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The global luxury watch market reached a value of US$ 26.3 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 32.3 Billion by 2027, exhibiting a CAGR of 3.4% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
Luxury watches are high-quality and premium-priced accessories manufactured by skilled craftsmen. They are made using precious metals, such as gold, silver, and platinum, and ornamented with jewels like rubies and diamonds. They are worn on the wrist to add a sophisticated and elegant look to people’s style and personality. As they are exclusive, expensive, and not mass-produced, they can easily be differentiated from their affordable counterparts on account of their durability and uniqueness. At present, improving living standards and inflating disposable incomes are driving the demand for luxury watches around the world.
The emerging trend of adopting premium fashion as a status symbol represents one of the key factors positively influencing the demand for handcrafted luxury watches worldwide. Moreover, the growing participation of individuals in professional scuba diving is driving the need for specialized, high-end watches. These watches are designed with diver-friendly features, such as waterproof and corrosion resistance, which can function in the ocean water. Apart from this, the growing complexity of aviation is catalyzing the adoption of custom-made pilot luxury watches to assist with mid-flight aeronautical calculations, such as wind correction angle and fuel consumption. Furthermore, the easy availability of luxury watches in unique materials, dial colors, strap designs, and themes is contributing to the market growth. Besides this, several market players are offering secondhand luxury watches at discounted prices through online stores. This, in confluence with the rising popularity of pre-owned luxury items, especially among the young population, on account of their affordability and accessibility is impelling the market growth. Additionally, these players are investing in promotional activities like celebrity endorsements to attract a large consumer base.
IMARC Group provides an analysis of the key trends in each sub-segment of the global luxury watch market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on type, end user and distribution channel.
Breakup by Type:
Breakup by End User:
Breakup by Distribution Channel:
Breakup by Region:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Apple Inc., Breitling SA, Casio Computer Co. Ltd., Citizen Watch Co. Ltd., Compagnie Financière Richemont SA, Fossil Group Inc., Hermès International S.A., Kering, LVMH Moët Hennessy Louis Vuitton, Movado Group Inc., Patek Philippe SA, Rolex SA, Seiko Watch Corporation, The Swatch Group Ltd. and Titan Company Limited.
|Base Year of the Analysis||2021|
|Segment Coverage||Type, End User, Distribution Channel, Region|
|Region Covered||Asia Pacific, Europe, North America, Latin America, Middle East and Africa|
|Countries Covered||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico|
|Companies Covered||Apple Inc., Breitling SA, Casio Computer Co. Ltd., Citizen Watch Co. Ltd., Compagnie Financière Richemont SA, Fossil Group Inc., Hermès International S.A., Kering, LVMH Moët Hennessy Louis Vuitton, Movado Group Inc., Patek Philippe SA, Rolex SA, Seiko Watch Corporation, The Swatch Group Ltd. and Titan Company Limited|
|Customization Scope||10% Free Customization|
|Report Price and Purchase Option||Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
|Post-Sale Analyst Support||10-12 Weeks|
|Delivery Format||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)|
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