Market Forecast By Product Type (Type, Ceramic, Fabric, Leather, Metal, Plastic, Rubber), By Distribution Channel (Online, Offline), By Application (Women, Men) And Competitive Landscape
Product Code: ETC432988 | Publication Date: Nov 2022 | Product Type: Market Research Report | |
Publisher: 6Wresearch | No. of Pages: 75 | No. of Figures: 35 | No. of Tables: 20 |
Bangladesh Watch Straps Market is anticipated to grow at tremendous rate in the forthcoming years by the growing demand for watches from the country's rapidly growing middle-class population, rising disposable incomes, and changing lifestyles, and increased demand for premium and branded watches. Additionally, the growing popularity of online shopping is providing a boost to the sales of watch straps through e-commerce mediums.
However, the growth of the Bangladesh Watch Straps Market is being hindered by the presence of counterfeit products in the market and high cost of luxury brands. Therefore, the easy availability of bogus watch straps at lower prices is restraining buyers from opting for premium products. Additionally, buyers are also becoming more price-sensitive due to the economic slowdown which is likely to hamper the Bangladesh Watch Straps Market size during the forecast period.
According to 6Wresearch, Bangladesh Watch Straps Market is expected to grow during 2022-2028. The Asia Pacific Watch Straps Market is anticipated to grow at a CAGR of XX% in the upcoming years owing to the growing demand for wristwatches and the rise in discretionary expenses. Additionally, the growing popularity of wristwatches among the youth population and the changing fashion trends are expected to drive the Bangladesh Watch Straps Market Growth in the coming years. However, the high cost of some luxury branded watch straps and the presence of counterfeits products are restraining the growth of this market.
The technological advancements are also fuelling the demand for watches with straps that offer enhanced comfort levels and durability. Furthermore, growing consumer awareness about health benefits associated with wearing a watch also contributes to growth prospects of the Bangladesh Watch Strap Market.
The COVID-19 pandemic influenced the Bangladesh Watch Straps Market in various negative ways as the epidemic bolstered the need of essential merchandises and declined the demand for luxury or non-essential products mainly due to financial cause. Moreover, many individuals lose their jobs during the pandemic and various industries or businesses have to face slowdown in production which leads to severe losses. Consequently, the demand for Bangladesh Watch Straps Industry has fallen and suffered during the outbreak.
The competitive edge of Bangladesh Watch Straps Market is highly competitive with several major players competing in the market for significant market share. The leading companies are determined to provide quality products to their customers.
Based on Product Type, the market is diverged into Ceramic, Fabric, Leather, Metal, Plastic, and Rubber. The Leather watch strap segment is expected to dominate the Bangladesh Watch Straps Market Share of XX% in the coming years. The dominance of leather can be attributed to the traditional preference for this material in watch straps as well as its availability in a wide range of designs and colors. On the other hand, the Metal watch strap segment is projected to grow during the forecast period.
By Distribution Channel, the offline channel is expected to account for the significant share of the Bangladesh Watch Straps Market.
By Application, the men's watch segment is expected to account for the largest share of the Bangladesh Watch Straps Market whereas the women's watch segment is anticipated to grow during the forecast period.
The report offers a comprehensive study of the subsequent market segments: