Luxury Watches Market is Projected to Grow Expeditiously: to Reach USD 51.31 Billion by 2027, Report

The global luxury watches market is experiencing a significant growth, and is expected to grow considerably in next few years. Luxury watches are becoming a status symbol among the population. Such class preferences are growing among adults and youth and is observed as the key factor driving the market growth. The new product launches by the key market players including Patek Phillippe, Titan, Rolex, and Sonata are expected to have a positive impact on the market growth. As the market is targeting the elite class, there is a restriction to reach various segments but the exclusive special editions intrigue the customers to make the first move in purchase.

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The global luxury watches market trends are as follows:

New product launches to flourish the market

The launch of new products that contain improved capabilities have been launched by leading market players. They have taken necessary steps to improve utility of devices and overall functionality as well. From luxurious stylish watches to the advanced digital watches, companies have been developing products as per the diverse consumer demands.

The global watches market has seen significant transitions from analog watches to digital watches with improved features such as alarms, stopwatches, calculators, inbuilt sensors, live social apps interaction and much more have eased the application of the product and enhanced its popularity among the consumers. Also, the luxury watches come in different segments such as standard or premium, enabling a larger
consumer base to develop interest and make demands.

Convenience in availability and application

Gone are the days when customer had to waste time and energy to look for the desirous products. The innovation of technology and digitalization has provided both the market players and the customers a better platform to interact for the purchase, requirements, and feedbacks for the concerned.

The conventional methods included making the product available through exclusive stores or brand showrooms. This attracted a huge footfall and provided customers a variety of choices to choose from the existing or the newly launched series. Furthermore, the involvement of digital platform added on to the convenience of the customers and easy comparability of products offered by different marketers. The key players target not just the online web stores but also develop exclusive delivery options through companies own websites.

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•Companies covered Patek Philippe, Audemars Piguet, Vacheron Constantin, Hublot, Lange & Söhne, Jaeger-LeCoultre, Rolex, Titan, Breguet & Fils, Chopard, Girard-Perregaux, Blancpain, Cartier, IWC Schaffhausen

Key Benefits of the Report:
• This study presents the analytical depiction of the global luxury watches industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global luxury watches market share.
• The current market is quantitatively analyzed from 2020 to 2027 to highlight the global luxury watches market growth scenario.
• Porter's five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed global luxury watches market analysis based on competitive intensity and how the competition will take shape in coming years.

Key findings of the study

The luxury watches market was valued at $43,661.8 million in 2019, and is estimated to reach $51,317.3 million by 2027, growing at a CAGR of 4.50% during the forecast period.
By type, the electronic watches segment is estimated to witness the fastest growth, registering a CAGR of 6.00% during the forecast period.
In 2019, depending on end user, the women segment was valued at $23,740.4 million, accounting for 54.4% of the global Luxury Watches Market share.
In 2019, India was the most prominent market in Asia-Pacific, and is projected to reach $727.4 million by 2027, growing at a CAGR of 9.70% during the forecast period.

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