The first mechanical watch was invented in the early 1600s, but it wasn't until the 20th century that it became popular with consumers worldwide. Since then, they have evolved and improved their features, becoming more accurate and durable than ever. However, as digital watches have become increasingly advanced over time, many consumers wonder if the mechanical watch will still be relevant in 2022, and if not, why? And if so, what features will watch manufacturers need to include to make them more appealing?
The Wearable Electronics Market
The wearables market is predicted to be worth $14.4 billion by 2020. Wearables are classified as anything that can be worn on a body, but not all of them are electronic. The wearable electronics market is expected to grow at a compounded annual growth rate of 9.6% from 2016-2020 and will likely continue to do so into 2022. Along with this trend, it's more than probable that more people will begin wearing jewelry for more than just sentimental reasons - specifically cool mechanical watches or best mechanical watches. It's tough to say what'll happen in 2022; however, the idea of wearing jewelry isn't going away anytime soon - especially with the growing popularity of cool or best mechanical watches!
The Rise of Smart Watches
Smartwatches have been on the rise for quite some time now. These wrist-worn devices are equipped with all sorts of features, such as fitness trackers, cameras, and even GPS capabilities. But what about traditional mechanical watches? Will they still be relevant in 2022?
Although intelligent watch sales are rising, and there is no indication of them slowing down anytime soon, good mechanical watches will always be able to compete with their intelligent counterparts. This is because mechanical watches can offer more quality, style, and accuracy than a simple digital screen. The main difference between these two types of watches is that a good mechanical look needs to be serviced every five years, whereas an excellent smartwatch might need servicing every 2-5 years.
Who Buys Mechanical Watches Today?
Mechanical watches are typically owned by collectors, watch enthusiasts, and those who want to own a unique piece of watchmaking history. While mechanical watches are not as popular as they were decades ago, a small niche market still appreciates these works of art. In addition, some people buy mechanical watches for their superior craftsmanship and design elements like diamond dials or gold casing. Mechanical watches offer a level of craftsmanship you can't find on most modern-day smartwatches. Lastly, some people buy them because they have sentimental value attached to them (i.e., given as gifts). Finally, people might buy a mechanical watch depending on their personal preferences and lifestyle. It would be tough to say whether the average person buys one today, but many buyers fall into one of the categories above.
The Luxury Market
A market segment worth keeping an eye on is the luxury market. This segment of consumers has been one of the biggest drivers of demand for mechanical watches. This is due to a combination of factors, including a desire for authenticity, exclusivity, and high-quality products. A possible risk factor in the growth of this market could come from Millennials entering their 30s who no longer view themselves as young adults but rather as members of Generation X with less disposable income. A further potential risk factor is how new technology will continue to change the way people access information, communicate with each other, and buy goods across various channels. In fact, some analysts predict mobile payments will overtake cash transactions by 2020, which could significantly impact sales of physical goods such as watches.
Will there be enough people with the right skills to repair these watches 20 years from now?
It's impossible to say for sure, but I'm not sure that we'll have enough people with the right skills to repair these watches 20 years from now. Repairing a mechanical watch is different than repairing an electronic one because most of what needs to be done with your hands and eyes. The next generation may lack some of these skills or not care as much about old-fashioned watches as those born before them. If you don't think so, look at how many people nowadays still wear a wristwatch. Some young people make their watch cases out of wood instead of metal!
Sure, there will always be collectors who love vintage pieces (myself included), but it would seem that interest in watches among today's youth is waning. And who knows if there will even BE a younger generation 20 years from now? What if climate change causes global mass extinction? What will happen to all of our things when no one else is left alive on this planet?
What will be different in 20 years compared to today's market?
Since the invention of the quartz watch, mechanical watches have been on a steady decline. As new technologies are developed and released each year, it is becoming increasingly difficult for these timepieces to compete with their cheaper counterparts. But what will be different about them in 20 years? Are they still relevant in 2022? Well, there's one thing that'll change: their value. With fewer people buying mechanical watches and more of the population unable to afford them, they will become less common over time. They'll only be seen on celebrities, royalty, or people who make a lot of money--and if you're one of those who can afford an expensive watch, you might as well buy a quartz-powered version because it's more reliable and accurate.
When the first mechanical watches were created, you had to wind up the spring by hand every day. Today, many come with a battery that automatically winds itself every day, so not having to wind your watch is convenient. If a person doesn't wear their watch for days at a time, however, it won't be wound up anymore and won't work correctly when it's put back on (unless it's battery powered).