Global Luxury Watches Market Scope Report

Global Luxury Watches Market Highlights Over 2023 - 2035

The global luxury watches market is estimated to garner a revenue of USD 37.0 Billion by the end of 2035 by growing at a CAGR of ~4% over the forecast period, i.e., 2023 – 2035. Further, the market generated a revenue of USD 25.0 Billion in the year 2022. The growth of the market can be attributed to the rising disposable income of the people across the globe. According to the United States Bureau of Economic Analysis, the disposable personal income increased by USD 71.3 Billion in September 2022.

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A luxury watch is one that is made of high-quality, premium materials, has advanced and complex movements, and is often (at least partially) handcrafted. Luxury watchmakers go to great lengths to ensure the highest precision, performance, quality, and attention to detail. Simply put, luxury watches go above and beyond during the manufacturing process to ensure a high-quality product. Moreover, they are more expensive owing to the time and effort required to make them, and its parts used in their production.  Therefore, an increasing urbanization is expected to boost the growth of the global luxury watches market. As per the World Bank, nearly 55 per cent of the total population lives in urban areas worldwide, and the number of people residing in urban cities will increase by 1.5 times, accounting for 6 Billion

Global Luxury Watches Market: Growth Drivers and Challenges

Growth Drivers

• Growing Working Women – Women are more inclined to diamond and gold embedded watches as compared to men. Hence, it is projected to increase the growth of the global luxury watches market. As per the data reported, the women accounted for more than 45 per cent of the total workforce around the world in the year 2022.

• Rising Demand for Consumer Electronic Devices– there has been more than 80 Billion spending on wearable devices by end users in the year 2021.

• Rising Awareness Related to Health Among People– According to the National Library of Medicine, wearable devices help to monitor the patients’ motions during the 24 hours that provide opportunities for chronic disease research.

• Surging Adoption of Social Media for Promotion – There are more than 4 Billion social media users around the globe.

Challenges

• High Cost for the Manufacturing of Luxury Watches

• Availability of Fraudulent Luxury Watches

• High Final Prices of the Product

The global luxury watches market is segmented and analyzed for demand and supply by distribution channel into online, and offline. Out of these, the online segment is anticipated to hold the largest share over the forecast period owing to the rising adoption of e-commerce platforms for the purchase of goods and services among the consumers. For instance, there were more than 2 Billion digital buyers worldwide in the year 2021.

Global Luxury Watches Market Regional Synopsis

Regionally, the global luxury watches market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in the North America region is projected to hold the largest market share by the end of 2035 on the back of the rising younger generation wants to be up to date on new technology, and luxury watches are a popular concept among them. Moreover, an increasing population’s expenditure on a higher standard of living is further expected to boost the growth of the market in the region. As per the World Bank, North America’s final consumption expenditure has been raised to USD 18,442,815.7 in the year 2020.

Market Segmentation

Our in-depth analysis of the global luxury watches market includes the following segments:

Key Companies Dominating the Global Luxury Watches Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global luxury watches market that are included in our report are Casio Computer Co., Ltd, Seiko Watch Corporation, Patek Philippe SA, The Swatch Group Ltd, Movado Group, Inc., Rolex SA, Hermes International, Nettletons Jewellers, Citizen Watch Company, Inc., Fossil Group, Inc., and others.

Global Luxury Watches Market: Latest Developments

• September, 2022: Seiko Watch Corporation announced a new grand Seiko company to accelerate the growth of brand in the Asia Pacific region.

• April, 2022: Patek Philippe SA announced its first watch chronograph for tenths-of-a-second short time measurements with a new very precise high performance movement.

Key Reasons to Buy Our Report

• The report covers detailed analysis comprising market share attained by each market segment and its sub-segments.

• It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis and challenges that impact the market growth.

• The report includes detailed company profiles of the major players dominating the market.

• We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.

• We provide customized reports as per the clients’ requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal.   

Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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