Press release
Pre-owned Luxury Watches Market Growing Steadily At 4.5% CAGR Surging Towards US$ 32.05 Billion Valuation Forecast By 2032
Pre-owned Luxury Watches Market
Market Explanation:
Pre-owned luxury watches, also known as second-hand or used luxury watches, are high-end timepieces from renowned brands that have been previously owned and are offered for resale, often at a discount compared to new prices. They are typically from prestigious and well-known brands recognized for their craftsmanship, heritage, and quality. Some popular brands include Rolex, Patek Philippe, Audemars Piguet, Vacheron Constantin, and others. One major perk of pre-owned watches is their immediate availability, and they can offer a chance to own a prestigious timepiece at a more affordable price. Buying pre-owned allows you to avoid the initial depreciation that occurs when a new luxury watch is purchased, and the secondary market offers a wide variety and convenience.
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Recent Developments:
In October 2023, CHRONEXT announced the acquisition of the brand rights and domain of the European retailer Watch master. This strategic move represents a key milestone in CHRONEXT's expansion efforts, further strengthening its foothold in the European luxury watch market.
In August 2023, Watches of Switzerland launched an online collection of pre-owned luxury timepieces. Each watch in the selection has been meticulously inspected and authenticated, and comes with a twelve-month warranty to ensure buyer confidence and product reliability.
Growth Drivers:
The pre-owned luxury watches market continues to draw customers motivated by cost-effectiveness and instant access to products.
The rapid growth and popularity of e-commerce and online marketplaces are contributing to market expansion.
The demand for items that signify status and the ease of quick access drive the growth of the pre-owned luxury watches market.
The influence of social media and celebrity endorsements for luxury brands is also propelling market expansion.
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Key Players in Market:
The market is expected to face moderate competition among firms due to the large number of participants. Some of the notable key players include:
Bob's Watches
Chrono24
Crown & Caliber
eBay Inc.
Govberg
The Watch Club
TrueFacet, LLC
WatchBox
Watches of Switzerland
Watchfinder & Co
Pre-owned Luxury Watches Market Report Highlights:
Automatic segment accounted for the largest share, as they have been in use for the longer period of years
Online segment expected to grow at the fastest pace, primarily due to heavy discounts, cash back coupons, & social media driven sales.
Asia Pacific will grow at the substantial pace, on account of presence of huge young population with high income and luxurious lifestyle.
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Segment-Wise Explanation:
The pre-owned luxury watches market is primarily based on distribution channel, type, and region.
In 2023, based on type, the automatic segment captured the largest market share due to the outstanding artistry and careful attention to detail involved in crafting automatic luxury watches.
Pre-owned Luxury Watches, Type Outlook (Revenue - USD Billion, 2019 - 2032)
Automatic
Manual
Pre-owned Luxury Watches, Distribution Channel Outlook (Revenue - USD Billion, 2019 - 2032)
Online
Offline
Regional Analysis:
North America led the global market in 2023 owing to a rise in e-commerce and online platforms, which greatly improved consumer access and procurement of pre-owned luxury watches in the region.
Asia Pacific is expected to expand significantly due to the increasing number upper-class consumers, which has sparked a growing demand for luxury goods.
North America
Type Outlook
Automatic
Manual
Distribution Channel Outlook
Online
Offline
Europe
Type Outlook
Automatic
Manual
Distribution Channel Outlook
Online
Offline
Asia Pacific
Type Outlook
Automatic
Manual
Distribution Channel Outlook
Online
Offline
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