Dublin, Aug. 21, 2023 (GLOBE NEWSWIRE) -- The "Luxury Watch Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The luxury watch market has exhibited remarkable growth, escalating from $30.58 billion in 2022 to an impressive $34.17 billion in 2023, marking a robust Compound Annual Growth Rate (CAGR) of 11.7%.
This substantial growth has been reported despite the challenging backdrop of the Russia-Ukraine war, which has hindered the prospects of a swift global economic recovery from the pandemic's aftermath. These insights are detailed in the latest luxury watch market research report.
The ongoing Russia-Ukraine conflict has instigated economic sanctions on multiple nations, induced fluctuations in commodity prices, and triggered supply chain disruptions. The resulting inflation has reverberated across various sectors and services, leaving a pronounced impact on markets worldwide. Despite these challenges, the luxury watch market is projected to continue its upward trajectory, with an anticipated value of $49.68 billion in 2027, at a commendable CAGR of 9.8%.
Report Overview
The comprehensive luxury watches market research report furnishes an array of statistics and insights essential for thriving in the luxury watches industry. Encompassing global market size, regional shares, competitors' luxury watches market share, detailed market segments, trends, and opportunities, the report presents an in-depth analysis of the present and future industry landscape.
A discernible trend that has gained momentum in the luxury watch market is product innovation. Prominent companies within the sector are diligently focusing on groundbreaking innovations to align with evolving customer preferences. A notable example is Jaeger-Le Coultre, a Swiss luxury watch company, which unveiled the Reverso Hybris Mechanical Calibre 185 during the watch & wonders event in April 2021. This extraordinary timepiece boasts four dials and a staggering 11 complications, including patented features unique to this watch, rendering it an emblem of innovation and craftsmanship.
In another instance of collaboration, Japanese luxury watchmaker Seiko Holdings Corporation joined forces with American brand Rowing Blazers in June 2021. This collaboration resulted in the creation of limited and special edition timepieces, inspired by sport, nostalgia, and travel, catering to a diverse consumer base.
Western Europe emerged as the largest market for luxury watches in 2022, while the Asia-Pacific region is poised to experience the fastest growth during the forecast period. The luxury watch market report encompasses regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The report further delves into the countries contributing significantly to the luxury watch market, including Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
The thriving consumer inclination toward premium watches in the luxury goods sector remains a key driver for the market's expansion. As consumer preferences evolve and buyers seek utility and satisfaction from their purchases, the market is responding by offering high-end watches. This phenomenon is particularly evident in developing countries, where rising disposable income and the desire for luxury watches as status symbols have driven market growth. Notably, the Swiss watch industry experienced its best year in 2021, with growing consumer preferences reflected in record-breaking trade worth.
The luxury watch market encompasses a spectrum of watch categories, including smartwatches, dress watches, quartz watches, field watches, chronograph watches, and Swiss watches. The market value represents revenues generated by enterprises within specified markets and geographies. The value accounts for goods and related services provided by creators of the goods.
Competitive Analysis
Major players in the luxury watch market include Seiko Holdings, Citizen Watch Company of America Inc., LVMH Moet Hennessy - Louis Vuitton, Compagnie Financiere Richemont SA, The Swatch Group Ltd., Audemars Piguet, Richard Mille, CASIO, Computer Co. Ltd., Patek Philippe SA, Bernard Watch Co., Apple Inc., A. Lange & Sohne, Movado Group Inc., and Richard Mille.
The Luxury Watch Global Market Report 2023 equips strategists, marketers, and senior management with critical insights for assessing the market landscape. With strong growth prospects, the report offers guidance on emerging trends that will shape the market over the next decade and beyond.
Reasons to Purchase:
- Gain a comprehensive global perspective with extensive coverage of 50+ geographies.
- Understand the COVID-19 impact on the market and its evolving response.
- Assess the implications of the Russia-Ukraine conflict on commodity supply and market dynamics.
- Gauge the influence of global inflation on market growth.
- Develop region-specific strategies based on local data and analysis.
- Identify investment-worthy growth segments.
- Utilize forecast data to outperform competitors and navigate market trends.
- Gain insights into customer preferences through the latest market shares.
- Benchmark performance against key competitors.
- Leverage reliable, high-quality data and analysis for internal and external presentations.
A selection of companies mentioned in this report includes
- Seiko Holdings
- Citizen Watch Company of America Inc.
- LVMH Moet Hennessy -Louis Vuitton
- Compagnie Financiere Richemont SA
- The Swatch Group Ltd
- Audemars Piguet
- Richard Mille
- CASIO
- Computer Co. Ltd
- Patek Philippe SA
- Bernard Watch Co.
- Apple Inc.
- A. Lange & Sohne
- Movado Group Inc.
- Richard Mille
For more information about this report visit https://www.researchandmarkets.com/r/xpg3tn
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
