The global luxury watch market size is projected to exhibit impeccable growth in the forthcoming years. The use of high-end products to enhance one’s look has become a popular trend in recent years. The perception of using high-end luxury watches as status symbols are growing and is expected to be a major growth propellant for the luxury watch market. Fortune Business Insights™ has presented this information in an upcoming report, titled, “Luxury Watch Market Size, Share, Growth and Forecast Report, 2023-2030”.
According to the report, the luxury watch market is gaining immense popularity due to several reasons. For instance, the rising product innovations and the incorporation of advanced technological features are expected to boost the demand for luxury watches due to enhanced functionality.
Luxury watch is a specific type of an exclusive high-end watch that has better quality of products and flawless methods used in the manufacturing process for the same. Various inventive advertising methods combined with advanced products presented by the manufacturers have created a dizzying demand for the product. These watches are a minimal improvement over conventional clocks, with sophisticated functions and features that result in their great value. In addition, the growing demand for premium luxury watches in developing regions, as well as the introduction of new products by various companies, will bring new opportunities that will lead to the growth of the luxury watch market in the aforementioned forecast period.a
Leading Players Featured in the Luxury Watch Market Research Report:
Patek Phillipe SA
Vacheron & Constantin SA
Audemars Piguet Holding SA
Blancpain SA
Ulysse Nardin SA
Rolex Sa
Report Coverage
The report provides a thorough analysis of the luxury watch market, including:
Market opportunities and growth drivers
COVID-19 impact assessment and recovery strategies
SWOT and PESTLE analyses for market forecasting
Detailed market forecasts and estimates
Market Overview:
This study offers comprehensive insights into the Luxury Watch Market by providing detailed information on market drivers, emerging trends, development opportunities, and potential market restraints impacting its dynamics. The research assesses the global market size for Luxury Watch Market and analyses the strategic trends of major international competitors. Sales estimates over the anticipated time frame are provided, with every data point, including percentage share splits and breakdowns, sourced from secondary references and validated through primary sources. The report includes Porter's Five Forces analysis, SWOT analysis, examination of the regulatory environment, and identification of key buyers to evaluate the key influencing factors and entry barriers in the sector.
This comprehensive study offers valuable insights for stakeholders to understand market dynamics and make informed decisions in the luxury watch sector.
Drivers & Restraints-
Enhancing Income Levels to Fuel Market Growth
The rising per capita income levels, enhancing living standards, and the escalating numbers of wealthy people worldwide are expected to bolster the global luxury watch market growth. The surging consumer perception of luxury watches as a status symbol due to their high price, scarcity, and aesthetics are also anticipated to fuel the market growth.
The use of precious metals and stones in luxury stones is expected to attract the richer sections of society and boost market growth. The incorporation of smart technologies such as heart rate sensors, blood pressure monitors, and oxygen level monitors in digital luxury watches is expected to attract immense popularity due to the rising digitization and thus amplify market growth.
Additionally, the increasing numbers of high-earning women are anticipated to fuel the demand for women's luxury watches and complement market growth. However, the focus on only the richer section of society may impede market growth.
Segmentation-
By Product
Mechanical
Electronic
By Distributional Channel
Online
Offline
By Geography
North America (U.S., Canada, and Mexico)
Europe (France, Germany, Italy, Spain, U.K., Russia, and Rest of Europe)
Asia Pacific (China, India, Japan, Australia, and Rest of Asia Pacific)
South America (Brazil, Argentina, and Rest of South America)
Middle East & Africa (South Africa, UAE, and Rest of ME&A)
Regional Insights-
Asia Pacific to Hold the Lion’s Share Stoked by Increasing Number of Wealthy People
Asia Pacific is projected to emerge dominant in terms of the global luxury watch market share. The rising living standards and the surging numbers of wealthy people across countries such as China and India are expected to drive market growth. Asia Pacific constitutes 60% of the global population as per the United Nations Population Fund and is therefore expected to be a key region for the growth of the luxury watch market.
Europe is anticipated to gain significant growth in the global market. The presence of several key players like Rolex, Panerai, Audemars Piguet, and others and the rising numbers of billionaires and millionaires across the region are expected to bolster the market growth.
Competitive Landscape-
Key Players Devise Innovative Growth Strategies
The global market for luxury watches comprises a few key players operating at regional and global levels. They are devising innovative strategies to increase their market presence and revenues. Major business operating in the luxury watch market are emphasizing on several inorganic and organic growth strategies. For instance, H. Mosier & Cie entered into a partnership with Ethos Watch Boutiques in September 2019 to expand its position in the Indian market.
Industry Developments-
April 2021: Hermes unveiled its new men’s watch collection called the Hermes H08. The collection features five different 39 mm references.
Browse Detailed Research Report Summary:
https://www.fortunebusinessinsights.com/luxury-watch-market-104410