The Market Expects: Enhancement of Expensive Products by Domestic Clock Makers and Smartwatches by Imported Brands
Yano Research Institute (the President, Takashi Mizukoshi) has conducted a survey on the domestic clock and watch market and has found out the market trends by product segment, noteworthy trends, and the future outlook.
According to the data from JCWA, the Japan Clock & Watch Association, size of the domestic clock and watch market in 2017 was 857,200 million yen, 101.9% of the size of the previous year, based on the retail price. When looking at the market by category, the domestic watch market in 2017 increased to 101.7% of the size of the previous year to attain 800,400 million yen, and the domestic clock market for 2017 rose to 104.0% of the preceding year to achieve 56,800 million yen, both based on the retail amount.
The domestic clock and watch market for 2022 is projected to rise by 5.9% from the size in 2017 to achieve 907,500 million yen, out of which the domestic watch market to increase to 106.2% of the size in 2017 to attain 850,000 million yen, and the domestic clock market to be 101.2% of the size of 2017 to attain 57,500 million yen.
Smartwatches made by imported watch brands have no difference from those produced by mobile device makers in functionality, but their mainstream products cost more than 100,000 yen because of the delicate works on the exterior and to the cases to fit the movement, quite different pricing from what assumed for general users by mobile device makers.
Four years have already past since 2015 when the first smartwatches have been released by large smartphone makers. So far, those smartwatches do not seem to largely influence the market of imported brand watches.
In such a situation, some imported watch brands have produced customizable smartwatches enabling the users to select functional and exterior options, or to add some options convertible with mechanical watches. This contributed to earn the support from mechanical watch users as well. By developing the products equipped with daily useful functions such as daily health management data and payment functions, smartwatches by imported brands are about to successfully become indispensable to the daily lives of the users including general users. Therefore, expansion of smartwatches by imported watch brands is highly expected.
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