Updated Nov 20, 2022 15:06

Watch Market in India

Market Overview
The Indian watch market skyrocketed to $ in , picking up by % against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption enjoyed temperate growth. Over the period under review, the market hit record highs at $ in 2015; however, from 2016 to , consumption remained at a lower figure.

In value terms, watch production shrank to $ in estimated in export price. Overall, production saw a resilient increase. The growth pace was the most rapid in 2013 when the production volume increased by % against the previous year. Watch production peaked at $ in , and then shrank in the following year.


Consumption
In , consumption of watches in India was estimated at units, increasing by % on the year before. Over the period under review, consumption posted a strong expansion. Watch consumption peaked in and is likely to continue growth in years to come.

The size of the watch market in India expanded to $ in , picking up by % against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption enjoyed perceptible growth. Watch consumption peaked at $ in 2015; however, from 2016 to , consumption failed to regain momentum.


Market Forecast
Driven by increasing demand for watch in India, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +% for the period from to , which is projected to bring the market volume to units by the end of .

In value terms, the market is forecast to increase with an anticipated CAGR of +% for the period from to , which is projected to bring the market value to $ (in nominal prices) by the end of .


Market Structure
In , the share of imports in total consumption accounted for % in value terms and % in physical terms. The share of imports decreased moderately (- percentage point) over the period under review.


Trade Balance
India remains a net importer of watch; in physical and value terms, imports consistently exceeded exports from 2007 to . In , there was a significant trade deficit of units, which was equal to $. This tangible trade deficit reflects the fact that the market remains dependent on imports, which is likely to continue in the medium term.