Press release
Luxury Watches Market to Receive Overwhelming Hike In Revenue That Will Boost Overall Industry Growth by 2027
Product Innovations, penetration through online channels, and surge in the number of billionaires and their net wealth drive the growth of the global luxury watches market. However, surge of counterfeit and fake products and adoption of pre-owned products hinder the market growth. On the other hand, increase in spending on premium quality products creates new opportunities in the coming years.
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The report offers detailed segmentation of the global luxury watches market based on type, end user, distribution channel, and region.
Based on type, the mechanical watches segment contributed to the highest market share in 2019, holding around three-fourths of the total share in 2019, and is projected to maintain its leadership status during the forecast period. However, the electronic watches segment is expected to witness the highest CAGR of 6.0% from 2021 to 2027.
Based on distribution channel, the multi-brand store segment accounted for the largest share in 2019, contributing to more than two-fifths of the global luxury watches market, and is estimated to maintain its lead position during the forecast period. However, the online store segment is expected to manifest the fastest CAGR of 6.0% from 2021 to 2027.
Based on region, Europe held the largest market share in 2019, accounting for more than two-fifths of the total share, and is estimated to continue its dominant share in terms of revenue by 2027. However, Asia-Pacific is expected to portray at the highest CAGR of 6.1% during the forecast period.
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Leading players of the global luxury watches market discussed in the research include CASIO Computer Co. Ltd.
Compagnie Financière Richemont SA
Citizen Watch Co. Ltd.
LVMH Moet Hennessy - Louis Vuitton
Fossil Group Inc.
Patek Philippe SA
Movado Group Inc.
Seiko Holdings Corp.
Rolex SA
The Swatch Group Ltd.
Know More- https://www.globenewswire.com/news-release/2021/05/11/2227431/0/en/Global-Luxury-Watches-Market-to-Generate-51-31-Billion-by-2027-Allied-Market-Research.html
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