USD 41.41 billion
Global Luxury Watch Market Size, Share, Growth Analysis, By Product Outlook(Electrical and Mechanical), By Distribution Channels(Online and Offline) - Industry Forecast 2024-2031
Report ID:
SQMIG25K2062 |
Region:
Global |
Published Date: April, 2024
Pages:
223
|
Tables:
59 |
Figures:
80
Global Luxury Watch Market Insights
Global Luxury Watch Market size was valued at USD 41.41 billion in 2022 and is poised to grow from USD 43.56 billion in 2023 to USD 65.35 billion by 2031, growing at a CAGR of 5.20% during the forecast period (2024-2031).
One key aspect influencing the sector is the rise in adults' propensity to wear expensive watches as a status symbol. It's expected that introducing new products by major companies like Titan, Sonata, and Rolex will boost the industry's expansion. Also, to boost sales, businesses are selling limited-edition timepieces with a variety of functions and designs. Due to their pricing strategies, businesses target both the wealthy and the middle-class segments of the public. Known luxury brands consistently provide high-quality goods and pay close attention to the opinions of their customers. This helps the brand name to change over time. Also important to the promotion of luxury timepieces is word-of-mouth advertising. In order to work properly, a wristwatch must be associated with a smartphone via a variety of technologies, including Bluetooth and Near-field Communication (NFC). Changing consumer perceptions of luxury products are anticipated to be a major development driver because they greatly increase societal acceptance. More disposable income brought on by better domestic economic indicators in emerging economies like China, India, and Brazil would further boost product demand. Also, considerably rising is the demand for high-end timepieces for ladies. When compared to males, women are more interested in upgrading their timepieces, which motivates businesses to increase their product offerings for the female market. Expanding the consumer base is largely made possible by the trend away from traditional timepieces and towards gold and diamond watches. These products have been seen to be a fierce competitor in the hand jewellery sector.
US Luxury Watch Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Electronic
Fastest Growth
Electronic
Growth Rate
5.20% CAGR
Global Luxury Watch Market 2021-2030 ($ Bn)
Country Share for Asia Pacific Region- 2021 (%)
Global Luxury Watch Market Size By Product Outlook 2021-2030 ($ Bn)
Global Luxury Watch Market Size By Product Outlook 2021-2030 (%)
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Global Luxury Watch Market Segmental Analysis
Global Luxury Watch Market is segmented on the basis of Product Outlook, Distribution Channel, and region. By Product Outlook, the Luxury Watch Market is segmented into Electronic and Mechanical. By Distribution Channels, Luxury Watch Market is segmented into, Online and Offline. By region, the Luxury Watch Market is divided into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Luxury Watch Market Analysis by Product Outlook
The global economy has been further divided into the mechanical and electrical sectors based on the products. The electronic segment dominated the global market in 2022. The market is anticipated to continue growing at a constant rate and maintain its dominance throughout the forecast period. The product lines of major firms are growing for smartwatches with high-tech features, including heart rate monitors, GPS, and multisport monitoring. These watches enable users to monitor their speed and distance.
The mechanical product segment is anticipated to experience the fastest growth. Because it can be worn as a fashion item, a substantial portion of the business class favors this pricey watch. The addition of titanium ceramic coatings and PVD coatings increases the longevity of mechanical luxury watches. Apple Inc., The Swatch Group Ltd., A. Lange & Söhne, Rolex SA, and other major companies with mechanical products include these.
Luxury Watch Market Analysis by Distribution Channels
The Online segment dominated the global market. Due to the advantageous value-added services, such as cash-on-delivery, an easy return option, secure transactions, and integrated and centralized customer services, consumers prefer to buy luxury products through online channels. The use of online retail strategies by major firms is increasing their profitability and lowering operational costs. In order to reach a wider audience, businesses like Rolex Inc., Fossil Group, and Ralph Lauren maintain a strong presence in physical retail stores and offer their items online.
The Offline segment is the fastest-growing segment. This distribution channel makes it easy for producers to market their goods globally. In terms of revenue share, the offline category led the market in 2021 and will do so going forward. The increased inclination of consumers to buy luxury goods from brick-and-mortar retailers is the main driver promoting the expansion of this market category. Consumers may also easily comprehend a product's precise dimensions and weight from offline sources, including convenience stores, supermarkets, and company-owned brand retail locations.
Global Luxury Watch Market Size By Product Outlook 2021(%), 2023 (%)
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Global Luxury Watch Market Regional Insights
Asia Pacific dominated the global market. The factors driving the market expansion in Asia Pacific were shifting consumer behavior and rising disposable income, particularly in key nations like China, India, and Japan. Understanding the market's potential has led international luxury brands to expand into nations like Japan, China, and India.
North America is anticipated to see consistent CAGR growth. This is due to the presence of significant players in the region and the high per capita income and rising status of the upper middle class. In addition, it is predicted that the status symbol status of luxury watches among the younger generation will promote the expansion of the region.
Global Luxury Watch Market Size By Geography, 2021-2030, 2024-2031
- Largest
- Fastest
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Global Luxury Watch Market Dynamics
Luxury Watch Market Drivers
Innovation and design
- As Luxury watch brands constantly strive to create new and innovative designs that differentiate their products from competitors and attract customers. Luxury watch brands innovate by incorporating new materials and technologies into their watches. For example, some brands have started using ceramic, carbon fiber, or titanium to make their watches lighter and more durable. Others have integrated smartwatch technology into their watches to appeal to tech-savvy customers. Luxury watch brands also focus on creating unique designs that stand out. For example, some brands offer limited-edition watches that feature intricate designs or rare materials, making them highly sought after by collectors. Others collaborate with famous artists or designers to create one-of-a-kind watches that appeal to a broader audience.
Growing Brand Reputation
- Consumers who purchase luxury watches are often seeking a product that is not only high-quality but also prestigious and exclusive. Therefore, luxury watch brands that have a strong reputation for quality, craftsmanship, and heritage are more likely to attract loyal customers and command higher prices. Luxury watch brands that produce high-quality watches that are reliable, and durable watches can build a strong reputation among consumers. Many luxury watch brands have a long history and tradition of watchmaking that consumers value. Brands that can tap into their heritage and communicate their history effectively are more likely to attract customers. Effective marketing and branding strategies can help to build a luxury watch brand's reputation and create a strong emotional connection with consumers.
Luxury Watch Market Restraints
Counterfeit products
- Counterfeit luxury watches are imitations of high-end watches designed to deceive consumers into purchasing a genuine luxury product. Counterfeiting is a significant problem in the luxury watch industry, and it can impact the sales and reputation of legitimate luxury watch brands. Counterfeit luxury watches are often sold at a lower price than genuine luxury watches, making them attractive to budget-conscious consumers. However, counterfeit products can be of poor quality, may not function properly, and can even be dangerous in some cases. Counterfeit product sales are illegal, and luxury watch brands are actively working to combat this problem. This includes implementing security features on their watches, taking legal action against counterfeiters, and working with law enforcement agencies to shut down counterfeit operations.
Changing consumer preferences
- Consumer preferences and trends can shift quickly, and luxury watch brands must be able to adapt to these changes to remain relevant and appealing to customers. consumers are becoming more environmentally conscious, and this can impact the materials and manufacturing processes used in luxury watch production. Luxury watch brands must consider the environmental impact of their products and take steps to reduce their carbon footprint. Furthermore, changing fashion trends can also impact the sales of luxury watches. Consumers may prefer more minimalistic and understated designs, rather than watches with large and flashy dials. Luxury watch brands must be aware of these trends and adjust their designs accordingly to remain appealing to consumers.
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Global Luxury Watch Market Competitive Landscape
In order to get a competitive advantage in the sector, key firms are developing new products. Using the Hermes H08 New Men's Watch Collection as an example, it was unveiled in April 2021. The set contains 5 distinct locations with a 39 mm diameter. A composite case filled with graphene makes up one piece, while four pieces are constructed of titanium. The original cushion-shaped collection had a sporting-inspired design with taut and flowing lines, as well as a case with softened edges that framed the circular dial
Luxury Watch Market Top Player’s Company Profiles
- Rolex
- Omega
- Patek Philippe
- Cartier
- Breitling
- TAG Heuer
- Jaeger-LeCoultre
- Audemars Piguet
- IWC Schaffhausen
- Breguet
- Blancpain
- Chopard
- Vacheron Constantin
- Panerai
- Girard-Perregaux
- Zenith
- Tudor
- Hublot
- Ulysse Nardin
- Richard Mille
Luxury Watch Market Recent Developments
- In October 2021, Rolex released new versions of their iconic Oyster Perpetual watches, featuring updated designs and new color options.
- In August 2021, luxury watch brand Audemars Piguet announced a partnership with Marvel to create a limited-edition watch inspired by the character Black Panther.
- In June 2021, luxury watch brand Patek Philippe announced that it would be discontinuing its iconic Nautilus 5711/1A-010 model, leading to a surge in demand and prices for the model.
- In May 2021, luxury watch brand Breitling announced a partnership with sustainable fashion brand Outerknown to create a limited-edition watch made from recycled materials.
- In March 2021, luxury watch brand Bvlgari released a new version of its Octo Finissimo Perpetual Calendar watch, featuring a new case material and updated dial design.
Global Luxury Watch Key Market Trends
- Increased interest in vintage and pre-owned watches
The growing interest in vintage and pre-owned watches is the increasing awareness of sustainability and the environmental impact of luxury watch production. By buying pre-owned or vintage watches, consumers can reduce their carbon footprint and extend the lifespan of existing timepieces. many luxury watch enthusiasts are drawn to vintage and pre-owned watches for their unique designs and history. Vintage watches often feature intricate and detailed craftsmanship, and can also have a storied past or unique provenance. the market for vintage and pre-owned watches has become more accessible in recent years, with the rise of online marketplaces and specialized dealers. This has made it easier for consumers to find and purchase vintage and pre-owned watches, even those that are rare or highly sought after.
Global Luxury Watch Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global luxury watch market analysis, the market has experienced steady growth in recent years, driven by increasing disposable income, a growing interest in luxury goods, and a rising trend toward personalization and customization. The Asia-Pacific region has emerged as a key growth area for the luxury watch market, with countries such as China and Japan driving demand for high-end watches. However, other regions, such as North America and Europe, also continue to be important markets for luxury watches. Luxury watch brands have focused on innovation and design to differentiate themselves from competitors, introducing new materials, technology, and customization options to attract consumers. At the same time, many luxury watch brands have emphasized their reputation for quality and craftsmanship, with brand heritage and prestige continuing to be important factors in consumer purchasing decisions. However, the luxury watch market also faces challenges, including the rise of counterfeit products and changing consumer preferences. The market for counterfeit luxury watches continues to be a significant issue, with counterfeiters becoming increasingly sophisticated in their production methods.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 41.41 billion |
| Market size value in 2031 | USD 65.35 billion |
| Growth Rate | 5.20% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
Luxury Watch Market Recent Developments
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Luxury Watch Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Luxury Watch Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Luxury Watch Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Luxury Watch Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Luxury Watch Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Luxury Watch Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Luxury Watch Market Report Snapshots
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