The luxury watch market size is expected to see strong growth in the next few years. It will grow to $40.19 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to the increasing urbanization, the rising use of internet and social media platforms and the increasing export of swiss watches. Major trends in the forecast period include technological advancements, introduction of luxury smartwatches, introduction of ai (artificial intelligence), product innovations and strategic partnerships and collaborations.
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Segmentation & Regional Insights
The luxury watch market covered in this report is segmented –
1) By Type: Digital Watch, Analog Watch
2) By Distribution Channel: Online, Single Brand Store, Multi Brand Store
3) By End User: Men, Women, Unisex
Western Europe was the largest region in the luxury watch market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the luxury watch market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The growing consumer preference for high-quality, premium watches in the luxury goods industry is expected to propel the growth of the luxury watch market. Growing consumer preference in the luxury watch market is characterized as the abstract preferences of individual buyers, estimated by their fulfillment with those things after they’ve bought them. This satisfaction is often indicated as a utility. Purchaser worth is not entirely set in stone by how buyer utility thinks about various things. The surge in the luxury watches market is driven due to people’s preference for high-end watches, due to an increase in rising disposable income, and an urge among adults to wear expensive luxury watches as a social statement of their identity, especially in developing countries. For instance, according to the Swiss watch industry federation, 2021 was the best year for the Swiss watch market. The all-out trade worth of Swiss watches for 2021 was CHF 22.3 billion ($24.36 billion), beating the past record-breaking record of CHF 22.25 billion ($ 24.30 billion), which in turn indicates growing consumer preference. Therefore, the growing consumer preference for high-quality, premium watches in the luxury goods industry drives the luxury watches market.
Key Industry Players
Major companies operating in the luxury watch market report are Rolex SA, Apple Inc, Compagnie Financiere Richemont SA, The Swatch Group Ltd, LVMH, Kering Group, Fossil Group Inc, Citizen Watch Co. Ltd, Hermes International SA, Movado Group Inc, Corum, Jaeger-LeCoultre, IWC, Seagull watch, Beijing, Shanghai, FIYTA, Memorigin, Peacock Watches, Longio watches, Tian Wang, Montres NORQAIN SA, Audemars Piguet Holding SA, Bell and Ross, Ethos Watches, Girard-Perregaux SA, Ulysse Nardin SA, Watches of Switzerland, LVMH Moët Hennessy Louis Vuitton, Copernicus Watch SP, Polpora Manufaktura, Tiffany & Co., Vortic, DuFrane, Weiss Watch Company, RGM, VAER, Shinola, Pelton, Kobold, Lange Söhne, International Time Group S. A., SEIKO Watch of America LLC, Audemars Piguet, Omega, Vacheron Constantin, Cartier, Chopard, Hublot, Breitling, Breguet, Franck Muller, Patek Philippe
The luxury watch market report table of contents includes:
1. Executive Summary
2. Luxury Watch Market Characteristics
3. Luxury Watch Market Trends And Strategies
4. Luxury Watch Market – Macro Economic Scenario
5. Global Luxury Watch Market Size and Growth
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32. Global Luxury Watch Market Competitive Benchmarking
33. Global Luxury Watch Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Luxury Watch Market
35. Luxury Watch Market Future Outlook and Potential Analysis
36. Appendix
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