Watches - Southern Africa | Statista Market Forecast

In Southern Africa, the revenue generated in the Watches market is projected to reach US$523.00m in 2024.
This market segment is anticipated to experience an annual growth rate of 8.90% (CAGR 2024-2029).
When comparing it to the global market, United States stands out as the country generating the highest revenue in this segment, amounting to US$21bn in 2024.
Looking at the population figures, the per person revenue in Southern Africa is estimated to be US$7.47 in 2024.
Additionally, it is expected that 86% of the sales in the Watches market by 2024 will be attributed to Non-Luxury.
In Southern Africa, the demand for luxury watches is steadily increasing, with a growing preference for Swiss-made timepieces.

Definition:

The Watches market covers different types of devices used to indicate or measure time that are either worn around the wrist or in a pocket. Both analog and digital watches are included.

Additional information:

The market comprises revenues and average revenue per capita. The key players in the market are leaders in their respective segments and are known for their innovative products, brand reputation, and extensive distribution networks. For more information on the data displayed, use the info button right next to the boxes.

Watches
Pocket watches
Analog and digital watches

Watch parts
Watchbands
Handmade watches

Data coverage:

The data encompasses B2C enterprises. Figures are based on consumer spending on accessories, including watches and jewelry, as well as luggage and bags. that are produced for private end consumers. Retail sales through both offline and online sales channels are included.

Modeling approach / Market size:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, market data from third-party sources (e.g., independent databases), historical developments, current trends, as well as survey results from our primary research (e.g., the Statista Consumer Insights Global survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and consumer spending. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, exponential trend smoothing is well suited for making forecasts about the Accessories market, which is projected to grow steadily. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).

Keeping records of your fitness activities and answering calls or messages on your wrist? Nowadays, these are just a few of the many functions that smartwatches can perform, as wearable devices combining the functionalities of smartphones and fitness trackers. Indeed, smartwatches are among the most popular wearables, with new and advanced models always coming to the market. In 2024, the global smartwatch market was forecast to generate a revenue of almost 50 billion U.S. dollars, a value expected to increase further in the future.