50 million wristwatches are sold in India every year. Not withstanding the presence of global players and the opening up of the market, the Indian market has always been dominated by a single player. In the past, till the late 80’s, in the mechanical era, HMT dominated the market. And after that it has again been the domination of a single company, Titan. Today Titan has almost 65% market share of the organized watch market in the country. The organized watch market itself is estimated at 35% of the total industry size...........
In value tterms the size of the organized market is estimated at around Rs. 1500 crores, which means that the average price of watches sold even today is less than Rs.1000!!!
Watches are typically segmented into specialist watches and fashion watches. All International watch brands have a clear position as to where they belong. In India most sales are in the fashion segment and this fine distinction has not yet been used by marketers. Male watch buyers far outnumber females and account for around 65% of sales. Students are the largest segment of buyers accounting for approximately 30% of the sales.
Since penetration is still low and the unorganized sector big, this industry has a lot of scope to grow both in value and volume. The jury is still out though whether the Indian companies like Titan will lead this growth or the global majors like Seiko, Citizen etc. After all the domestic players have hitherto grown because of a retail strategy and the wining global players are clearly focused on product