Press release
Luxury Watch Market Size Hit to Reach US$ 32.3 Billion by 2027, Industry Growth
Luxury Watch Market
Report Highlights
How big is the luxury watch market?
The global luxury watch market reached a value of US$ 26.3 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 32.3 Billion by 2027, exhibiting a CAGR of 3.4% during 2022-2027.
What is luxury watch?
Luxury watches are created by skilled craftsmen with high-quality and premium-priced accessories. They are produced using precious metals such as silver, platinum, and gold, and with jewels, including rubies, sapphires and diamonds, to create elegant pieces. They are worn on the wrist to add a touch of sophistication and refinement to enhance an individual style and personality. They are unique, highly exclusive, durable, and not mass-produced. Owing to these benefits, luxury watches are easily available in online and offline stores across the globe.
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What are the growth prospects and trends in the luxury watch industry?
The market is primarily driven by the rising demand for luxury watches as a status sign among individuals. In addition, the increasing standard of living, rising disposable income of the middle-class population, and key players are providing limited edition watches with numerous designs and features to increase their revenue contributing to the market growth. In line with this, several new product launches by leading market players such as Rolex, Sonata, and Titan are accelerating the product adoption rate.
Moreover, the widespread adoption of custom-made luxury watches to help with mid-flight aeronautical calculations, such as fuel consumption and wind correction angle, represents another major growth-inducing factor. Besides this, the shifting trend from conventional to diamond and golden watches among individuals, and the easy availability of luxury watches in unique materials, dial colors, strap designs, and themes are propelling the market growth. Furthermore, extensive participation in professional scuba diving is surging the need for specialized high-end watches designed with waterproof, corrosion-resistant, and diver-friendly properties, which is creating a positive market outlook.
What is included in market segmentation?
The report has segmented the market into the following categories:
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 (U.S. & Canada)
Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
Latin America (Brazil, Mexico)
Middle East & Africa
Who are the key players operating in the industry?
The report covers the major market players 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.
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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 Group'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.
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