Market definition: Wrist watches have a strap or other kind of bracelet that holds them in place and are made to be worn around the wrist. There are various types of wristwatches on the market, including smart, analog, digital, and analog and digital combined. In addition, there is a wide selection of wrist watches on the market that are categorized according to various origins and brands, including Swiss Origin, Japanese Origin, and others. Wrist watches come in all price ranges, from the pricey to the cheap.

Insights into the Market During the Forecast Period (from 2023 to 28), the GCC Wrist Watch Market is anticipated to expand at a CAGR of approximately 5.14 percent. The majority of the market expansion would be driven by the ever-increasing demand for fitness bands and smartwatches, particularly among young people, as consumers become more health-conscious, particularly since the Covid-19 pandemic began. In the Gulf countries, smartwatches are in high demand and undergoing remarkable innovations and updates. A crucial factor that is anticipated to boost the market through 2028 is the growing interest of millennials in aesthetically pleasing and technologically advanced smartwatches with multiple features. Additionally, wrist watch manufacturers such as Rolex, TAG Heuer, and others, have been consistently providing a variety of wristwatches to a wide range of customers with high purchasing power, which has helped the wristwatch market in the GCC. In addition, the novel layout and inclusion of technological marvels, mechanical marvels, etc., by wrist watch organizations have been charming the clients of GCC. Not only has this increased demand for luxury watches, but it has also significantly increased demand for smartwatches in the region.

Key driver: Market Dynamics

The GCC region has always been known for its affluent lifestyle, and the majority of its customers prefer to wear opulent accessories like royal wrist watches, for example. This trend is growing. In countries like the United Arab Emirates, Saudi Arabia, Oman, and others, the wrist watch market has been steadily expanding. The female customers have been looking for a high-end timepiece, which has increased luxury watch sales and, as a result, increased demand for wrist watches in the region over time. In addition, female wrist watches made of gold, diamond, etc., are expected to rise in the coming years due to the growing desire of female customers to add these high-end accessories to their wardrobes.

Type-Based Market Segmentation:

Luxury (below USD1,500), mid-luxury (USD301-USD1,500), economy (USD101-USD300), and low (up to USD100) watches made up the majority of the GCC Wrist Watch Market over the past few years. The presence of a significant number of expatriates in nations such as the United Arab Emirates, Saudi Arabia, Kuwait, and so forth is largely to blame for the region's demand for economy-style watches. Also, according to the buy capacity of the migrants in the locale, the economy kind of watches is seeing outstanding deals. The expatriate population in the region is the result of the rising demand for white-collar and blue-collar workers. As a result, the increasing number of expatriates in the United Arab Emirates, Saudi Arabia, Bahrain, etc., are assessed to keep up with the interest consistency for the economy sort of wrist watches in the impending years.

Depending on the Type:

Analog Digital Analog and Digital Smart With the inclusion of display technology, integrated calling and mobile payment features, fitness features, and other technological advancements in wrist watches, would probably see an increase in the number of people who wear smart watches in the coming years. Sales of smart wrist watches were also sparked by the COVID-19 pandemic in 2020 because customers were worried about being able to monitor their blood oxygen levels at the right time with smart wrist watches. numerous other businesses, including Apple, One Plus, Garmin, and others. have also introduced their smartphone connectivity and smartwatches. Additionally, this has resulted in a significant preference for the smartwatch category among consumers who are tech-savvy.

Country Scenery:

In previous years, Saudi Arabia, the United Arab Emirates, Qatar, Kuwait, Bahrain, and Oman dominated the wrist watch market, and this pattern is likely to continue through 2023 to 2028. According to the Federation of the Swiss Watch Industry, the UAE imported Swiss watches worth $938 million in 2019. Dubai, in the United Arab Emirates, is the most established market for wristwatches because of the prominence of collectors of the best brands and the rising consumer interest in classy and monochromatic timepieces. The UAE Wrist Watch market is the largest in the GCC because of the significant presence of international players, the introduction of cutting-edge digital and smartwatches, the ever-increasing demand for luxury watches, and the increasing influx of tourists and migrants.

The Market Research Report Provides Answers to These Key Questions:

What are the GCC Wrist Watch Market's overall statistics or estimates (Overview, Size-by-Value, Forecast Numbers, Segmentation, and Shares)?
What are the industry's size, growth factors, and obstacles by country?
In the GCC Wrist Watch Market, what are the most important innovations, opportunities, trends now and in the future, and regulations?
Based on the competitive benchmarking matrix, who are the key competitors, what are their key strengths and weaknesses, and how do they perform in the GCC Wrist Watch Market?
What are the key outcomes got from reviews led during the GCC Wrist Watch Market study?