Westford, USA, Aug. 02, 2023 (GLOBE NEWSWIRE) -- The global Luxury Watch market size is expected to reach USD 62.12 billion by 2030 and exhibit a CAGR of 5.2% in the forecast period (2023−2030), according to Skyquest's latest research report. The growing aesthetic consciousness, increasing prevalence of obesity and overweight population, advancements in technology and treatment options, rising disposable incomes, expanding beauty and wellness industry, growing demand for non-invasive and minimally invasive procedures, the influence of social media and celebrity culture, improving safety and efficacy of Luxury Watch, rising focus on personal appearance and self-confidence, increasing awareness about the benefits of body contouring procedures is fueling the market's growth.
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Browse in-depth TOC on "Luxury Watch Market"
- Pages - 157
- Tables - 59
- Figures -77
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A luxury watch is a timepiece that is made with high-quality materials, has a complex movement, and is often (at least partially) hand-made. Luxury watches are often status symbols, and they can be quite expensive. However, they are also prized for their craftsmanship, precision, and beauty.
Prominent Players in Luxury Watch Market
- Audemars Piguet
- Breguet
- Cartier
- Chopard
- Girard-Perregaux
- Jaeger-LeCoultre
- Patek Philippe
- Rolex
- IWC Schaffhausen
- Omega
- TAG Heuer
- Vacheron Constantin
- Lange & Sohne
- Blancpain
- Bvlgari
- Hermès
- Montblanc
- Panerai
- Zenith
Report Scope & Segmentation:
| Attributes | Details |
| Forecast Period | 2023-2030 |
| Market Size in 2022 | 41.41 Billion |
| 2030 Value Projection | 62.12 Billion |
| CAGR | 5.2% |
| Segments Covered |
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| Regions Covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
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Quartz movement Demand to Grow Substantially in the Forecast Period
Quartz movement dominated the global online market as they have exceptional accuracy, as they rely on a battery-operated quartz crystal to regulate the timekeeping. Compared to mechanical watches, quartz movements require less frequent adjustments and are more reliable for precise timekeeping.
Individual Consumer are the Leading Application Segment
In terms of application, individual consumers are the leading segment as these watches are often seen as a reflection of personal style, taste, and social status. Many consumers purchase luxury watches as a statement piece and a symbol of success and achievement.
Europe is the leading Market Due to the Traditional Stronghold
Region-wise, Europe is one of the largest growing markets with a huge traditional stronghold . Switzerland is known for its long-standing heritage in horology, and many renowned luxury watch brands originate from this region. The Swiss-made label is synonymous with high quality and precision, attracting consumers worldwide. Additionally, Europe has a strong luxury retail infrastructure and a long history of watch appreciation, making it a prominent market for luxury watches.
A recent report thoroughly analyzes the major players operating within the Luxury Watch market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavours to develop innovative solutions that cater to the ever-increasing demand for Luxury Watch.
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Key Developments in Luxury Watch Market
- In January 2023, LVMH Moët Hennessy – Louis Vuitton acquired TAG Heuer for $21 billion. This acquisition gives LVMH a leading position in the luxury watch market.
- In February 2023, Kering acquired Girard-Perregaux for €2.1 billion. This acquisition gives Kering a strong foothold in the high-end watch market.
Key Questions Answered in Luxury Watch Market Report
- What specific growth drivers will impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
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