New Delhi: The country's watch industry market size is expected to touch Rs 15,000 crore by 2020 on rising income levels and increasing consumerism, says a study by industry body Assocham.

At present, the sector's size is estimated at Rs 5,000 crore, the study said.

"Indian watch market is set to touch Rs 15,000 crore in the next seven to eight years due to increasing income levels and growing popularity of watches, especially amongst youths," Assocham Secretary General D S Rawat said.

This untapped segment has enormous potential for growth, the study said.

"Some customers look out for features like fashion trends, technology and sophistication, while others go for durability and reasonable prices," it said.

Further, the study said the maximum number of watches sold is in the price range of Rs 500 to Rs 5,000 followed by a higher price bracket of Rs 5,000 to Rs 25,000.

However, with more and more global brands foraying into the Indian market aimed at catering to growing demand, it has created challenges for local manufacturers as well, the study said.

"But local players still continue to dominate the Indian watch industry due to good manufacturing base and affordable prices," it said.


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