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According to the latest report by IMARC Group, titled “Luxury Watch Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” The global luxury watch market reached a value of US$ 27.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 33.3 Billion by 2028, exhibiting a CAGR of 3.2% during 2023-2028.
Industry Definition and Application:
Luxury watches are high-quality and premium-priced fashion accessories made by proficient artisans. They are made using valuable metals such as gold, silver, and platinum and embellished with precious stones like diamonds and rubies. They are worn on the wrist and provide a refined and stylish appearance to one's personality. They stand apart from their more affordable counterparts and can be distinguished by their durability and distinctiveness. Since they have exceptional quality, high prices, and limited production, luxury watches are gaining immense traction across the globe.
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Market Trends and Drivers:
The global luxury watch market is primarily driven by the emerging trend of adopting premium fashion as a status symbol. Moreover, the rising demand for specialized high-end watches due to the increasing participation of individuals in professional scuba diving is positively influencing the market growth. Additionally, the escalating demand for custom-made pilot luxury watches that can assist with mid-flight aeronautical calculations such as wind correction angle and fuel consumption owing to the rising complexity of aviation has catalyzed the market growth. Furthermore, the easy availability of luxury watches in unique materials, dial colors, strap designs, and themes is contributing to market growth. Other factors, including the rising popularity of pre-owned luxury items, inflating consumer disposable incomes, and improving living standards, are also anticipated to drive the market further.
Luxury Watch Market Segmentation:
The report has segmented the market on the basis of Type, End User, Distribution Channel, Region.
Breakup by Type:
Analog Watch
Digital Watch
Breakup by End User:
Women
Men
Unisex
Breakup by Distribution Channel:
Online Stores
Offline Stores
Breakup by Region:
North America (United States, Canada)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa
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Who are the Major Luxury Watch Market Key players?
The report provides a detailed analysis of luxury watch market leaders, including.
Apple Inc.
Breitling SA
Casio Computer Co. Ltd.
Citizen Watch Co. Ltd.
Compagnie Financière Richemont SA
Fossil Group Inc.
Hermès International S.A.
Kering
LVMH Moët Hennessy Louis Vuitton
Movado Group Inc.
Patek Philippe SA
Rolex SA
Seiko Watch Corporation
The Swatch Group Ltd.
Titan Company Limited.
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
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