The Indian watch market has increased at a compound annual growth rate (CAGR) of 9.3% for the period FY'2008-FY'2013.
The market for wrist watches formed the major proportion of the market for time pieces with a contribution of approximately 89%.
The increasing level of penetration of watches into rural India supported the growth of the watches category. With watches being a popular gift, the growing number of working people in cities led to ongoing growth in demand for watches as gifts for relatives.
The Indian watch industry among the three price segments of mass, mid and premium watches is witnessing highest growth in the premium segment.
The mass price segment consisting of watches priced lower than INR 1,000 is mainly wrist watches sold by unorganised players.
The second category (mid price segment) is watches priced between INR 1,000 and INR 10,000. Third (the premium watch segment) has watches priced above INR 10,000.
This is primarily because of the rising size of the urban middle class population in the country which has high spending capacity and which is increasingly becoming more open towards spending on the consumption of the luxury goods.
In FY'2013 the online retailer market for wrist watches was characterised by a few e-commerce websites holding around 92% of the market share in the online retail wristwatch segment. The market is majorly dominated by the five e-commerce players Snapdeal, Flipkart, Watchkart, Jabong and Myntra.
The watch market in India has evolved into a competitive market with a large number of market players offering new and innovative products to their consumers in order to capture high shares in the rapidly expanding market.
Titan Industries Ltd is the fifth-largest watch maker in the world and the leader in India with a value share of 28% in 2012.
The rapid expansion of its Exclusive Branded Outlets (EBO) and multiple brands catering to different age segments has ensured its strength within the industry. Brands include Fastrack for the youth, Nebula and Purple for high-income segments.
For more information on the Indian watch market, see the latest research: Watch Market Research
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