Dublin, March 11, 2025 (GLOBE NEWSWIRE) — The “Canada Watch Market Size and Share Analysis – Growth Trends and Forecast Report 2025-2033” report has been added to ResearchAndMarkets.com’s offering.
The Canadian watch market was worth 1.95 billion in 2024 and is expected to grow steadily, reaching a value of US$ 2.94 billion by 2033
The growth is driven by increasing demand for fashion, smart, and luxury watches, as well as growth in wearable technology. With changing consumer preferences and ongoing innovation, the market is likely to grow with a compound annual growth rate (CAGR) of 4.66% between 2025 and 2033.
Watches have been popular in Canada among various age groups. Luxury watch manufacturers such as Rolex have fans among collectors and professionals, whereas companies such as Fossil and Citizen have followers among fashion-sensitive individuals. Apple and Samsung smartwatches control the wearable technology market, providing health monitoring and connectivity.
Canadians like watches for their strength, accuracy, and glamour, making them a necessary item for both informal and formal wear. The growth of e-commerce has also helped to fuel the expanding watch market, giving consumers readily available access to a broad range of timepieces, further enhancing their sustained popularity in Canada.
Growth Drivers in the Canada Watch Market
Increasing Demand for Smart and Connected Watches
The widespread use of smartwatches, spurred by advances in technology, is one of the main growth drivers in the Canadian watch market. Customers are seeking watches with fitness tracking, heart rate monitoring, and connectivity. Companies such as Apple, Samsung, and Garmin are at the forefront, driving smartwatches to become a must-have accessory for health-conscious and technology-driven consumers.
As Canada places more focus on health and digital connectivity, demand for smartwatches is increasing. Feb 2025, OnePlus Watch 3 was officially out now in Canada priced at $449, its release alongside being done globally within the US and European markets. It comes equipped with a lasting battery life, stronger fitness features tracking, as well as with the inclusion of an actual rotating crown.
Increasing Demand for Luxury and Premium Watches Segments
Premium watch brands like Rolex, Omega, and TAG Heuer are facing growing demand in Canada, specifically among high-income consumers. Rising disposable income, fashion for premium clothing, and a desire for high-end accessories drive the luxury watch segment to grow. People consider luxury watches both a symbol of status and an investment opportunity, which spurs their demand. The growing popularity of pre-owned luxury watch platforms is also bolstering this segment.
Expansion of Online and E-commerce Retail
E-commerce has revolutionized the watch market in Canada, enabling consumers to browse a wide range of watches from international and domestic brands. Online shopping convenience, competitive prices, and access to limited collections have driven online watch sales. Direct-to-consumer brands and major retailers are utilizing digital marketing tactics and online promotions to reach technology-savvy consumers, driving market growth.
Challenges in the Canada Watch Market
Competition from Wearables and Smart Devices
Smartphones and fitness bands create a challenge for legacy watchmakers. Most customers use smartwatches or fitness bands instead of the traditional analog or digital watch. This trend has pushed mainstream watch brands to adapt and add smart functionality, but legacy brands struggling to adapt to changing consumer demands continue to pose a challenge.
Counterfeit and Grey Market Problems
The Canadian watch market is plagued by counterfeits and unauthorized resellers. Mid-range and luxury brands lose revenue with counterfeit watches in the market. The existence of grey-market vendors, selling watches at discounted prices without brand warranties, impacts the reputation and pricing of authorized retailers. Authenticity and brand reputation are still key concerns.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 200 |
| Forecast Period | 2024 – 2033 |
| Estimated Market Value (USD) in 2024 | $1.95 Billion |
| Forecasted Market Value (USD) by 2033 | $2.94 Billion |
| Compound Annual Growth Rate | 4.6% |
| Regions Covered | Canada |
Company Analysis: Overviews, Key Person, Recent Developments, Revenue
- Fossil Group Inc.
- Titan Company Limited
- LVMH Group
- Apple Inc.
- Compagnie Financiere Richemont S.A
- The Swatch Group Ltd
- Citizen Watch Co. Ltd.
- Seiko Group Corporation
Type
- Quartz Watches
- Electronic Watches
- Mechanical Watches
Gender
Price Range
Distribution Channel
- Hyper Market/Super Market
- Convenience Stores
- Online
For more information about this report visit https://www.researchandmarkets.com/r/vl5d5r
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