|Market Size in 2022||Market Forecast in 2030||CAGR (in %)||Base Year|
|USD 2.31 Billion||USD 23.56 Billion||5.55%||2022|
Wrist Watch Packaging Market
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 report analyzes the global wrist watch packaging market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the wrist watch packaging industry.
The wrist watch packaging industry refers to the players that are responsible for designing, producing, and distributing packaging materials that are required to store wrist watches. The packaging materials include a wide range of products such as boxes, cases, pouches, and bags. The main function of wrist watch packaging elements is to ensure product safety while storing or transporting. It also acts as a branding element for wrist watch makers. Hence, these materials are designed to not only withstand harsh external environments but to also add pleasing aesthetics to the product being sold. The industry players are able to achieve this by providing custom colors, materials, textures, and graphics that are essential to alleviate customer appeal. Additionally, packaging also has to ensure that it remains functional and offers sufficient protection to the watch. During the forecast period, the global wrist watch packaging market is expected to witness a steady growth rate.
Increasing demand for mid-range and luxury watches
The global wrist watch packaging market is projected to grow owing to the increasing demand for mid-range and luxury watches across the globe. These items have been considered as essential everyday items for many years. With the advent of technology and the launch of smart devices that perform the core function of watches, which is providing accurate time, they continue to enjoy a large and dedicated consumer base that is willing to spend more money on mid-range and luxury watches since they are part of the overall lifestyle of the people wearing them. Moreover, luxury watch makers have in reality marked higher revenue in recent times. For instance, TAG Heuer, a famous luxury watch brand that is owned by Swiss luxury conglomerate LVMH Moët Hennessy - Louis Vuitton SE, generated more than €4.4 billion in 2020 from its Watches and Jewelry division which includes the watch brand. Such factors are expected to play a crucial role in the demand for aesthetically pleasing and effectively functional wrist watch packaging materials.
Growing concerns over sale of counterfeit products to restrict market expansion
The global wrist watch packaging market is expected to come across growth limitations owing to the rising sale and availability of counterfeit products in the commercial market. Some of these products are almost similar to the original items and hence it becomes difficult for the naked eye to differentiate between the two types of wrist watches. With the rising demand for luxury watches, the number of counterfeit product sellers has also increased in recent times and it is likely to impact the industry's growth. For instance, a recent official report pointed out that almost 9.7% of confiscated goods due to counterfeiting were associated with fake watches. The report was published by the Organization for Economic Cooperation and Development (OECD) and the European Union Intellectual Property Office (EUIPO).
Rising e-commerce segment to provide growth opportunities
The global wrist watch packaging industry players can expect higher growth opportunities owing to the increasing rate of penetration observed in the e-commerce sector which has led to tremendous growth in the commercial market over the years. With a rising product awareness rate along with easy accessibility to items, and a growing majority of consumers preferring online sales channels for purchase ranging from everyday items to luxury goods, the growth prospects for the market look promising.
Rising cost of production to challenge market growth
One of the key challenges faced by the wrist watch packaging industry players is in terms of the rising cost of production due to the currently volatile international market influenced by several social and political factors such as the Russia-Ukraine war. In addition to this, governments have introduced stricter laws surrounding the environmental impact of business operations leading to measures being introduced to reduce waste and promote sustainability. This further adds to the overall cost of the item.
The global wrist watch packaging market is segmented based on shape type, material type, product type, and region.
Based on shape type, the global market segments are triangle, round, rectangle, oval, square, and others. The industry witnessed the highest growth in rectangle-shaped wrist watch packaging solutions followed by round shaped products. One of the major reasons for higher growth in the segment is the perceived value of the shape since rectangular wrist watch packaging has been one of the longest-used forms. It provides a classic and timeless appeal to the entire branding. Furthermore, the functional advantage of using rectangular casing is the ease of stacking and storing the items which makes it a practical choice amongst manufacturers and retailers. Square-shaped packaging is also popular for its sleek and modern look. Titan, a popular watch brand, aims to increase its revenue by 25% by the end of 2023.
Based on material type, the global market divisions are wood, cardboard & paperboard, fabric, plastic, and metal.
Based on product type, the global market divisions are cases and boxes. During the forecast period, the wrist watch packaging industry is expected to be led by boxes due to the higher use of presentation boxes that are used extensively for higher-end watches and their design allows the product stored within to be showcased as a more classy and elegant item. Furthermore, presentation boxes improve the overall aesthetic appeal of the watch. Cases have more functional use and their main purpose is to provide protection to the watches while being stored or transported. The most costly wrist watch ever sold is the Patek Philippe Grandmaster Chime Ref. 6300A-010, which was sold for 31 million Swiss Francs.
|Report Attributes||Report Details|
|Report Name||Wrist Watch Packaging Market Research Report|
|Market Size in 2022||USD 2.31 Billion|
|Market Forecast in 2030||USD 23.56 Billion|
|Growth Rate||CAGR of 5.55%|
|Number of Pages||215|
|Key Companies Covered||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., Audemars Piguet Holding SA, Girard-Perregaux SA, Piaget SA, Ulysse Nardin SA, Hublot SA, Jaeger-LeCoultre SA, and Vacheron Constantin SA.|
|Segments Covered||By Shape Type, By Material Type, By Product Type, and By Region|
|Regions Covered||North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA)|
|Historical Year||2017 to 2021|
|Forecast Year||2023 - 2030|
|Customization Scope||Avail customized purchase options to meet your exact research needs. Request For Customization|
North America to witness high growth rate
The global wrist watch packaging market is projected to witness the highest growth in North America mainly due to the increasing number of players selling wrist watches which also include the players that operate in the smartwatch segment such as Apple Watch. In 2021, the company’s Wearables, Home, and Accessories segment which includes the smartwatch segment generated more than USD 43.7 billion in sales. The rising number of people that consistently spend on luxury watches is a crucial aspect of regional growth. As per the Forbes 2022 list titled ‘The World’s Billionaires,’ there are more than 724 billionaires in the US alone.
Europe is another significant contributor to the global market mainly due to the presence of world-renowned wrist watch makers. Germany and France are known to be technology-driven economies in every industry including watches which helps it maintain great control in the global industry.
The global wrist watch packaging market is led by players like:
By Shape Type
By Material Type
By Product Type
The wrist watch packaging is responsible for designing, producing, and distributing packaging materials that are required to store wrist watches.
The global wrist watch packaging market is projected to grow owing to the increasing demand for mid-range and luxury watches across the globe.
According to study, the global wrist watch packaging market size was worth around USD 2.31billion in 2022 and is predicted to grow to around USD 23.56billion by 2030.
The CAGR value of wrist watch packaging market is expected to be around 5.55% during 2023-2030.
The global wrist watch packaging market is projected to witness the highest growth in North America mainly due to the increasing number of players selling wrist watches which also include the players that operate in the smartwatch segment such as Apple Watch.
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., Audemars Piguet Holding SA, Girard-Perregaux SA, Piaget SA, Ulysse Nardin SA, Hublot SA, Jaeger-LeCoultre SA, and Vacheron Constantin SA.