India is now set to be the next growing market for the watch and accessory industry, especially in the watch sector. The Watches market is going to generate a revenue of US$1.98 billion (around INR 164.13 billion) in 2024. The market is anticipated to grow at a rate of 5.25 percent per year (CAGR 2024-2028). In contrast, China is expected to lead the world market with revenue of US$19,020 million in 2024. The Luxury Watches market will generate a revenue of US$0.54bn in 2024. However, almost 54% of total watch sales will be attributed to Non-Luxury watches. The surge in demand for luxury watches is rising in India due to the customer’s changing preferences toward the product.
The sales of accessories across the globe are expected to reach US$578.30 billion by 2024 with the projected compound annual growth rate (CAGR) of around 3.66% (2024 to 2028). Watches & Jewellery is the largest segment in this market, with a projected market value of US$390.70 billion in 2024. China leads the world in revenue generation when compared internationally, with US$116 billion predicted in 2024. By 2024, online sales are expected to account for 25.6% of the Accessories market’s total revenue in terms of sales channels. The demand for fashion accessories is also increasing significantly in countries like the United States, the United Kingdom, and France, where customers are looking for distinctive and fashionable pieces to enhance their personal style.
List of Top 3 Watches & Accessories in India (BSE) based on Net Sales.
| Company Name | Net Sales (Rs. cr) |
| Ethos | 788.53 |
| Timex Group Ind | 383.45 |
| KDDL | 304.81 |
Source: BSE, India, last updated 28 February, 2024
This news is a creative derivative product from articles published in famous peer-reviewed journals and Govt reports:
Reference:
1. Manikandan, K. S. (2021). Titan Company Limited: growth strategy. Emerald Emerging Markets Case Studies, 11(3), 1-38.
2. Chattopadhyay, U., & Bhawsar, P. (2017). Effects of changing business environment on organization performance: The case of HMT Watches Ltd. South Asian Journal of Business and Management Cases, 6(1), 36-46.
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