. Furthermore, the package must be functional and provide adequate protection for the watch. The global wrist watch packaging market is anticipated to expand at a steady rate throughout the forecast period.
Key Takeaways:
• Our research analyst has revealed that the worldwide wrist watch packaging market is predicted to expand at a CAGR of roughly 5.55 percent between 2023 and 2030.
• The global wrist watch packaging market was worth around $2.31 billion in 2022 and is expected to be over $ 23.56 billion by 2030, according to a new report.
• As the demand for high-end and middle-range wrist watches continues to rise, the wrist watch packaging industry is expected to expand at a rapid clip.
Rising interest in high-end and mid-range timepieces
Rising demand for affordable and high-end wrist watches around the world is expected to fuel industry expansion. For a long time, people have relied on these things as necessities for getting through the day. Watches have a large and loyal customer base that is willing to pay more for mid-range and luxury watches because they are an integral part of the wearer’s lifestyle, despite the introduction of technology and the release of smart devices that perform their core function of providing accurate time. The luxury watch industry, in particular, has seen increased sales as of late. For instance, in 2020, LVMH Mot Hennessy – Louis Vuitton SE’s Watches and Jewellery segment, which includes the watch brand TAG Heuer, generated more than €4.4 billion in revenue. The need for attractive and useful wrist watch packaging is likely to be influenced by these variables.
There is a growing fear that the sale of counterfeit products would stunt market growth.
As more and more counterfeit products enter the commercial market, the worldwide wrist watch packaging industry is likely to face growth barriers. It might be tricky to tell the difference between the two types of wrist watches with the naked eye because some of these products are very identical to the original items. The expansion of the luxury watch sector may be hindered by the recent uptick in the number of people trying to sell fake timepieces to satisfy consumer demand. A recent government report, for instance, noted that 9.7 percent of counterfeit goods used phoney timepieces. The Intellectual Property Office of the European Union (EUIPO) and the Organisation for Economic Cooperation and Development (OECD) released the report.
The expanding online retail market promises new prospects for expansion.
As the e-commerce market continues to expand at a rapid clip, the worldwide wrist watch packaging business stands to benefit from an influx of new customers and a booming commercial sector. The market’s future looks bright as the number of people who are aware of a product’s existence increases and as more people turn to internet channels to buy everything from necessities to luxuries.
The growth of the market will be threatened by rising production costs.
The rising cost of production is a major issue for the wrist watch packaging sector as a whole due to the current volatility of the international market, which is influenced by a number of social and political reasons including the conflict between Russia and Ukraine. Measures to cut down on waste and advance sustainability have also been implemented as a result of governments’ more stringent regulations about the environmental impact of corporate operations. The price of the item rises even higher because of this.
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The Global Wrist Watch Packaging Market is segmented based on product, application and region.
Global Wrist Watch Packaging Market: Product Segment Analysis
● Cases
● Boxes
Global Wrist Watch Packaging Market: Application Segment Analysis
● Gaming
● Online Shopping
● Content Creation
● Social Media
● Others
Recent Changes:
• Bangalore Watch Company, a major player in India’s watch market, introduced a new line of wristwatches dubbed Apogee that year (August 2021). As Apogee refers to the furthest point in a satellite’s orbit, the collection takes its cues from the Indian Space Research Organisation (ISRO), the country’s space branch.
• A new limited edition collection of TAG Heuer Carrera Chronograph Year of the Rabbit watches was unveiled in January 2023 by the premium watchmaker Tag Heuer. Limited to only 500 pieces, this special edition features golden, red, and black chronographs.
The global wrist watch packaging market is led by players like:
● Swatch Group
● LVMH
● Richemont
● Timex Group
● Seiko Watch Corporation
● Citizen Watch Co Ltd
● Fossil Group
● Movado Group Inc
● Casio Computer Co Ltd
● Rolex SA
● Patek Philippe SA
● Omega SA
● Breitling SA
● TAG Heuer SA
● Cartier International SNC
● Hermès International S.A.
● Chanel S.A.
● Bulgari S.p.A.
Rapid expansion is expected in North America.
The increasing number of players selling wrist watches, including those operating in the smartwatch category like Apple Watch, is expected to drive the North American region to become the fastest-growing region in the worldwide wrist watch packaging market over the next several years. More than $43.7 billion was made in 2021 by the company’s Wearables, Home, and Accessories division, which includes the smartwatch division. A key factor in the expansion of the region is the growing number of people who regularly spend money on high-end timepieces. According to Forbes’ “The World’s Billionaires” list for 2022, there are more than 724 billionaires in the United States.
Due in large part to the presence of internationally acclaimed wrist watch manufacturers, Europe is also a major contributor to the worldwide market. The watch sector is one in which Germany and France have a strong global foothold thanks to their reputation as technologically advanced economies.
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