India is one of the most promising markets for the watch trade across the globe with a penetration level of only 25 watches per 1000 people as compared to the global average of 250 watches per 1000 people. As per the recent national Readership Survey Platinum Study, 60% of the population does not wear watches, leaving a vast opportunity for the industry, which remains yet to be tapped. The size of the watch industry was still languishing at around 4crore watches in the year 2008 from 2.3crore in the year 2000. The industry is expecting a faster and steady growth in the years to follow, with the proactive support of the union government (rationalization of duty structures).
India has more than 10,000 horological industry retailers. More than 5,00,000 people are directly or indirectly employed in the industry. With more players and investment coming into the country, the potential for additional employment, especially in retail areas, is expected to increase significantly.
The total investment in the “organized” watch sector is US$ 250 million and industry leaders have already announced their plans to spruce up their manufacturing capabilities. The industry has the capabilities to cater to a gigantic consumer base of 1.2 billion. Out of a total demand of more than 40 million units, the organized, sector supplies only 16 million units (approx US$ 300 million).
** HOROLOGY is the art or science of measuring time.
HOROLOGICAL INDUSTRY represent manufacturers & retailers of clocks, watches, clockwork, sundials, clepsydras, timers, time recorders and marine chronometers are all instruments used to measure time.
By - Abhishek Nayyar
For Decoy
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