Press release
Luxury Watch Market is Booming and Predicted to Hit US$ 33.3 Billion by 2028
Luxury Watch Market Report
Report Highlights
How big is the luxury watch market?
The global luxury watch market size reached US$ 27.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 33.3 Billion by 2028, exhibiting a growth rate (CAGR) of 3.2% during 2023-2028.
What is the luxury watch?
A luxury watch is a high-end timepiece known for its exceptional craftsmanship, precision, and often exclusive brand recognition. These watches are typically made by prestigious and renowned watchmakers known for their heritage and expertise in horology. They often feature premium materials like precious metals, fine leather, and sapphire crystal, ensuring durability and aesthetic appeal. They are characterized by intricate movements, which can be manual, automatic, or quartz, known for their accuracy and complexity. They are functional timekeeping devices, status symbols, and collectible pieces appreciated for their artistry and design. At present, luxury watches are gaining immense traction across the globe due to their exclusivity, craftsmanship, and timeless elegance.
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What are the growth prospects and trends in the luxury watch industry?
The global luxury watch market is primarily driven by the expanding middle class in emerging markets, especially in Asia. Moreover, numerous technological advancements in watchmaking, such as precision movements and innovative materials that attract collectors and enthusiasts, are positively influencing the market growth. Additionally, the rising adoption of marketing strategies and the increasing collaborations with celebrities and limited-edition releases that enhance brand recognition and consumer interest are other major growth-inducing factors. Furthermore, the rapid proliferation of e-commerce and digital platforms that expand the reach of luxury watch brands, making them more accessible, is contributing to market growth.
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: (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
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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Contact US
IMARC Group
134 N 4th St. Brooklyn, NY 11249, USA
USA: +1-631-791-1145 | Asia: +91-120-433-0800
Email: sales@imarcgroup.com
Follow us on Twitter: @imarcglobal
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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