Quartz watches are made by using the principle that Quartz crystals are driven by electric power to generate regular vibration, which is lighter and more accurate than traditional mechanical watches.
Quartz watches can be divided into two types: luxury quartz watches and normal quartz watches. Luxury quartz watches have the same surface treatment effect as mechanical watches, generally referring to exclusive watches inlaid with gemstones and watches with special design elements, such as Rolex Oyster Quartz watches. Although this kind of quartz watch is expensive, it is beautifully designed with collection value. Normal quartz watches are simple in design, accurate and portable. It is the choice of many consumers for it\'s cost-effective, with a market share of 88.83% in 2019. Consumers who buy luxury quartz watches are generally people who like to collect watches or have certain purchasing power. Consumers who buy normal quartz watches are looking for the characteristics of lightness, accuracy and cheapness.
The downstream buyers of quartz watches are mainly individual consumers, who can buy through physical stores and online channels. With the rapid development of the Internet, quartz watch companies have established a new form of online sales by establishing websites and publishing products for sale. This method is very convenient and fast, suitable for consumers who are too busy to buy quartz watches in physical stores and consumers who want to buy quartz watches online. In-store selling is a traditional sales method, suitable for consumers who want to buy quartz watches in the store, with a market share of 65.77% in 2019. Specialty stores can display quartz watch products, and let store staff introduce products to customers, so that customers can better choose suitable products. They can also post posters, release new products, and promote products outside the store.
Quartz watches are very accurate and inexpensive, and do not have many moving parts, so they are more durable than mechanical watches. At present, more and more people are beginning to use quartz watches, whose demand for quartz watches is increasing.
Prospect Analysis of Quartz Watch Industry in Various Regions
North America is the largest revenue market, with a market share of 36.48% in 2015 and a market share of 33.93% in 2019, a decrease of 2.55%. The reason why North America can occupy the largest market share in the quartz watch industry is mainly due to the developed economy in this region. The two developed countries, the United States and Canada, have high economic development levels and high per capita purchasing power, so there is a large demand for quartz watches. In addition, the manufacture of quartz watches requires a high level of craftsmanship, and North America has a large number of high-tech talents, which is conducive to the development of the industry. Although North American has outstanding advantages and the market is expected to expand further, compared with other regions, the development space of this region is limited and the speed is relatively slow.
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In 2019, the Asia-Pacific region ranked second with a market size of US$2.820 billion, accounting for 31.48% of the market share. The region has a large population, with two populous countries, China and India, which provides a huge consumer base for the quartz watch industry. Since the Asia-Pacific region is still dominated by the population of developing countries, they have a greater demand for ordinary quartz watches. However, in recent years, emerging developing countries in the Asia-Pacific region, dominated by China, have experienced strong economic development and the people’s living standards have improved, and their demand for luxury quartz watches will increase.
The development of the quartz watch industry is relatively mature, with high market concentration. In 2019, the top three companies are Casio, Swatch Group, and Citizen, with revenue market shares of 17.48%, 16.46%, and 15.95%, respectively.
Consumers are Increasingly Concerned About Sustainable Development, So Quartz Watch Companies Should Insist on Innovation
The increasing consumer demand for quartz watches is inseparable from the product itself. Many quartz watches now have similar "tough solar" technology. The combination of quartz watches and solar technology has improved the weaknesses of quartz watches, increased its advantages, and promoted the increase in consumer demand for quartz watches, thereby driving the development of the entire quartz watch industry.
Consumers are paying more and more attention to sustainability. They more focus on the company\'s production processes and whether the materials used meet the requirements of sustainable development. Quartz watches have few moving parts, no batteries, and low maintenance costs. However, mechanical watches and electronic watches require more time and skills. So quartz watches are cheaper. In addition, quartz watches do not require frequent maintenance, so they are more durable than mechanical watches. These characteristics are in line with the requirements of sustainable development. Therefore, as consumers pay more and more attention to sustainable development, they will choose to buy quartz watches to promote the development of the quartz watch industry.
According to our research, the total revenue of the global quartz watch market in 2015 was US$8.655.8 billion, which increased to US$8.9597 billion in 2019. We predict that by 2026 the market value of quartz watches can reach US$11.1075.4 billion. The compound annual growth rate of quartz watches from 2020 to 2026 is 3.5%.
Compared with mechanical watches, quartz watches have fewer equipment parts and lower maintenance and procurement costs. Therefore, some consumers who pursue high cost performance will choose to buy quartz watches. The mechanical watch has a unique appearance and a long service life of the movement, so the luxurious mechanical watch is more collectible. Watch collectors are mid-to-high-end consumers. Most of them may pay more attention to the brand and luxury appearance of watches, so as to choose mechanical watches instead of quartz watches. Enterprises in the quartz watch industry should change their target consumer positioning, combine the advantages of quartz watches with other processes, develop new quartz watch products, and expand the quartz watch market. At the same time, companies must focus on brand effects and promote their own development.
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