Market Overview:
Luxury Watch Market Size Was Valued at USD 46.28 Billion in 2022, and is Projected to Reach USD 64.27 Billion by 2030, Growing at a CAGR of 4.19% From 2023-2030.
Luxury watches are watches that are regarded as high-end products in the minds of consumers due to their high price, class, aesthetics, scarcity, exceptionality, and a high degree of non-functional relations. Additionally, it denotes a status symbol for individuals. Limited availability, social distinction, exclusivity, exceptional quality, and a high price are typical characteristics of luxury watches. High-net-worth individuals are becoming more prevalent, and disposable income is increasing. The global market for luxury watches is expected to grow as a result of consumer spending on high-quality goods during the forecast period.
Top Key Players Covered In The Luxury Watch Market:
- CASIO Computer Co. Ltd. (Japan)
- Citizen Watch Co. Ltd. (Japan)
- Compagnie Financière Richemont SA (Switzerland)
- Fossil Group Inc. (U.S.)
- LVMH Moet Hennessy -Louis Vuitton (France)
- Movado Group Inc. (U.S.)
- Patek Philippe SA (Switzerland)
- Rolex SA (Switzerland)
- Seiko Holdings Corp (Japan)
- The Swatch Group Ltd. (Switzerland) and other Major Players.
Market Dynamics and Factors:
Growing Brand Awareness is driving the luxury watch market. Men and women both tend to favor luxury goods, including watches. The rising demand for luxury watches is influenced by several factors, including growing brand awareness, Western influences, and the innate desire for dominance. Gold watches with diamonds are more popular with women. Therefore, many luxury watches makers focus on making golf or diamond watches. The growing number of working women is primarily attributable to the growth of the luxury watches market during the forecast period 2023- 2030.
Technology and quality improvements are expected to drive the luxury watch market in the future. Connecting smartphones and smart watches via Bluetooth, GPS, a distance tracker, and a health tracker is likely to continue to be some of the most attractive features. The smartwatch market has also been driven by the widespread use of electronics worldwide. Global adoption of smartphones and the internet has increased demand for luxury watches. Additionally, a variety of services and alluring discounts offered by luxury watch retailers on e-commerce platforms, including free shipping, simple exchange, and return policies, price comparison tools, and home delivery, will open up a wealth of opportunities for the industry's expansion in the coming years.
Luxury Watch Market Report Highlight:
- By type, the mechanical segment is anticipated to lead the growth of the Luxury Watch market in the forecasted timeframe. Mechanical watches are highly sought after by luxury watch collectors due to their advanced craftsmanship. They were first developed in the 16th century, and their design hasn't varied much over the centuries, making them all the more appealing.
- By Distribution Channel, the online store segment is expected to have the highest share of the Luxury Watch market over the projected period. Due to advantageous value-added services like cash-on-delivery, an easy return option, secure transactions, and integrated and centralized customer services, consumers prefer to buy premium products through online channels.
- By Application, the men segment is set to develop at the highest CAGR during the forecasted timeframe. Because men tend to be attracted to purchasing and wearing a luxury watch, as it also brings them confidence aside from elevating their looks.
- The North American region is expected to have the highest share of the Luxury Watch market over the projected period. Due to in developing countries like China and Japan, due to changing consumer behavior and rising disposable income.
Key Industry Development:
In February 2023, LVMH acquired TAG Heuer, the luxury giant expands its watch portfolio with the purchase of TAG Heuer, aiming to leverage its digital expertise and marketing prowess to revitalize the brand. (Feb 10th)
In February 2023, Omega launched the Speedmaster MoonSwatch, a colorful and affordable Speedmaster replica, aimed at a younger generation, sparks frenzy among collectors and casual watch enthusiasts. (Feb 25th)
Luxury Watch Market Segmentation:
By Type
- Mechanical Watch
- Electronic Watch
By Distribution Channel
- Online Store
- Single Brand Store
- Multi Brand Store
By Application
- Men
- Women
For this report, Introspective Market Research has segmented the Luxury Watch Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)
North America
- The U.S.
- Canada
- Mexico
Eastern Europe
- Russia
- Bulgaria
- The Czech Republic
- Hungary
- Poland
- Romania
- Rest of Eastern Europe
Western Europe
- Germany
- UK
- France
- Netherlands
- Italy
- Spain
- Rest of Western Europe
Asia Pacific
- China
- India
- Japan
- Singapore
- Australia
- New-Zealand
- Rest of APAC
Middle East & Africa
- Turkey
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
South America
- Brazil
- Argentina
- Rest of SA
