Recent technological innovations like the development of smartwatches by companies like Apple and Samsung with functionalities like fitness trackers, heart rate monitors, and smartphone connectivity have been the major watch industry trends in 2021. There has also been a growing demand for luxury watches from Swiss manufacturers, although the watches are not as precise as quartz watches, the craftsmanship involved and the materials used are major pull factors for collectors and enthusiasts. Mechanical watches are now largely made by luxury watch manufacturers and bought by collectors and watch enthusiasts. Quartz watches offered excellent precision, which were less labor-intensive, and had lower manufacturing costs compared to traditional mechanical watches. The development of quartz watches by Seiko was a monumental moment in the industry and ended the domination of mechanical watches. The technological innovations in the wrist watch industry have played a pivotal role in the development and launch of new products. The growing demand for fashion accessories among the younger generation, combined with the rising levels of disposable income in developed and developing nations have been the major contributors to the growth of the global watch market. Wrist watches have become one of the most common fashion accessories worn by men, women, and children alike. ![]() The global wrist watch market is projected to grow from USD 62.8 billion in 2021 to USD 78.2 billion by 2026 at a CAGR value of 4.8% between 2021 to 2026.
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