Swiss Watch Market Research Report forecast 2016-2020
Summary - A new market study, titled “Swiss Watch Market:
Industry Analysis & Outlook (2016-2020)” has been featured on Wise Guy
Reports.
A Swiss watch, is a watch
that is manufactured, encased and checked for quality in Switzerland. All Swiss
watches have a ‘Swiss made’ label on them, implying that whole or a major
portion of the watch is made in Switzerland. Swiss watches have become a
concept of grandeur as the utility of a watch as a time keeper reduced and its
symbolic and emotional aspects gained traction. Over the years, Swiss luxury
watches have emerged as the ultimate stamp for quality, precision and
craftsmanship.
Two features of Swiss watches that distinguish them from
regular watches are that they are Swiss made and have a Swiss movement. Swiss
watches are broadly of two types, Mechanical and Electronic or Quartz. A
mechanical Swiss watch has a movement that uses energy from a wound spring to
power the watch, instead of a battery. An electronic or quartz watch on the
other hand is operated by vibrations of an electrically driven quartz crystal
and are thus very accurate and require minimal maintenance aside from battery
replacements.
The Swiss watch market can be segmented into the market for
mechanical Swiss watches and the market for electronic Swiss watches. In
addition to this, significant amount of trade takes place of Swiss movements
meant to be assembled in overseas locations. It is thus, a crucial part of the
Swiss watch market which has witnessed persistent growth over the years,
benefitting primarily from a rise in luxury consumption attributable to the
economic boom in China.
Increase in the wealth of high net-worth individuals,
growing youth population, rising ageing population, increase in the number of
millionaires and increasing tourist arrivals across the globe have driven
growth in the Swiss watch market over the years. The market has however,
witnessed slowing growth in recent years due to certain challenges like a
strong Swiss Franc, weak foreign demand, weak domestic demand, shortage of
qualified labor and competition from smart watches.
The report provides an overview of the entire Swiss watch
market through in-depth analysis of its segments along with their market value
and forecast. Certain trends, growth drivers as well as issues being faced by
the industry are discussed in detail in the report along with competition in
the market. Recent developments in certain main markets like Asia, Europe and
the United States have also been analyzed.
FOR MORE DETAILS: https://www.wiseguyreports.com/reports/1615808-swiss-watch-market-industry-analysis-outlook-2016-2020
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