New York, United States, Jan. 22, 2024 (GLOBE NEWSWIRE) -- The Global Luxury Watch Market Size is to Grow from USD 40.7 Billion in 2022 to USD 63.6 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 4.5% during the projected period.
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A luxury watch is a timepiece that is distinguished by its exceptional craftsmanship, precision, and aesthetic appeal. Because they are handcrafted by renowned watchmakers with a track record of excellence, luxury watches are frequently regarded as more than just functional accessories. These timepieces are meticulously made from the highest-quality materials, such as precious metals, sapphire crystals, and intricate dials. Luxury timepieces provide more than just accurate timing; they also convey a sense of exclusivity and status. Many luxuries watch brands have a long history, which adds to their attraction and worth. These timepieces frequently feature complicated mechanisms such as tourbillons, perpetual calendars, and chronographs, demonstrating the highest standard of watchmaking innovation. The attention to detail, from complex dial designs to hand-engraved movements, demonstrates the mastery passed down through generations. It also serves as a status symbol. A finely crafted timepiece from a well-known brand represents success, preferences, and sophistication. However, a misspelled name or inappropriate branding could indicate a counterfeit product. It is critical that all watch components are made of high-quality materials such as gold and diamonds. The components could also be made of low-cost materials such as plastic. As a result, they appear low-quality and contradictory to the standards for premium timepieces.
COVID-19 Impact
The demand for expensive timepieces skyrocketed during the Covid-19 outbreak. Luxury watches sales have risen dramatically in the last year, both new and used, and this trend is expected to continue. As a result of the rising demand, all prices have risen. As a result, the pandemic had a mixed impact on the luxury watch market, as the second-hand market expanded while supply chain constraints hampered market growth.
Browse key industry insights spread across 200 pages with 120 market data tables and figures & charts from the report on the "Global Luxury Watch Market Size, Share, and COVID-19 Impact Analysis, By Product (Analog, Digital), By Distribution Channel (Offline, Online), By End-User (Men, Women, Unisex) and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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The analog segment is expected to hold the largest share of the global luxury watch market during the forecast period.
Based on the product type, the global luxury watch market is classified into analog and digital. Among these, the analog segment is expected to hold the largest share of the luxury watch market during the forecast period. Analog watches have a timeless appeal that appeals to a wide range of consumers, regardless of age or style preferences. Their classic design, which includes hour and minute hands as well as numerals or markers, appeals to those who appreciate the elegance of classic timekeeping. Furthermore, analog watches frequently come in a variety of styles, materials, and price points, making them appealing to a wide range of consumers. Because of their versatility, analog watches can be worn for both formal and casual occasions, fueling market growth over the forecast period.
The offline segment is witnessing significant CAGR growth over the forecast period.
Based on the distribution channel, the luxury watch market is segmented into online and offline. Among these, the offline segment is dominating the market with the largest revenue share over the forecast period. The increased consumer desire to purchase high-end products through retail outlets is the primary factor driving the market's expansion. Furthermore, customers can now easily understand the precise dimensions and weight of a product when purchasing it through offline channels such as supermarkets, convenience stores, and company-owned retail outlets
The women segment is witnessing significant CAGR growth over the forecast period.
Based on end-user, the global luxury watch market is segmented into men, women and unisex. Among these, the women segment is witnessing significant CAGR growth over the forecast period. Watches have transformed significantly from mere timepieces to fashion statements and expressions of individual style. This evolution has benefited women's watches, which now come in a plethora of designs, colors, materials, and sizes that suit a wide range of fashion preferences. Women can curate their appearance and accessorize based on their personal preferences, making watches an important part of their outfit.
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Asia Pacific dominates the market with the largest market share over the forecast period.
Asia Pacific is dominating the market share over the forecast period. Consumer behavior changes and increased disposable income, particularly in major nations such as China, India, and Japan, have fuelled Asia Pacific market growth. Global luxury brands are expanding into Japan, China, and India because they see the market's potential. China is the region's greatest market for luxury watches due to its high-net-worth population. As a result, Asia Pacific generated the largest market revenue.
The increased income levels, the presence of a large number of millionaires and billionaires, and the presence of global giants such as Audemars Piguet, Rolex, Lange & Söhne, Panerai, and others, the Europe market is predicted to develop at fastest CAGR throughout the forecast period.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Luxury Watch market include Apple Inc., The Swatch Group Ltd, Audemars Piguet Holding S.A., Fossil Group, Inc., Citizen Watch Company of America, Inc., Seiko Watch Corporation, Compagnie Financiere Richemont SA, LVMH Moet Hennessy -Louis Vuitton, Movado Group Inc., Ralph Lauren Corp. and among others.
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Recent Market Developments
- In January 2023, The Spirate System, which contains a groundbreaking new patent-pending spiral permitting ultra-fine rate adjustments, was used to fine-tune OMEGA's latest Speedmaster. OMEGA may now attain certified precision of only 0/+2 seconds per day because to this one-of-a-kind technology.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2022 to 2032. Spherical Insights has segmented the global luxury watch market based on the below-mentioned segments:
Luxury Watch Market, Product Analysis
- Analog
- Digital
Luxury Watch Market, Distribution Channel Analysis
- Offline
- Online
Luxury Watch Market, End-User Analysis
- Men
- Women
- Unisex
Luxury Watch Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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