Luxury Watches Market is to grow at 3.25% CAGR, with Europe leading the market through 2030

Luxury Watches Market is to grow at 3.25% CAGR, with Europe leading the market through 2030

Luxury Watches Market is expected to reach USD 32.52 Bn by 2030, The Luxury Watches Market is driven by more consumers have the financial means to invest in luxury items, including high-end watches.

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Luxury Watches Market to Hit USD 32.52 Bn by 2030

The Luxury Watches market was USD 25.99 Bn in 2023 and is expected to expand at a compound annual growth rate (CAGR) of 3.25 % from 2023 to 2030, reaching USD 32.52Bn by 2030. Many people view luxury timepieces as representations of refinement and prosperity. This belief is strengthened by high-profile events and celebrity endorsements, which increase customer demand. High-end watches continue to be popular due to the employment of cutting-edge horological processes and novel materials including ceramic, titanium, and precious metals. Luxury timepieces are now more widely available to a worldwide audience because of the growth of brand-owned e-commerce websites and online sales platforms. In 2023, Swiss watch shipments had a 33% decline in volume and a 22% decline in value. In February, the commerce fell sharply by almost 9%. The United States contributed 8.4% of the worldwide luxury watch market's revenue in 2023.

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Luxury Watches Market Segmentation

By Product Type: Mechanical watches powered by a mainspring, which is wound by hand or through automatic motion. In 2023, the mechanical quartz segment accounted for 75.4% of the global luxury watch market. Quartz Watches are renowned for their remarkable precision, frequently varying by a few seconds each month. Some models include mechanical hands with movements controlled by quartz.

Gender Type: The market for luxury watches for women was valued at US$24.66 billion in 2023 and is projected to increase at a compound annual growth rate (CAGR) of 3.90% from 2024 to 2030, reaching US$32.24 billion. Since ladies like gold watches with diamonds, several luxury watchmakers focus on golf or diamond timepieces. Men's Luxury watches have typically bold dials, intricate features like perpetual calendars or chronographs, and case sizes ranging from 38 to 45 mm.

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Luxury Watches Market Regional Analysis

In the United States, Due to a growing interest in horology, high-net-worth individuals, and watch collectors, the United States has one of the biggest markets for luxury timepieces. In honor of the ancient "Seigaiha" or "blue sea waves" design, Seiko Watch of America has announced the release of two outstanding U.S. Exceptional Editions.

In Germany, High-earning professionals, collectors, and investors are the main drivers of the luxury watch market in Germany. Swiss brands dominate high-end producers like A. Lange & Söhne, Glashütte Original, and Nomos Glashütte are based in Germany. Younger consumers are drawn to brands like Junghans and Nomos Glashütte.

China, After the US, China has the world's second-largest market for luxury timepieces. Sales are dominated by brands like Omega, Audemars Piguet, Patek Philippe, and Rolex. E-commerce platforms such as Tmall Luxury Pavilion and JD.com are increasing the sales of expensive digital watches.

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Luxury Watches Market Competitive Landscape

Swatch Group (Mass Luxury & Haute Horlogerie): Swatch Group acquired Harry Winston's watch division for $1 billion to enter the market for high-end timepieces. Swatch also acquired Glashütte Original to compete with A. Lange & Söhne.

Richemont Group: In 2020, Richemont Group acquired a 60% stake in E. Roger Dubuis to strengthen Richemont's luxury timepieces. Richemont Group also acquired B. Jaeger-LeCoultre known for iconic models like the Reverso.

LVMH Group: LVMH Group acquired Bulgari for $5.2 billion, allowing them to enter the high-end watch market. Zenith was also acquired by the LVMH group. Hublot became a major player in the luxury sports watch market after being acquired under Jean-Claude Biver's direction.

Conclusion

The future of luxury watches is being defined by smart technology, pre-owned marketplaces, and sustainability initiatives, even though traditional mechanical artistry is still highly prized.
The luxury watch market is still strong, adjusting to changes in the global market, changing customer tastes, and digital developments.

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