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Global Luxury Watches Market- By Product Type (Mechanical, Quartz, and others), By Gender (Men’s watches and Women’s watches), By Distribution Channel (online, departmental stores, Exclusive branded showroom, and Specialist Retailers) and By Region (North America, Europe, Asia Pacific, South America, and Middle East & Africa)- Global forecast from 2022 - 2030.
Global Luxury Watches Market Overview:
The global luxury watches market is expected to reach USD 62.3 billion in 2030 with a CAGR of 5.52% during the forecast period of 2022-2030, and it was valued at USD 45.3 billion in 2022. Luxury watches are a luxurious accessory for adults, considered a status symbol. Due to advanced technology, pricing, design, texture, and quality, it is considered a luxurious item. The significant attributes of luxury watches are their precision, elegance, and convenience, which purely provide an aesthetic look. Most of the time, luxury watches are mainly worn due to their technical features and precision to the millisecond. Various luxury watch brands are available in the market that help attract customers with their unique features and different market strategies to capture the more significant market segment. The global Luxury Watches market is projected to grow at a substantial CAGR. The luxury watches segment is emerging due to increasing awareness of social media, television, online, and various offline channels. Moreover, growing e-boutique trends towards online sales have shown the growing importance of the luxury watches market. Additionally, an increase in digitization has increased the demand for automation, and luxury watches have infused automation technology, which shows unique features in watches that make them smart luxury watches. Along with it, the brand ambassadors promote watches on television, and bloggers promote through ads or videos on Instagram and Facebook that help increase the demand for the luxury watches market. Furthermore, a unique market strategy for targeting customers on different platforms has captured the attention of potential consumers. Also, to increase the market share, manufacturers are integrating luxury watches with smartwatches and features like e-straps, Android/ IOS, and classic watches with smart functions that will propel the growth of the global luxury watches market in the forecast period. Growth Driver Increasing fashion trends Luxury watches are considered a status symbol and provide a professional and smart look to an adult. The demand for luxury watches has been rising with the increasing fashion trends, and they are often counted as a style statement. Due to digitization, various bloggers, vloggers, YouTubers, and other social media influencers are increasing the demand for luxury watches. Increasing disposable income With an increasing disposable income, consumers have increased their spending power and shown substantial growth in the luxury watch market. Luxury accessories, mainly luxury watches, are referred to as a style statement and give an aesthetic appeal to the attire. Moreover, the luxury watches market share has increased over time due to urbanization; people have started working in the corporate sector. Thus, luxury watches add a professional and sophisticated look to those working at the C level. Therefore, the luxury watch market will continue to improve in the forecast period from 2022 to 2030. Product Segmental Analysis Based on Product, the global luxury watches market is classified into Mechanical, Quartz, and others. The mechanical watches segment is projected to show growth in the forecast period from 2022 to 2030. Due to the increasing strength of high-end watches, respondents’ positive outlook towards mechanical watches and increasing demand for luxury watches and accessories have contributed to the market share of the global luxury watches market. Moreover, luxury watch brands have proactively developed strategies to address market trends, design different formulas for consumer needs, and target younger consumers in the future to increase the sales of luxury watches. Gender Segmental Analysis Based on Gender, the global luxury watches market is bifurcated into women’s and men’s. The women’s luxury watches segment has captured the largest market share. Owing to emerging fashion trends and demand inclined towards luxury watches. Additionally, with increasing social media influencers, bloggers create videos based on fashion trends where they promote luxury accessories and dresses to provide a trendy and stylish look. Nowadays, various YouTuber influencers make review videos of luxury accessories, influencing customers to buy luxury watches. Distribution Channel Segmental Analysis Based on the Distribution Channel, the global luxury watches market is classified into online, departmental stores, exclusive branded showrooms, and specialist retailers. The online segment is driving the highest growth of luxury watches globally. Due to increasing e-boutiques, various luxury brands sell luxury watches online with exclusive discounts and provide free home delivery and special offers during the festive seasons. Hence, it will increase the growth of the global luxury watches market. Region Segmental Analysis Based on geography, the global luxury watches market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The European region has dominated the luxury watches market. This is due to rising technology, increasing disposable income, and growing demand for premium products. Additionally, the Asia Pacific is the second-largest market for luxury watches in the forecast period from 2022-2030. Competitor Analysis Companies such as Audemars Piguet, Cie Fianciere Richemont, Dolce & Gabbana, Citizen, Dinh Van, Hennessy Louis Vuitton SA, Giorgio Armani, LVMH Moet, Richard Mille, Movado, Rolex SA, Swatch Group Ltd., and others are prominent players in the global luxury watches market.Key Stakeholders
- Market research and consulting firms
- Industry associations
- Global Luxury Watches manufacturing companies
- Research organizations and consulting companies
- Organizations, associations, and alliances related to Luxury Watches
- Regulatory bodies
- Retailer
- Suppliers
Recent Development
- In April 2021, Hermes unveiled the Hermes H08 New Men’s Watch Collection. There are five unique 39 mm references in the collection. Four pieces are made of titanium, while one is made of a graphene-filled composite casing. The original cushion-sharped collection had a sporting-inspired design that combined taut and flowing lines with a softened-edge case framing the circular dials.
- PETA had long campaigned for using animal skin in watch straps to be banned by November 2020. Because of this, the manufacturer provided a vast assortment of straps to customize the MY BOYFRIEND watch. A high-precision quartz movement is placed in the new watch’s casing, which has a bezel encrusted with 62 brilliant-cut diamonds.
Scope of the Report
| Report Attribute | Details |
|---|---|
| Market Size Value in 2021 | USD million |
| The revenue forecast in 2028 | USD 51,317.5 million |
| Growth Rate | CAGR of 4.52 % from 2022 to 2028. |
| Historical data | 2017 – 2020 |
| Base Year | 2021 |
| Forecast period | 2022 – 2028 |
| Region covered | North America, Europe, Asia-Pacific, South America, and Middle East & Africa |
| Key companies Profiled | The Companies include Audemars Piguet, Cie Fianciere Richemont, Dolce & Gabbana, Citizen, Dinh Van, Hennessy Louis Vuitton SA, Giorgio Armani, LVMH Moet, Richard Mille, Movado, Rolex SA, Swatch Group Ltd., and others are prominent players in the global luxury watches market. |
The objective of the Research
- Market modeling starts with identifying a target market where historical data exists. A Market can include prediction problems, economic factors, analyzing customer behavior, and identifying new patterns from past events, which helps our client to have deep dive into the market.
- Product analysis involves steps such as examining product features, costs, availability, quality, and other aspects. Product analysis is conducted to understand potential buyers and measure competition in the market.
- Market Trend and Economic Factors Analysis helps in assessing potential changes to an economy’s inflation rate, taxes, interest rates, exchange rates, trading regulations, and excise duties that can or have a major effect on the target market.
- Market Segmental Analysis defines in-depth scenario of the target market by the process of grouping consumers into naturally existing created segments of consumers who share similar product preferences or characteristics
- The geographical mapping approach helps our clients to understand national or international markets because different consumers in different regions have different needs wants, and cultural characteristics that can be specifically targeted.
Market Modelling
By Product Type- Mechanical
- Quartz
- Others
- Women’s luxury watches
- Men’s luxury watches
- Online
- Departmental Store
- Exclusive branded showroom
- Specialist Retailers
- Europe
- North America
- Asia Pacific
- South America
- Middle East & Africa
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Report Content
- Research Strategic Development
1.1. Market Modelling
1.2. Product Analysis
1.3. Market Trend and Economic Factors Analysis
1.4. Market Segmental Analysis
1.5. Geographical Mapping
1.6. Country Wise Segregation
- Research Methodology
2.1. Identification of Target Market
2.2. Data Acquisition
2.3. Refining of Data/ Data Transformations
2.4. Data Validation through Primary Techniques
2.5. Exploratory Data Analysis
2.6. Graphical Techniques/Analysis
2.7. Quantitative Techniques/Analysis
2.8. Visual Result/Presentation
- Executive Summary
- Market Insights
4.1. Supply Chain Analysis
4.2. Economic Factor Analysis
4.2.1. Drivers
4.2.2. Trends
4.2.3. Opportunities
4.2.4. Challenges
4.3. Technological Landscape
4.4. Competitors & Product Analysis
4.5. Regulatory Framework
4.6. Company market share analysis, 2022
4.7. Porter’s Five forces analysis
4.8. Price point analysis
4.9. New Investment Analysis
4.10. PESTEL Analysis
- Global Luxury watches Market, 2017-2030
5.1. Market size & Forecast, 2017-2030
5.1.1. Demand
5.1.1.1. By Value (USD Billion)
5.1.2. Consumption
5.1.2.1. By Volume (Billion Units)
5.2. Market Share & Forecast, 2017-2030
5.2.1. By Product Type
5.2.1.1. Mechanical
5.2.1.2. Quartz
5.2.1.3. Others
5.2.2. By Gender
5.2.2.1. Women’s luxury watches
5.2.2.2. Men’s luxury watches
5.2.3. By Distribution
5.2.3.1. Online
5.2.3.2. Departmental Store
5.2.3.3. Exclusive branded showroom
5.2.3.4. Specialist Retailers
5.2.4. By Region
5.2.4.1. North America
5.2.4.2. Europe
5.2.4.3. Asia Pacific
5.2.4.4. The Middle East & Africa
5.2.4.5. South America
- North America Luxury watches Market, 2017-2030
6.1. North America Luxury watches Market size & Forecast, 2017-2030
6.1.1. Demand
6.1.1.1. By Value (USD Billion)
6.1.2. Consumption
6.1.2.1. By Volume (Billion Units)
6.2. North America Luxury watches Market Share & Forecast, 2017-2030
6.2.1. By Product Type
6.2.1.1. Mechanical
6.2.1.2. Quartz
6.2.1.3. Others
6.2.2. By Gender
6.2.2.1. Women’s luxury watches
6.2.2.2. Men’s luxury watches
6.2.3. By Distribution
6.2.3.1. Online
6.2.3.2. Departmental Store
6.2.3.3. Exclusive branded showroom
6.2.3.4. Specialist Retailers
6.2.4. By Country
6.2.4.1. U.S
6.2.4.2. Canada
6.2.4.3. Mexico
6.2.5. By Price Point Analysis
6.2.6. Company Market Share (Top 3-5)
6.2.7. Manufacturer & Distributor List (Top 5)
6.2.8. Economic Impact Study on North America Luxury watches Market
- Europe Luxury watches Market, 2017-2030
7.1. Europe Luxury watches Market size & Forecast, 2017-2030
7.1.1. Demand
7.1.1.1. By Value (USD Billion)
7.1.2. Consumption
7.1.2.1. By Volume (Billion Units)
7.2. Europe Luxury watches Market Share & Forecast, 2017-2030
7.2.1. By Product Type
7.2.1.1. Mechanical
7.2.1.2. Quartz
7.2.1.3. Others
7.2.2. By Gender
7.2.2.1. Women’s luxury watches
7.2.2.2. Men’s luxury watches
7.2.3. By Distribution
7.2.3.1. Online
7.2.3.2. Departmental Store
7.2.3.3. Exclusive branded showroom
7.2.3.4. Specialist Retailers
7.2.4. By Country
7.2.4.1. Germany
7.2.4.2. UK
7.2.4.3. France
7.2.4.4. Italy
7.2.4.5. Rest of Europe
7.2.5. By Price Point Analysis
7.2.6. Company Market Share (Top 3-5)
7.2.7. Manufacturer & Distributor List (Top 5)
7.2.8. Economic Impact Study on Europe Luxury watches Market
- Asia Pacific Luxury watches Market, 2017-2030
8.1. Asia Pacific Luxury watches Market size & Forecast, 2017-2030
8.1.1. Demand
8.1.1.1. By Value (USD Billion)
8.1.2. Consumption
8.1.2.1. By Volume (Billion Units)
8.2. Asia Pacific Luxury watches Market Share & Forecast, 2017-2030
8.2.1. By Product Type
8.2.1.1. Mechanical
8.2.1.2. Quartz
8.2.1.3. Others
8.2.2. By Gender
8.2.2.1. Women’s luxury watches
8.2.2.2. Men’s luxury watches
8.2.3. By Distribution
8.2.3.1. Online
8.2.3.2. Departmental Store
8.2.3.3. Exclusive branded showroom
8.2.3.4. Specialist Retailers
8.2.4. By Country
8.2.4.1. China
8.2.4.2. India
8.2.4.3. Japan
8.2.4.4. Australia
8.2.4.5. Rest of Asia pacific
8.2.5. By Price Point Analysis
8.2.6. Company Market Share (Top 3-5)
8.2.7. Manufacturer & Distributor List (Top 5)
8.2.8. Economic Impact Study on Asia-Pacific Luxury watches Market
- The Middle East & Africa Luxury watches Market, 2017-2030
9.1. The Middle East & Africa Luxury watches Market size & Forecast, 2017-2030
9.1.1. Demand
9.1.1.1. By Value (USD Billion)
9.1.2. Consumption
9.1.2.1. By Volume (Billion Units)
9.2. The Middle East & Africa Luxury watches Market Share & Forecast, 2017-2030
9.2.1. By Product Type
9.2.1.1. Mechanical
9.2.1.2. Quartz
9.2.1.3. Others
9.2.2. By Gender
9.2.2.1. Women’s luxury watches
9.2.2.2. Men’s luxury watches
9.2.3. By Distribution
9.2.3.1. Online
9.2.3.2. Departmental Store
9.2.3.3. Exclusive branded showroom
9.2.3.4. Specialist Retailers
9.2.4. By Country
9.2.4.1. Saudi Arabia
9.2.4.2. UAE
9.2.4.3. South Africa
9.2.4.4. Rest of The Middle East & Africa
9.2.5. By Price Point Analysis
9.2.6. Company Market Share (Top 3-5)
9.2.7. Manufacturer & Distributor List (Top 5)
9.2.8. Economic Impact Study on The Middle East & Africa Luxury watches Market
- South America Luxury watches Market, 2017-2030
10.1. South America Luxury watches Market size & Forecast, 2017-2030
10.1.1. Demand
10.1.1.1. By Value (USD Billion)
10.1.2. Consumption
10.1.2.1. By Volume (Billion Units)
10.2. South America Luxury watches Market Share & Forecast, 2017-2030
10.2.1. By Product Type
10.2.1.1. Mechanical
10.2.1.2. Quartz
10.2.1.3. Others
10.2.2. By Gender
10.2.2.1. Women’s luxury watches
10.2.2.2. Men’s luxury watches
10.2.3. By Distribution
10.2.3.1. Online
10.2.3.2. Departmental Store
10.2.3.3. Exclusive branded showroom
10.2.3.4. Specialist Retailers
10.2.4. By Country
10.2.4.1. Brazil
10.2.4.2. Argentina
10.2.4.3. Rest of South America
10.2.5. By Price Point Analysis
10.2.6. Company Market Share (Top 3-5)
10.2.7. Manufacturer & Distributor List (Top 5)
10.2.8. Economic Impact Study on South America Luxury watches Market
- Competitor Analysis
11.1. Company Description
11.2. Financial Analysis
11.3. Key Products
11.4. Key Management Personnel
11.5. Contact Address
11.6. SWOT Analysis
11.7. Company profile
11.7.1. Audemars Piguet
11.7.2. Cie Fianciere Richemont SA
11.7.3. Citizenx
11.7.4. Dinh Van
11.7.5. Dolce & Gabbana
11.7.6. Giorgio Armani
11.7.7. Hennessy Louis Vuitton SA
11.7.8. LVMH Moet
11.7.9. Movado
11.7.10. Richard Mille
11.7.11. Rolex SA
11.7.12. Swatch Group Ltd
11.7.13. Other players
Frequently Asked Questions (FAQ):
Luxury watches are luxurious accessories for adults considered a status symbol. Luxury watches are mainly worn due to their technical features and precision to the millisecond. Due to the advanced technology, pricing, design, texture, and quality, it is considered a luxurious item.
The luxury watches are not” BUDGET FRIENDLY” items. Due to the frequent changes in customers’ taste for the watches, whether it is design, material, durability, or any other, it miserly affects the market to work on a single segment, which may cause the customer deviation.
Watches, mainly mechanical, quartz, and others, are available in the market. Also, to increase the market share, manufacturers are integrating luxury watches with smartwatches and features like e-straps, Android/IOS, and classic watches with smart functions that will propel the growth of global luxury watches in the forecast period.
The COVID-19 watch market was majorly affected by COVID-19. In America and other major countries in Europe and Asia, which were the major consumers of luxury watches, the market has decreased demand and slowed growth because of various restrictions imposed by the government on movements and cautious spending habits of people.
The European region is expected to have the largest share in the global luxury watches market. Whereas Asia-Pacific is the second-largest market for luxury watches in the forecast period.
The global luxury watches market is expected to reach USD 51317.5 million with a CAGR of 4.52 % from 2022 to 2028.
