Global Mechanical Watches Market Size, Share, and COVID-19 Impact Analysis, By Type (Stainless Steel Mechanical Watches, Leather Mechanical Watches, Metal Mechanical Watches, Titanium Mechanical Watches, Rubber Mechanical Watches, Plastic Mechanical Watches, and Others), By Application (Men and Women), and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa) Analysis and Forecast 2022-2030

Key Market Insights

The mechanical watches market was valued at USD 43.66 Billion in 2021. The market is projected to grow USD 51.31 Billion in 2030, at a CAGR of 6.2%. The mechanical watches are more complicated and incorporate all the expertise and knowledge of watchmaking in the 20th century. In addition, it is a notable piece of machinery with mechanical achievements, and thus, the buyer cares about the tiny details in terms of the history and heritage attached to it. Furthermore, there is a growing awareness regarding mechanical watches, which creates lucrative opportunities for the expansion of the mechanical watches market.

COVID-19 ANALYSIS

In the wake of the COVID-19 pandemic situation, the mechanical watches market has been affected tremendously. In addition, the demand for these watches & its sale is reduced significantly during the global health crisis. Furthermore, the increasing adoption of new technologies and refinements to existing sales strategies have led to a further decline in the market's actual sales of mechanical watches. 

However, key players in the market have a major opportunity to sustain themselves in a competitive environment by executing new developments and taking strategic initiatives for the targeted audience. Companies operating in the mechanical watches market have experienced a temporary shutdown of production sites, which led to a decline in revenues for the financial year 2020 to 2021.
Technological Advancements and Advent of Quartz Watches Aiding the Market Growth

The worldwide watch industry experienced an increase in demand as a result of technological improvements. The dominance of mechanical timepieces was overthrown with the introduction of quartz watches by Seiko. Mechanical timepieces are now only available as a premium item for collectors. These new timepieces needed less labor, are simpler to make and maintain, and could also be produced in reasonably large quantities.  As a result, there is now a greater demand for mechanical watches as well, particularly from Swiss manufacturers that place a high value on expert craftsmanship and premium components. 

Emergence of Numerous Players in Industry to Support Market Growth

The mechanical watches industry is dominated by the major players such as Rado, JLC, Cartier, and Richard Mille. Various emerging players in the mechanical watches market such as Rolex, Tag Heuer, IWC, Omega, and Patek Philippe are increasingly investing in the design and development of economic products that are equipped with enhanced smart features that create lucrative opportunities for the product globally. This, in turn, drives the mechanical watches market growth globally and helps capture a large consumer base.
Low-quality Mechanical Watch Copies Hampering Market Growth

Factors such as the growing number of unorganized product players that make low-quality copies of various high-end items, leading to frequent frauds in the market. In addition, issues in finding the original products have become a major restraining factor, and several watch manufacturers find it difficult to compete in the global market. Moreover, these watches require high energy consumption for creation and the excessive cost of some clocks are becoming some of the major factors limiting the mechanical watches market growth.

Segmentation Insight

Based on the type, the market is categorized into stainless steel mechanical watches, leather mechanical watches, metal mechanical watches, titanium mechanical watches, rubber mechanical watches, plastic mechanical watches, and others. Based on the application, the market is categorized into men and women. Based on the region, the market is categorized into North America, Europe, Asia-Pacific, South America, Middle East and Africa.

Regional Insights

The global mechanical watches market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa. 

North America region is dominating the market share and the U.S. has become one of the major contributors toward the growth of the market. Early adoption of new technologies and the presence of different U.S.-based companies facilitate the exploration of newer applications of the technologies in the region. The surge in technological advancements in the region and presence of major players operating in the market are contributing to the market growth.

However, Asia Pacific region is anticipated to grow over the next few years owing to the growing number of manufacturing units in countries like China and India, which is expected to have a progressive impact on the demand for mechanical watches in the region.

List of Key Companies Profiled:

• Rolex
• Tag Heuer
• IWC
• Omega
• Patek Philippe
• Tudor
• Blancpain
• Panerai
• JLC
• Cartier
• Richard Mille
• Piaget
• Chopard
• Hublot
• Breitling
• Rado
• Others

Key Developments:

September 2021: Fossil, which is an American fashion designer and manufacturer, has launched its new Gen 6 smartwatch in India. In addition, the fashion watches and accessories provided by a company are mainly driven by fashion watches demand in the country.

June 2021: Seiko, which is one of the fully integrated watch manufacturers, has revealed an incredible selection of new designs on their 140th anniversary. 

Segmentation

By Type

• Stainless Steel Mechanical Watches
• Leather Mechanical Watches
• Metal Mechanical Watches
• Titanium Mechanical Watches
• Rubber Mechanical Watches
• Plastic Mechanical Watches
• Others

By Application

• Men
• Women

By Region

• North America- U.S., Mexico, Canada
• Europe- UK, France, Germany, Italy, Spain, Rest of Europe
• Asia-Pacific- China, Japan, India, South Korea, Rest of Asia Pacific
• South America- Brazil, Argentina, Colombia, Rest of South America 
• The Middle East and Africa- GCC, South Africa, Rest of Middle East & Africa