Consumer Goods & Retail

Global Luxury Watches Market

March 9, 2020
ID: SR/CG-19
Format:Pdf
Pages:220

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 2020-2027.

Description

Global Luxury Watches Market Overview:

The global luxury watches market was valued at USD million, and it is expected to reach USD 51,317.5 million with a CAGR of 4.52% during the forecast period of 2022-2028.

Luxury watches are a luxurious accessory for adults, which are considered as a status symbol. Due to advance technology, pricing, design, texture, and quality, it is considered as a luxurious item. The significant attributes of luxury watches are its precision, elegance, and convenience, which purely provide an aesthetic look. Most of the time, luxury watches mainly wore due to its technical features and its precision to the millisecond. There are various luxury watches brand available in the market that helps in attracting the customers with its unique features and different market strategy to capture the more significant market segment.

The global Luxury Watches market projected to grow at a substantial CAGR in the future. The luxury watches segment is emerging due to increasing awareness of social media, television, online, and various offline channel. Moreover, growing e-boutiques 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 in it, which shows unique features in watches that make it a smart luxury watch. Along with it, the brand ambassadors are promoting watches on television and bloggers promoting through ads or making videos on Instagram and Facebook that helps in increasing 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, classic watches with smart functions that are going to propel the growth of global luxury watches market in the forecast period.

Growth Driver

Increasing fashion trends

Luxury watches are considered as 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 contributing to increasing the demand for luxury watches.

Increasing disposable income

With an increasing disposable income of the consumers have increased their spending power and hence shows 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, luxury watches market share has increased over some time due to urbanization; people have started working in the corporate sector. Thus, luxury watches add a professional and sophisticated look to the people who are working at the C level. Therefore, the luxury watches market will continue to improve in the forecast period from 2020-2027.

Product Segmental Analysis

Based on Product, the global luxury watches market classified into Mechanical, Quartz, and others. The mechanical watches segment projected to show growth in the forecast period from 2020-2027. 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 watches brand has proactively developed strategies to address market trends, design different formula 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 bifurcated into women’s luxury watches and men’s luxury watches. The women’s luxury watches segment had captured the larger market share. Owing to, emerging fashion trends and demand inclined towards luxury watches. Additionally, with increasing social media influencers, bloggers are creating videos based on fashion trends where they promote luxury accessories along with their dresses to provide a trendy and stylish look.

Nowadays, various YouTuber influencers make review videos of luxury accessories, which also influence the customer to buy luxury watches.

Distribution Channel Segmental Analysis

Based on Distribution Channel, the global luxury watches market classified into online, departmental store, exclusive branded showroom, and specialist retailers. The online segment is driving the highest growth of luxury watches in the global market. Due to increasing e-boutiques, various luxury brands selling luxury watches online with exclusive discounts and provide free home delivery and special offers during festive seasons. Hence increase the growth of the global luxury watches market.

Region Segmental Analysis

Based on geography, the global luxury watches market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The European region has dominated the luxury watches market. It is owing to rising technology, increasing disposable income, and growing demand for premium quality products. Additionally, the Asia Pacific is the second-largest market for luxury watches in the forecast period from 2020-2027.

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 the use of 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

By Gender

Women’s luxury watches
Men’s luxury watches

By Distribution Channel

Online
Departmental Store
Exclusive branded showroom
Specialist Retailers

By Region

Europe
North America
Asia Pacific
South America
Middle East & Africa

Table Of Contents

Methodology

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Frequently Asked Questions (FAQ):

What are luxury watches?

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.

What affects the global luxury watches market?

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.

What are the types of luxury watches available in the market?

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.

What are the impacts of covid-19 on the luxury watches market?

The luxury watches market was majorly affected by covid-19. America and other major countries in Europe and Asia, which were the major consumers of luxury watches, the market has decreased demand and slowed the growth because of various restrictions imposed by the government on movements and cautious spending habits of people.

Which region is expected to have the largest share in the global luxury watches market?

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.

What is the growth rate of global luxury watches during the forecast period 2022-2028?

The global luxury watches market is expected to reach USD 51317.5 million with a CAGR of 4.52 % from 2022-to 2028.

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Global Luxury Watches Market

Global Luxury Watches Market Overview:

Growth Driver

Increasing fashion trends

Increasing disposable income

Product Segmental Analysis

Gender Segmental Analysis

Distribution Channel Segmental Analysis

Region Segmental Analysis

Competitor Analysis

Key Stakeholders

Recent Development

Scope of the Report

The objective of the Research

Market Modelling

Report Content

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