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Report
Hong Kong Traditional And Smart Watch Market Forecast 2024-2032
Market Report I 2024-08-02 I 137 Pages I Inkwood Research
KEY FINDINGS
The Hong Kong traditional and smart watch market was valued at $3893.83 million in 2023 and is expected to reach $6992.77 million by 2032, growing at a CAGR of 5.99% during the forecast period 2024-2032.
In terms of volume, the Hong Kong traditional and smart watch market was valued at 3.51 million units in 2023 and is expected to reach 4.87 million units by 2032, growing at a CAGR of 2.97% during the forecast period.
MARKET INSIGHTS
The traditional and smart watch market in Hong Kong has experienced significant growth in recent years, driven by changing consumer preferences and technological advancements. This market caters to a diverse range of consumers, from watch enthusiasts seeking high-end timepieces to tech-savvy individuals embracing the convenience of smart watches.
In the traditional watch segment, Hong Kong consumers have shown a strong preference for luxury and premium brands. Swiss watchmakers like Rolex, Omega, and Cartier have established a robust presence in the region, catering to the demand for exquisite craftsmanship and prestige. Additionally, Japanese brands such as Seiko and Citizen have gained popularity for their blend of quality and affordability. Local Hong Kong watchmakers like Memorigin and Zin have also emerged, offering unique designs and a distinct sense of cultural identity.
The growing health and fitness consciousness among consumers has become a significant driver for the Hong Kong traditional and smart watch market. As individuals increasingly prioritize their well-being, the demand for devices that track and monitor health-related metrics has surged. Smart watches, in particular, have become invaluable tools for those seeking to adopt a more active lifestyle. Equipped with advanced sensors and algorithms, these devices accurately track various fitness-related parameters, such as steps taken, calories burned, heart rate, and sleep patterns. This data provides users with valuable insights into their daily activities, enabling them to make informed decisions about their exercise routines and overall lifestyle.
However, compatibility issues with different devices and platforms pose a significant challenge. In present interconnected world, seamless integration between various devices and operating systems is crucial for a smooth user experience. Smart watches often rely on companion smartphone applications for enhanced functionality, such as receiving notifications, controlling music playback, or accessing additional features. Compatibility challenges can arise when users switch between different smartphone brands or operating systems, potentially limiting the smart watch's capabilities or requiring additional setup and configuration steps.
Furthermore, the adoption of sustainable and eco-friendly materials has increased in the Hong Kong traditional and smart watch market. As consumers become more aware of environmental issues, there is a growing demand for products made with environmentally responsible practices. Watch manufacturers are exploring the use of recycled and renewable materials for components such as watch cases and straps. Some companies are incorporating recycled plastics, plant-based materials, and innovative substances derived from agricultural waste into their designs. For instance, certain brands have introduced watch cases made from recycled ocean plastics. Hence, this shift toward sustainability reflects broader consumer trends and highlights the industry's response to environmental concerns.
SEGMENTATION ANALYSIS
The report on the Hong Kong traditional and smart watch market includes the segmentation analysis based on product type and distribution channel.
Market by Product Type:
- Traditional Watch
o Product Type
- Mechanical Watch
- Quartz Analogue Watch
- Quartz Digital Watch
o Price Range
- Low-Range
- Mid-Range
- Luxury
- Smart Watch
o Smart Wearable
o Analogue Activity Watch
o Digital Activity Watch
Market by Distribution Channel:
- Offline Distribution Channel
o Hypermarket
o Jewellery and Watch Specialist
o Appliance and Electronic Specialist
o Other Offline Distribution Channels
- Online Distribution Channel
Inkwood Research's report on the Hong Kong traditional and smart watch market provides in-depth insights as well as the market's segmentation analysis. The detailed evaluation of the market includes Competitive Landscape, Key Buying Criteria, Market Maturity Analysis, and Value Chain Analysis.
COMPETITIVE ANALYSIS
Some of the prominent players in the Hong Kong Traditional and Smart Watch Market are Samsung, Casio, Rolex SA, Swatch Group Ltd, etc.
TABLE OF CONTENTS
1. RESEARCH SCOPE & METHODOLOGY
1.1. STUDY OBJECTIVES
1.2. METHODOLOGY
1.3. ASSUMPTIONS & LIMITATIONS
2. EXECUTIVE SUMMARY
2.1. MARKET SIZE & FORECAST
2.2. COUNTRY SNAPSHOT
2.3. COUNTRY ANALYSIS
2.4. SCOPE OF STUDY
2.5. MAJOR MARKET FINDINGS
2.5.1. GROWTH OF SUBSCRIPTION-BASED MODELS FOR SMART WATCH SERVICES AND APPS
2.5.2. HYBRID WATCHES, MIXING TRADITIONAL AND SMART FUNCTIONS, ARE BECOMING MORE POPULAR
3. MARKET DYNAMICS
3.1. KEY DRIVERS
3.1.1. GROWING HEALTH AND FITNESS CONSCIOUSNESS
3.1.2. EXPANSION OF CUSTOMIZATION AND PERSONALIZATION OPTIONS
3.1.3. TECHNOLOGICAL ADVANCEMENTS IN SMART WATCHES
3.2. KEY RESTRAINTS
3.2.1. COMPATIBILITY ISSUES WITH DIFFERENT DEVICES AND PLATFORMS
3.2.2. PRIVACY AND SECURITY CONCERNS OVER DATA COLLECTION
3.2.3. LIMITED BATTERY LIFE OF SMART WATCHES
4. KEY ANALYTICS
4.1. KEY MARKET TRENDS
4.1.1. DEVELOPMENT OF SUSTAINABLE AND ECO-FRIENDLY WATCH MATERIALS
4.1.2. INCORPORATION OF VOICE ASSISTANTS AND AI
4.1.3. ADOPTION OF CONTACTLESS PAYMENT SYSTEMS
4.2. PORTER'S FIVE FORCES ANALYSIS
4.2.1. BUYERS POWER
4.2.2. SUPPLIERS POWER
4.2.3. SUBSTITUTION
4.2.4. NEW ENTRANTS
4.2.5. INDUSTRY RIVALRY
4.3. PESTLE ANALYSIS
4.4. GROWTH PROSPECT MAPPING
4.5. MARKET MATURITY ANALYSIS
4.6. MARKET CONCENTRATION ANALYSIS
4.7. VALUE CHAIN ANALYSIS
4.7.1. PRODUCT DESIGN AND DEVELOPMENT
4.7.2. MANUFACTURING AND SUPPLY CHAIN MANAGEMENT
4.7.3. MARKETING AND DISTRIBUTION
4.7.4. AFTER-SALES SERVICES AND CUSTOMER SUPPORT
4.8. KEY BUYING CRITERIA
4.8.1. DESIGN AND AESTHETICS
4.8.2. FUNCTIONALITY AND FEATURES
4.8.3. BRAND REPUTATION AND HERITAGE
4.8.4. PRICE AND VALUE FOR MONEY
5. MARKET BY PRODUCT TYPE (IN TERMS OF REVENUE: $ MILLION & IN TERMS OF VOLUME: MILLION UNITS)
5.1. TRADITIONAL WATCH
5.1.1. PRODUCT TYPE
5.1.1.1. MECHANICAL WATCH
5.1.1.2. QUARTZ ANALOGUE WATCH
5.1.1.3. QUARTZ DIGITAL WATCH
5.1.2. PRICE RANGE
5.1.2.1. LOW-RANGE
5.1.2.2. MID-RANGE
5.1.2.3. LUXURY
5.2. SMART WATCH
5.2.1. SMART WEARABLE
5.2.2. ANALOGUE ACTIVITY WATCH
5.2.3. DIGITAL ACTIVITY WATCH
6. MARKET BY DISTRIBUTION CHANNEL (IN TERMS OF REVENUE: $ MILLION & IN TERMS OF VOLUME: MILLION UNITS)
6.1. OFFLINE DISTRIBUTION CHANNEL
6.1.1. HYPERMARKET
6.1.2. JEWELLERY AND WATCH SPECIALIST
6.1.3. APPLIANCE AND ELECTRONIC SPECIALIST
6.1.4. OTHER OFFLINE DISTRIBUTION CHANNELS
6.2. ONLINE DISTRIBUTION CHANNELS
7. COMPETITIVE LANDSCAPE
7.1. KEY STRATEGIC DEVELOPMENTS
7.1.1. MERGERS & ACQUISITIONS
7.1.2. PRODUCT LAUNCHES & DEVELOPMENTS
7.1.3. PARTNERSHIPS & AGREEMENTS
7.1.4. BUSINESS EXPANSIONS & DIVESTITURES
7.2. MARKET SHARE ANALYSIS
7.2.1. BY TRADITIONAL WATCH
7.2.2. BY SMART WATCH
7.3. BRAND SHARE ANALYSIS
7.3.1. BY TRADITIONAL WATCH
7.3.2. BY SMART WATCH
7.4. COMPANY PROFILES
7.4.1. CASIO
7.4.1.1. COMPANY OVERVIEW
7.4.1.2. PRODUCT PORTFOLIO
7.4.1.3. STRENGTHS & CHALLENGES
7.4.2. APPLE INC
7.4.2.1. COMPANY OVERVIEW
7.4.2.2. PRODUCT PORTFOLIO
7.4.2.3. STRENGTHS & CHALLENGES
7.4.3. SAMSUNG
7.4.3.1. COMPANY OVERVIEW
7.4.3.2. PRODUCT PORTFOLIO
7.4.3.3. STRENGTHS & CHALLENGES
7.4.4. GARMIN
7.4.4.1. COMPANY OVERVIEW
7.4.4.2. PRODUCT PORTFOLIO
7.4.4.3. STRENGTHS & CHALLENGES
7.4.5. GOOGLE LLC
7.4.5.1. COMPANY OVERVIEW
7.4.5.2. PRODUCT PORTFOLIO
7.4.5.3. STRENGTHS & CHALLENGES
7.4.6. ROLEX SA
7.4.6.1. COMPANY OVERVIEW
7.4.6.2. PRODUCT PORTFOLIO
7.4.6.3. STRENGTHS & CHALLENGES
7.4.7. SWATCH GROUP LTD
7.4.7.1. COMPANY OVERVIEW
7.4.7.2. PRODUCT PORTFOLIO
7.4.7.3. STRENGTHS & CHALLENGES
7.4.8. HUAWEI
7.4.8.1. COMPANY OVERVIEW
7.4.8.2. PRODUCT PORTFOLIO
7.4.8.3. STRENGTHS & CHALLENGES
LIST OF TABLES
TABLE 1: COUNTRY SNAPSHOT - HONG KONG
TABLE 2: HONG KONG TRADITIONAL AND SMART WATCH MARKET, HISTORICAL YEARS, 2018-2022 (IN $ MILLION & UNITS)
TABLE 3: HONG KONG TRADITIONAL AND SMART WATCH MARKET, FORECAST YEARS, 2024-2032 (IN $ MILLION & UNITS)
TABLE 4: HONG KONG TRADITIONAL AND SMART WATCH MARKET, BY PRODUCT TYPE, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)
TABLE 5: HONG KONG TRADITIONAL AND SMART WATCH MARKET, BY PRODUCT TYPE, FORECAST YEARS, 2024-2032 (IN $ MILLION)
TABLE 6: HONG KONG TRADITIONAL AND SMART WATCH MARKET, BY PRODUCT TYPE, HISTORICAL YEARS, 2018-2022 (IN MILLION UNITS)
TABLE 7: HONG KONG TRADITIONAL AND SMART WATCH MARKET, BY PRODUCT TYPE, FORECAST YEARS, 2024-2032 (IN MILLION UNITS)
TABLE 8: HONG KONG TRADITIONAL AND SMART WATCH MARKET, BY TRADITIONAL WATCH - PRODUCT TYPE, HISTORICAL YEARS, 2018-2022 (IN $ MILLION).
TABLE 9: HONG KONG TRADITIONAL AND SMART WATCH MARKET, BY TRADITIONAL WATCH - PRODUCT TYPE, FORECAST YEARS, 2024-2032 (IN $ MILLION)
TABLE 10: HONG KONG TRADITIONAL AND SMART WATCH MARKET, BY TRADITIONAL WATCH - PRODUCT TYPE, HISTORICAL YEARS, 2018-2022 (IN MILLION UNITS)
TABLE 11: HONG KONG TRADITIONAL AND SMART WATCH MARKET, BY TRADITIONAL WATCH - PRODUCT TYPE, FORECAST YEARS, 2024-2032 (IN MILLION UNITS)
TABLE 12: HONG KONG TRADITIONAL AND SMART WATCH MARKET, BY TRADITIONAL WATCH - PRICE RANGE, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)
TABLE 13: HONG KONG TRADITIONAL AND SMART WATCH MARKET, BY TRADITIONAL WATCH - PRICE RANGE, FORECAST YEARS, 2024-2032 (IN $ MILLION)
TABLE 14: HONG KONG TRADITIONAL AND SMART WATCH MARKET, BY TRADITIONAL WATCH - PRICE RANGE, HISTORICAL YEARS, 2018-2022 (IN MILLION UNITS)
TABLE 15: HONG KONG TRADITIONAL AND SMART WATCH MARKET, BY TRADITIONAL WATCH - PRICE RANGE, FORECAST YEARS 2024-2032 (IN MILLION UNITS)
TABLE 16: HONG KONG TRADITIONAL AND SMART WATCH MARKET, BY SMART WATCH, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)
TABLE 17: HONG KONG TRADITIONAL AND SMART WATCH MARKET, BY SMART WATCH, FORECAST YEARS, 2024-2032 (IN $ MILLION)
TABLE 18: HONG KONG TRADITIONAL AND SMART WATCH MARKET, BY SMART WATCH, HISTORICAL YEARS, 2018-2022 (IN MILLION UNITS)
TABLE 19: HONG KONG TRADITIONAL AND SMART WATCH MARKET, BY SMART WATCH, FORECAST YEARS, 2024-2032 (IN MILLION UNITS)
TABLE 20: HONG KONG TRADITIONAL AND SMART WATCH MARKET, BY DISTRIBUTION CHANNEL, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)
TABLE 21: HONG KONG TRADITIONAL AND SMART WATCH MARKET, BY DISTRIBUTION CHANNEL, FORECAST YEARS, 2024-2032 (IN $ MILLION)
TABLE 22: HONG KONG TRADITIONAL AND SMART WATCH MARKET, BY DISTRIBUTION CHANNEL, HISTORICAL YEARS, 2018-2022 (IN MILLION UNITS)
TABLE 23: HONG KONG TRADITIONAL AND SMART WATCH MARKET, BY DISTRIBUTION CHANNEL, FORECAST YEARS 2024-2032 (IN MILLION UNITS)
TABLE 24: LIST OF MERGERS & ACQUISITIONS
TABLE 25: LIST OF PRODUCT LAUNCHES & DEVELOPMENTS
TABLE 26: LIST OF PARTNERSHIPS & AGREEMENTS
TABLE 27: LIST OF BUSINESS EXPANSIONS & DIVESTITURES
TABLE 28: HONG KONG TRADITIONAL WATCH MARKET SHARE ANALYSIS, 2022 & 2023 (IN %)
TABLE 29: HONG KONG SMART WATCH MARKET SHARE ANALYSIS, 2022 & 2023 (IN %)
TABLE 30: HONG KONG TRADITIONAL WATCH MARKET, BRAND SHARE ANALYSIS, 2022 & 2023 (IN %)
TABLE 31: HONG KONG SMART WATCH MARKET, BRAND SHARE ANALYSIS, 2022 & 2023 (IN %)
LIST OF FIGURES
FIGURE 1: KEY MARKET TRENDS
FIGURE 2: PORTER'S FIVE FORCES ANALYSIS
FIGURE 3: GROWTH PROSPECT MAPPING FOR HONG KONG
FIGURE 4: MARKET MATURITY ANALYSIS
FIGURE 5: MARKET CONCENTRATION ANALYSIS
FIGURE 6: VALUE CHAIN ANALYSIS
FIGURE 7: KEY BUYING CRITERIA
FIGURE 8: HONG KONG TRADITIONAL AND SMART WATCH MARKET, GROWTH POTENTIAL, BY PRODUCT TYPE, IN 2023
FIGURE 9: HONG KONG TRADITIONAL AND SMART WATCH MARKET, BY TRADITIONAL WATCH, 2024-2032 (IN $ MILLION)
FIGURE 10: HONG KONG TRADITIONAL AND SMART WATCH MARKET, GROWTH POTENTIAL, BY TRADITIONAL WATCH - PRODUCT TYPE, IN 2023
FIGURE 11: HONG KONG TRADITIONAL AND SMART WATCH MARKET, BY MECHANICAL WATCH, 2024-2032 (IN $ MILLION)
FIGURE 12: HONG KONG TRADITIONAL AND SMART WATCH MARKET, BY QUARTZ ANALOGUE WATCH, 2024-2032 (IN $ MILLION)
FIGURE 13: HONG KONG TRADITIONAL AND SMART WATCH MARKET, BY QUARTZ DIGITAL WATCH, 2024-2032 (IN $ MILLION)
FIGURE 14: HONG KONG TRADITIONAL AND SMART WATCH MARKET, GROWTH POTENTIAL, BY TRADITIONAL WATCH - PRICE RANGE, IN 2023
FIGURE 15: HONG KONG TRADITIONAL AND SMART WATCH MARKET, BY LOW-RANGE, 2024-2032 (IN $ MILLION)
FIGURE 16: HONG KONG TRADITIONAL AND SMART WATCH MARKET, BY MID-RANGE, 2024-2032 (IN $ MILLION)
FIGURE 17: HONG KONG TRADITIONAL AND SMART WATCH MARKET, BY LUXURY, 2024-2032 (IN $ MILLION)
FIGURE 18: HONG KONG TRADITIONAL AND SMART WATCH MARKET, BY SMART WATCH, 2024-2032 (IN $ MILLION)
FIGURE 19: HONG KONG TRADITIONAL AND SMART WATCH MARKET, GROWTH POTENTIAL, BY SMART WATCH, IN 2023
FIGURE 20: HONG KONG TRADITIONAL AND SMART WATCH MARKET, BY SMART WEARABLE, 2024-2032 (IN $ MILLION)
FIGURE 21: HONG KONG TRADITIONAL AND SMART WATCH MARKET, BY ANALOGUE ACTIVITY WATCH, 2024-2032 (IN $ MILLION)
FIGURE 22: HONG KONG TRADITIONAL AND SMART WATCH MARKET, BY DIGITAL ACTIVITY WATCH, 2024-2032 (IN $ MILLION)
FIGURE 23: HONG KONG TRADITIONAL AND SMART WATCH MARKET, GROWTH POTENTIAL, BY DISTRIBUTION CHANNEL, IN 2023
FIGURE 24: HONG KONG TRADITIONAL AND SMART WATCH MARKET, BY OFFLINE DISTRIBUTION CHANNEL, 2024-2032 (IN $ MILLION)
FIGURE 25: HONG KONG TRADITIONAL AND SMART WATCH MARKET, GROWTH POTENTIAL, BY OFFLINE DISTRIBUTION CHANNEL, IN 2023
FIGURE 26: HONG KONG TRADITIONAL AND SMART WATCH MARKET, BY HYPERMARKET, 2024-2032 (IN $ MILLION)
FIGURE 27: HONG KONG TRADITIONAL AND SMART WATCH MARKET, BY JEWELLERY AND WATCH SPECIALIST, 2024-2032 (IN $ MILLION)
FIGURE 28: HONG KONG TRADITIONAL AND SMART WATCH MARKET, BY APPLIANCE AND ELECTRONIC SPECIALIST, 2024-2032 (IN $ MILLION)
FIGURE 29: HONG KONG TRADITIONAL AND SMART WATCH MARKET, BY OTHER OFFLINE DISTRIBUTION CHANNELS, 2024-2032 (IN $ MILLION)
FIGURE 30: HONG KONG TRADITIONAL AND SMART WATCH MARKET, BY ONLINE DISTRIBUTION CHANNEL, 2024-2032 (IN $ MILLION)
FIGURE 31: HONG KONG TRADITIONAL WATCH MARKET SHARE ANALYSIS, 2022 & 2023 (IN %)
FIGURE 32: HONG KONG SMART WATCH MARKET SHARE ANALYSIS, 2022 & 2023 (IN %)
FIGURE 33: HONG KONG TRADITIONAL WATCH MARKET, BRAND SHARE ANALYSIS, 2022 & 2023 (IN %)
FIGURE 34: HONG KONG SMART WATCH MARKET, BRAND SHARE ANALYSIS, 2022 & 2023 (IN %)
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