Luxury Watch Market Size, Industry Analysis Report By Gender Type (women’s luxury watches, Men’s luxury watches), By Distribution Channel (Online distribution channel, Offline distribution channel) & Region – Forecast
- PUBLISHED ON
- 2024-10-03
- NO OF PAGES
- 256
- CATEGORY
- Retails & Consumer
The Global Luxury Watch Market is valued at around USD 24.39 billion in 2022 and is expected to reach USD 31.50 billion by 2030, registering a CAGR of 3.25% over the forecast period. Wearing a luxury watch symbolises one's social position because they are rare, one-of-a-kind things. The global market for luxury watches is expanding quickly as a result of the wide variety of brands available to consumers. Luxury watchmakers are utilising a range of marketing techniques to increase their market share. The use of social media by producers to advertise their goods to the general public is important. Because grocery shops and supermarkets have improved their use of visual marketing to draw customers in, there has been an upsurge in the demand for luxury timepieces in recent years.
The Global Luxury Watch Market - Growth Factor
The main factor driving the market for luxury watches is the growing consumer preference for expensive, high-end watches, which are regarded as fashion accessories everywhere. Consumers choose products that are made using the most advanced manufacturing techniques, tools, and equipment. A common fashion trend is to accessorise in order to look better. This is helping the market for luxury watches to grow as a result. The industry has grown as a result of market participants' employment of various advertising and marketing tactics to raise consumer demand for timepieces. Additional buyers are lured in by the use of premium, high-quality materials like steel, bi-metallics, and key metals. These are accessible at different fee levels. Switzerland, Hong Kong, China, France, and Germany are just a few of the international locations that ship and trade expensive timepieces.
The Global Luxury Watch Market – Market Trends
• The Westernization and the innate craving for exclusivity have been influenced by the rise in brand awareness.
• The increased demand for luxury watches, which is anticipated to fuel the market's growth rate, is influenced by a number of important variables, some of which are listed above.
• Women's demand for high-end timepieces is also increasing dramatically. In comparison to men, women have been seen to be more interested in upgrading their timepieces.
• This is the primary element encouraging businesses to raise production for the women's market and accelerate market growth. Many firms are expanding their product lines in the men's and women's segments as a result of rising fashion consciousness among both women and men.
The Global Luxury Watch Market – Segmentation
The Global Luxury Watch Market fragrance concentrates market has been sub-classified into product type, gender type, distribution channel.
On the basis of product type, the Global Luxury Watch Market is bifurcated into:
• Mechanical quartz
• others
On the basis of gender type, the market is segmented into:
• women’s luxury watches
• men’s luxury watches
• others
On the basis of distribution channel, the market segmented into:
• online distribution channel
• offline distribution channel
• others
The Global Luxury Watch Market –Regional Analysis
Asia-Pacific dominated the global Luxury Watch Market, the market for luxury watches worldwide throughout the anticipated time frame. One of the most competitive markets in the world, China offers luxury watchmakers tremendous economic and acquisition opportunities. Rolex, Omega, Patek Philippe, Ferrari, Chanel, Longines, Tissot, Rado, Blancpain, and Piaget are a few of the most well-known luxury watch companies. According to the Federation of the Swiss Watch Industry, sales of Swiss timepieces to mainland China totaled CHF 2.1 billion (USD 2.39 billion) from January to November 2021, an increase of 17.1% over the same period in the previous year. The luxury watch market was mostly targeted at men in places like India.
The Global Luxury Watch Market – Key Market players
Global key players of Global Luxury Watch Market include LVMH, Richemont, Swatch Group, Rolex, Burberry, Breitling, Festina, Fossil Group, Seiko Watch, Patek Philippe, Chopard International, CROSEAGIFTS LIMITED, Minardi, Nettletons Jewellers, MERICE COMM.V, SEKONDA, and MGI LUXURY GROUP S.A., and others.
Report Scope
Global Luxury Watch Market: Historical Years- 2018-2021
Global Luxury Watch Market: Forecast Years- 2022-2030
Global Luxury Watch Market 2022- USD 24.39 billion
Global Luxury Watch Market 2030- USD 31.50 billion
Global Luxury Watch Market CAGR- 3.25%
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