Luxury Watch Market: Global Size, Share, Trends, Growth and Forecast, 2022-2032
The global luxury watch market is valued at US$ 7.8 million in 2021 and is expected to reach US$ 13.8 billion by 2032 registering a CAGR OF 9.3% during the forecast year 2022-2032.
Watches have become an integral of every individual’s life since last few decades. May it be a wall clock or wrist watch, every household and individuals are connected with watches. Luxury watch is an exclusive high-end watch with better quality and is manufactured with some immaculate methods. These watches offer highly developed features those results in its high value. The newly developed ability of artificial intelligence (AI) to evolve the luxury watches is been a massive attraction in the young generation and millennial customers. For instance, a Singapore based start up Emotional Analytics (EMO) uses artificial intelligence to show data from social content and updates into topics of interest by mapping them in smart luxury watches.
In these luxury watches consumers have a strong preference for mainly for Swiss automatic watches, specially used for diving, pilot watches, and dress watches. Luxury brands such as Apple have revolutionized watch making. A great number of consumers are investing in the gadgets that can provide them with a convenience of having a mini-computer available on their wrist. In addition, consumers are welcoming technology-driven discoveries in the digital gadgets section and are enhancing their buying experience.
Wearing luxury watches signifies the status symbol for both men and women. Rising brand preferences for luxury watches among the rich population is resulting in fruitful growth of the global luxury watches market. Moreover an effort to enhance the visual merchandising in hypermarkets and supermarkets to grab customer’s attention is increasing demand for luxury watches since last few years. Generation X’s preference for using luxury watches is also increasing as it is considered as status symbol amongst adults. This is one of the primary factors driving the growth of luxury watch market. In addition, the emerging fashion trends amongst the young population are also fueling the growth of the luxury watch market. Other factor that is driving the market is largely driven by the increasing e-commerce market. Also, the raising per capita income is impacting the luxury watch market growth positively. Growing focus of manufacturers on launching innovative products and rapidly shifting trend from conventional to luxurious golden and diamond watches is also driving the growth of the luxury watch market. Latest trends in the luxury watch market can be seen in watches with the smart technology. Smart luxurious watches are largely propelling the growth rate of the market. Adaption AI powered systems in the smart watches also provide lucrative opportunities for the luxury travel market to grow during the forecast time period.
Development of digital channels by all means has become a new strategy to lure more customers in purchasing of luxury watches. Manufacturers are using social media as an aggressive marketing strategy to promote their new and innovative products under their target population which are millennial mostly. In the luxury watch industry, the demand for specialty women watches is also increasing significantly. It can be observed since last few years women are becoming more interested in upgrading their watches as compared to men. This increase in the demand by women is luring manufacturers to innovate more attractive designs.
Although the market provides numerous growth opportunities, the high price of the luxury products and rapid increase in cost of the production process are the major factors that might hamper the growth of luxury watch market during the forecast time period.
Europe and North America regions lead the luxury watch market. This larger market share is mainly because of the high concentration of buyers who are willing to buy innovative and luxurious products with unique characteristics and brand value. Asia-Pacific region is forecasted to expand at a significant CAGR during the forecast period of 2022 to 2022. Fast growth of the CAGR is mainly because of the changing consumer behavior and rise in the disposable income, particularly in developing countries in the region such as India, Japan and China within the region.
Global Luxury Watch Market is segmented on the basis of type, end user, distribution channel, and region. On the basis of type the market is divided into analogue watch, and digital watch. On the basis of end user the market is bifurcated into men, women, and unisex. On the distribution channel basis the market is analyzed for internet retailing, departmental stores, specialist retailers, exclusive showrooms, and others.
The major players covered in the luxury watch market report are ROLEX SA, RADO WATCH CO. LTD., OMEGA SA, Burberry Limited, Ulysse Nardin, Festina, Richemont, LVMH, KERING, The Swatch Group Ltd, TITAN LTD., Seiko Watch Corporation, and Fossil Group, Inc. Other notable players in the luxury watch market are Apple Inc., CHANEL International B.V., Audemars Piguet, Le Brassus, Chopard, PATEK PHILIPPE SA, Breitling, and Bulgari S.p.A.