EDITALK

The Indian Watch Market and What the Future Holds in Store?

For the benefit of our esteemed readers and timekeepers, TradePost has attempted to do some research on the Indian Watch market, how it has evolved over time, especially in the recent past, and what is the scenario likely to be in the not so far future. The information, compiled, is based on reports generated by different agencies, and provides to a great extent, a fairly authentic picture, of the prevalent situation as it be, and how this picture is likely to change for the better, in future. So, as traditional quartz and analog watch demand persists in the country, a growing segment of smartwatch users is increasingly prioritizing high-quality branded and shaped wearables with advanced features. However, while domestic brands lead in unit sales due to their affordability and widespread availability, premium international labels are steadily gaining ground across India, bolstered by decreasing import tariffs through various government treaties, which make luxury analog timepieces more accessible to Indian consumers than ever before. The shopping landscape is hence evolving significantly, also with Gen Z’s digital savvy driving a surge in online watch discovery, comparison and purchase through e-commerce platforms, social media channels and reputed showrooms. These developments emphasise the strategic importance of the Indian Watch Market for both global as well as domestic players, while it rapidly emerges as a key growth driver in the wearable technology sector. Market Overview Study Period: 2021 – 2031, Forecast Data Period: 2026 – 2031 • Base Year Market Size (2025) - USD 4.19 Billion • Market Size (2026) - USD 4.62 Billion • Projected Market Size (2031) - USD 7.52 Billion • Growth Rate (2026 – 2031) - 10.23% Key Takeaways - • By product type, quartz/analog commanded 56.45% of the Indian Watch Market share in 2025, while smartwatches are projected to expand at an 8.78% CAGR through 2031 • By end user, men held 57.68% of the 2025 demand, whereas women are forecast to grow fastest at a 9.16% CAGR between 2026 and 2031• By category, mass-market offerings captured 74.65% revenue in 2025, whereas premium models are poised to rise at an 8.53% CAGR over the same period • By distribution channel, offline retail retained 77.72% revenue share in 2025, while online retail is expected to post a 9.12% CAGR through 2031, led by metropolitan and Tier-ll consumers. Indian Watch Market Trends and Insights - Rising disposable income and premiumization of analog and luxury watches have altered the prevailing scene. Affluent shoppers in metro and Tier-l cities are increasingly gravitating towards premium analog and hybrid watches, buoyed by rising household incomes. In 2023, Swiss watch imports surged by 39.5% compared to 2021, underscoring the pent-up demand that emerges when wealthy consumers gain clear price insights as well as access to convenient payment methods. This growth highlights the increasing preference for high-quality, luxury timepieces among the country’s affluent population, driven by their desire now hovering around the ₹100,000 price point. Many domestic and international brands are therefore leveraging India’s rich heritage of artisanal skills to create unique offerings that appeal to both Indian and Foreign buyers. And moreover, with a phased removal of 20% customs duties on Swiss watches all set to unfold over the next seven years, retail prices are poised to drop. This shift is expected to broaden the consumer base at the upper end and further tilt the Indian Watch Market towards premium offerings, making luxury watches more accessible to a wider audience. Expansion of online retail and omni-channel strategies - This surge can be attributed to social-media driven discoveries, the convenience of one-click payments, and swift last-mile logistics, all of which have alleviated the traditional challenges of purchasing watches. Also, recognizing the importance of trust and after-sales service, brands are now establishing a stronger physical presence in the Tier-ll and Tier-lll cities of the nation. This move acknowledges consumers’ desire from a smooth transition from browsing digital catalogues to experiencing on-the-spot try-ons, which is particularly significant in markets where physical interaction with products builds confidence in reaching purchase decisions. Youth Fashion consciousness and brand collaborations - With a cohort of 377 million, Gen Z prioritizes authenticity, inclusivity, and community-driven narratives. For instance, Timex’s “Waste More Time’ initiative underscores the dominance of experimental marketing over traditional celebrity endorsements in appealing to younger demographics. Such campaigns focus on creating memorable experiences and fostering emotional connections, which resonate deeply with Gen Z’s preferences. In 2025, quartz and analog watches commanded a dominant 56.45% share of the Indian Timepiece market. This sustained preference underscores a deep-rooted cultural affinity for traditional watches, particularly in formal and professional contexts. Older consumers and professionals in established industries, where classic styles hold sway, continue to favour such timepieces. Highly valued for their reliability, craftsmanship, and timeless aesthetics, these watches seamlessly complement formal attire. Moreover, these invaluable timepieces can also be passed on as heirlooms to the generation next, which makes them even more valued. The segment is witnessing a surge in premiumization, evident from a 39.5% uptick in Swiss watch imports, signalling a burgeoning consumer appetite for luxury as well as quality. Furthermore, domestic independent premium brands such as Jaipur Watch Company, Bangalore Watch Company etc, are tapping into heritage nuances and through use of new materials and technology, to craft premium analog offerings that appeal to discerning buyers. By End User – The Women’s Segment Accelerates - In India’s Watch Market, men’s watches command a dominant 57.68% share. This stronghold is attributed to the perception of watches being essential accessories and status symbols among Indian males. Meanwhile, the women’s segment, though smaller, is the fastest-growing, expanding at an impressive rate of 9.16%. This surge is tied to social shifts, with more women stepping into the workforce and carving out professional careers. As women increasingly influence household purchasing decisions and seek products that mirror their aspirations, this segment’s rapid growth underscores its pivotal role in India’s watch industry. Today, India’s premium watch segment, encompassing both luxury mechanicals and top-tier smart wearables, is witnessing the fastest growth, with projections of an 8.53% CAGR. This boom is driven by rising disposable incomes and a cultural shift towards self-gifting and lifestyle enhancements. By 2031, the premium watch market in India is thus set to surpass USD 1.25 billion, buoyed by factors like lowered customs duties and the rise of experimental boutiques in upscale neighbourhoods. Premiumization in analog and mechanical watches is creating space for curated retail, heritage positioning, and bridge-to-luxury assortments, particularly as duty-reduction schedules on Swiss watches improve access and price transparency at the top end. Titan’s reported divergence between analog growth and smartwatch value decline in FY26 also points to differentiation opportunities in distribution route for multi-brand luxury targeting the INR 1 lakh-plus segment. Timex Group India’s May 2026 disclosures of a capacity roadmap, from about 6 million unites annually toward 10-11 million units, indicates active investment in domestic output and aligns with the report context on PLI-driven localization for wearable components and faster replenishment for omni-channel retail. For international brands, India’s importance in global allocation is becoming more explicit, with Seiko stating in July 2026 that India will become its third-largest market by the end of 2026, reinforcing incentives to deepen distribution, after-sales networks, and India-specific product and pricing architectures. Hence looking ahead, and going by the different reports compiled on the Indian Watch Market, its future, indeed looks promising and healthy, and if all goes well, the scenario will likely be a fascinating one, by 2031.

Hemal M. Kharod