Luxury Timepieces: 2024 Global Watch Market Forecast

"The Business Research Company recently released a comprehensive report on the Global Luxury Watch Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The luxury watch market size has grown strongly in recent years. It will grow from $30.5 billion in 2023 to $32.22 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to strong economic growth in emerging markets, the growing e-commerce industry, the rise in the proportion of women with high incomes and the increasing international trade activities..

The luxury watch market size is expected to see strong growth in the next few years. It will grow to $40.19 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to the increasing urbanization, the rising use of internet and social media platforms and the increasing export of swiss watches. Major trends in the forecast period include technological advancements, introduction of luxury smartwatches, introduction of ai (artificial intelligence), product innovations and strategic partnerships and collaborations..

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Market Drivers and Trends:

The growing consumer preference for high-quality, premium watches in the luxury goods industry is expected to propel the growth of the luxury watch market. Growing consumer preference in the luxury watch market is characterized as the abstract preferences of individual buyers, estimated by their fulfillment with those things after they've bought them. This satisfaction is often indicated as a utility. Purchaser worth is not entirely set in stone by how buyer utility thinks about various things. The surge in the luxury watches market is driven due to people's preference for high-end watches, due to an increase in rising disposable income, and an urge among adults to wear expensive luxury watches as a social statement of their identity, especially in developing countries. For instance, according to the Swiss watch industry federation, 2021 was the best year for the Swiss watch market. The all-out trade worth of Swiss watches for 2021 was CHF 22.3 billion ($24.36 billion), beating the past record-breaking record of CHF 22.25 billion ($ 24.30 billion), which in turn indicates growing consumer preference. Therefore, the growing consumer preference for high-quality, premium watches in the luxury goods industry drives the luxury watches market.

Product innovations have emerged as the key trend gaining popularity in the luxury watch market. Major companies operating in the luxury watch market are focused on developing innovations to meet customer demand. For instance, in April 2021, during the Watch & wonders event, Jaeger-Le Coultre, a swiss based luxury watch company unveiled Reverso Hybris Mechanical Calibre 185 for the first time, known as the quadriptych is the first and only watch in the world to be made with four dials priced at staggering 1.6 million dollars. There are a staggering 11 complications that go inside this epic timepiece of surprisingly wearable proportions, three of which are patented features found only in this watch.

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Major Key Players of the Market:

Cisco Systems, BAE Systems, Ericsson, VERINT SYSTEMS INC, SS8 Networks, Inc., FireEye, Inc., Vocal Technologies, Trovicor Networks, Utimaco GmbH, AQSACOM Innovating Intelligence, Matison, Shoghi Communications Ltd, Comint Systems and Solutions Pvt Ltd, HSD, Softel Systems Pty Ltd, Advantal Technologies Private Limited, Thales, Cy4Gate SPA, Utimaco, IPS S.P.A, ETSI, Atos, RCS S.p.A., Signatec LLC, Squire Technologies, Ixia, Huntsman, Tracespan Communications, NICE Systems Ltd, Infratech, Infocomm Group LLC, Intertel, Aluko Oyebode

Luxury Watch Market 2024 Key Insights:

• The luxury watch market size is expected to see strong growth in the next few years. It will grow to $40.19 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%.
• Rising Consumer Preference For High-Quality Luxury Watches Boosts Market Growth
• Luxury Watch Market Witnesses Cutting-Edge Product Developments
• Western Europe was the largest region in the luxury watch market in 2023

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This release was published on openPR.