Luxury watch is a type of an exclusive high-end watch which has better quality of products and immaculate methods used in the production process for the same. Various inventive methods of advertising in combination with advanced products presented by the producers have resulted in the soaring demand for the product. These watches are minimally an upgradation over the traditional conventional watches, with highly developed features and characteristics which results in its high value.
The rising preference for using luxury watches as a status symbol amongst adults is one of the primary factors driving the luxury watch market growth rate. Moreover, the emerging fashion trends amongst the population which is also highly fueling the growth of the luxury watch market in the forecast period of 2021 to 2027.
Global Luxury watch market is expected to grow at a compound annual growth rate of +4% for the forecast period of 2021 to 2027.
Also, the market is largely driven by the e – commerce increasing market. Also, the increasing per capita income is also highly impacting the growth of the luxury watch market. While, the growing focus of manufacturers on introducing innovative products and rapidly shifting trend from conventional to golden and diamond watches are also one of the major factors driving the growth of the luxury watch market in the above-mentioned forecast period. Likewise, the blend of traditional and modern style of watches has led to the increase in demand for luxury watches. Furthermore, watches with the smart technology are also largely propelling the growth rate of the market. In addition, the increasing demand for premium quality luxury watches in developing regions as well as the new product launches by various companies will further bring various opportunities that will lead to the growth of the luxury watch market in the above-mentioned forecast period.
Market Key Player
Rolex SA; A. Lange & Söhne; Apple Inc.; The Swatch Group Ltd; Bernard Watch Co.; FOSSIL GROUP, INC.; CITIZEN WATCH COMPANY OF AMERICA, INC.; Seiko Watch Corporation.
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Rising Demand for Luxury Goods
The preference for luxury goods, including watches, mostly among men, has created a surge in the Swiss watch industry. Although the luxury market for watches is mature, any brand may experience sudden growth. The increase in brand awareness, the influence of the western world, and the inherent need for exclusivity are some of the factors that contribute to the increased demand for luxury watches. Switzerland continues to be a worldwide leader in watch production, backed by the strength of its luxury watch business. In Asia, Japan and Singapore are the key markets for Swiss watches. Garmin expanded its presence in India by launching its premium luxury watch collection, called the Marq. There are preloaded features in these watches, such as built-in storage for music, Garmin Pay integration, smart notifications, and daily activity tracking.
Global Luxury Watch Market Segmentation
- Analogue Watch
- Digital Watch
By End User
By Distribution Channel
- Offline Retail Stores
- Online Retail Stores
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- North America;
- Asia Pacific;
- Central & South America;
- Middle East & Africa
- In April 2021, Hermes launched New Men’s Watch Collection Hermes H08 The collection has five distinct 39 mm references. Four in titanium and one-piece with a graphene-filled composite case. The original cushion-shaped collection had a sporting-inspired design that mingles taut and flowing lines, while the circular dials are framed by a case with softened edges.
- In January 2021, LVMH Moet Hennessy Louis Vuitton SE announced that it completed the acquisition of Tiffany & Co., a global luxury jeweler. The acquisition of this iconic US jeweler will deeply transform LVMH’s Watches and Jewelry division and complement LVMH’s 75 distinguished Maisons.
Table of Contents:
Chapter 1: Global Luxury Watch Market Overview
Chapter 2: Market Data Analysis
Chapter 3: Technical Data Analysis
Chapter 4: Government Policy and News
Chapter 5: Global Luxury Watch Market Manufacturing Process
and Cost Structure
Chapter 6: Productions Supply Sales Demand Market Status and Forecast
Chapter 7: Key Manufacturers
Chapter 8: Up and Down Stream Industry Analysis Art Supplies
Chapter 9: Marketing Strategy
Chapter 10: 2021-2027 Luxury Watch Market Development Trend
Chapter 11: New Project Investment Feasibility Analysis
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