Global Luxury Watches Market

Global Luxury Watches Market by Types (Mechanical Watches and Electronic Watches), End-users (Men and Women), Distribution Channels (Online Stores, Single Brand Stores, and Multi Brand Stores), and Regions (Asia Pacific, North America, Europe, Latin America, and Middle East & Africa) Forecasts, 2021-2028

  • Report ID: CG-2926
  • Author: Growth Market Reports
  • Rating: 4.2
  • Total Reviews: 3
  • No. Of Pages: 230
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The global luxury watches market is anticipated to expand at a substantial CAGR during the forecast period, between 2021 and 2028.  A watch is a portable and wearable device that is designed to keep a constant movement regardless of the motions caused by the wearer’s activities. The primary aim of a watch is to display the time of day to the user at all times. However, during recent times, various extra features have been added to watches, such as timers, alarms, calculators, GPS, and Bluetooth. Such watches are known as smart watches. Luxury watches are expensive collective watches that are heavily priced owing to expert craftsmanship, trendy design, and visual appeal. Luxury watches are a product manufactured by luxury brands, purchased by people with an extensive disposable income in order to maintain a status symbol.


Global Luxury Watches Market

Market Trends, Drivers, Restraints, and Opportunities

  • Growing consumer preference for high quality, premium watches primarily drive the luxury watches market.
  • Rise in disposable income of the consumers aided with brand consciousness is expected to fuel the market growth in the coming years.
  • Certain characteristics of luxury watches owing to their aesthetic looks, limited availability, social distinction, and exclusivity attract customers toward these watches, thereby positively impact the market growth.
  • Growing fraudulent and counterfeit activities toward duplication of luxury watches at a cheap price is hampering the market.
  • Rising penetration and influence of social media on the younger generation toward luxury brands is expected to surge the demand for luxury watches in the coming years.
  • Technological advancements and the implementation of the Bluetooth technology on smart watches is projected to provide lucrative opportunities for the market.

Scope of the report

The report on the global luxury watches market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.

Attributes

Details

Report Title

Global Luxury Watches Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast

Base Year

2020

Historic Data

2018 & 2019

Forecast Period

2021–2028

Segmentation

Types (Mechanical Watches and Electronic Watches), End-users (Men and Women), Distribution Channels (Online Stores, Single Brand Stores, and Multi Brand Stores)

Regional Scope

Asia Pacific, North America, Europe, Latin America, and Middle East & Africa

Report Coverage

Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities, and revenue forecast

Global Luxury Watches Market Segment Insights

Heavy craftsmanship and intricacy of designs drive the mechanical watches segment

Based on types, the luxury watches market can be bifurcated into mechanical watches and electronic watches. The mechanical watches segment held a share of 76% in 2019 and is projected to register a significant CAGR during the forecast period. Mechanical watches use clockwork mechanisms to measure the passage of time. These watches are made with heavy designs with different concepts such as history and heritage. Luxury brands are focused on launching mechanical watches with an aesthetic and grand appeal to attract consumers with a preference for historic, skilled, and classy watches. Mechanical watches have more complications as they are made with all the expertise and knowledge about watchmaking. However, with the developments in the consumer electronics market, various electronic watches are launched by luxury brands that provide more features to the consumer. As opposed to mechanical watches, electronic watches not only show the time but also provide Bluetooth and GPS facility to the user. These are also known as smart watches and are extensively priced owing to the brand value and cost of production.


Global Luxury Watches Market

Rise in the number of working women increases the women segment growth

On the basis of end-users, the market can be classified as men and women. The women segment held a substantial share of the market in 2020 and is estimated to grow at a rapid rate in the coming years. The rise in the number of working women and disposable income primarily influence the growth of this segment. Various designs of luxury watches have been conceptualised adhering to the preferences of the modern women, such as diamond studded watches. Luxury brands have launched various luxury watches for women that are intricate and connected to the culture and heritage of various countries. Surge in the demand for high end, aesthetic, and designer watches by women has propelled the market growth significantly.


Global Luxury Watches Market

Multi brand stores to witness a surge in sales during the forecast period

Based on distribution channels, the market can be segmented into online stores, single brand stores, and multi brand stores. The multi brand stores segment held a maximum share in the market in 2020 and is projected to grow at a robust expansion rate during the forecast period. Multi brand stores offer a variety of brands and watches for prospective consumers. Brand speciality, originality, and excellent customer service has led this segment to grow at a rapid rate. Multi brand stores offer multiple models and exploration for customers and also have different festive discounts and incentives, which further drives the segment growth. The online segment is also projected to grow significantly owing to the rising penetration of the Internet. However, as compared to multi brand stores, the online store segment has not generated enough revenue owing to the threat of counterfeit and deceptive sales of luxury products.


Global Luxury Watches Market

Europe to dominate the global market

In terms of regions, the global luxury watches market can be categorized as North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Europe dominates the market due to the presence of a majority of key players in the region. For example, LVMH Moet Henessy Louis Vuitton SE and Rolex are based in Europe. North America also contributes a significant market share due to the rising wealthy population and working women. The market in Asia Pacific is forecasted to expand at a robust growth rate during the forecast period due to the rising disposable income in countries such as China, Japan and India and increase in the standard of living aided with the influence of social media on the youth.


Global Luxury Watches Market

Segments

Segments covered in the report

By Types

  • Mechanical Watches
  • Electronic Watches

By End-users

  • Men
  • Women

By Distribution Channels

  • Online Store
  • Single Brand Store
  • Multi Brand Store

By Regions

  • North America
  • Europe
  • Latin America
  • Asia Pacific
  • Middle East & Africa

Competitive Landscape

Key players in the global luxury watches market include LVMH Moet Hennessy -Louis Vuitton, CASIO Computer Co. Ltd., Fossil Group Inc., Citizen Watch Co. Ltd., Rolex SA, Compagnie Financière Richemont SA, Movado Group Inc., Patek Philippe SA, Seiko Holdings Corp., and the Swatch Group Ltd. These players are widely engaged in various business development strategies including mergers & acquisitions, collaborations, agreements, and partnerships to strengthen their geographical presence and expand their consumer base globally

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Luxury Watches Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Luxury Watches Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Luxury Watches Market - Supply Chain
  4.5. Global Luxury Watches Market Forecast
     4.5.1. Luxury Watches Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Luxury Watches Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Luxury Watches Market Absolute $ Opportunity
5. Global Luxury Watches Market Analysis and Forecast by Region
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Region
     5.2.2. Y-o-Y Growth Projections by Region
  5.3. Luxury Watches Market Size and Volume Forecast by Region
     5.3.1. North America
     5.3.2. Latin America
     5.3.3. Europe
     5.3.4. Asia Pacific
     5.3.5. Middle East and Africa (MEA)
  5.4. Absolute $ Opportunity Assessment by Region
  5.5. Market Attractiveness/Growth Potential Analysis by Region
  5.6. Global Luxury Watches Demand Share Forecast, 2019-2026
6. North America Luxury Watches Market Analysis and Forecast
  6.1. Introduction
     6.1.1. Basis Point Share (BPS) Analysis by Country
     6.1.2. Y-o-Y Growth Projections by Country
  6.2. North America Luxury Watches Market Size and Volume Forecast by Country
     6.2.1. U.S.
     6.2.2. Canada
  6.3. Absolute $ Opportunity Assessment by Country
  6.4. Market Attractiveness/Growth Potential Analysis
     6.4.1. By Country
     6.4.2. By Product Type
     6.4.3. By Application
  6.5. North America Luxury Watches Demand Share Forecast, 2019-2026
7. Latin America Luxury Watches Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
     7.1.3. Latin America Average Pricing Analysis
  7.2. Latin America Luxury Watches Market Size and Volume Forecast by Country
      7.2.1. Brazil
      7.2.2. Mexico
      7.2.3. Rest of Latin America
   7.3. Absolute $ Opportunity Assessment by Country
  7.4. Market Attractiveness/Growth Potential Analysis
     7.4.1. By Country
     7.4.2. By Product Type
     7.4.3. By Application
  7.5. Latin America Luxury Watches Demand Share Forecast, 2019-2026
8. Europe Luxury Watches Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Europe Average Pricing Analysis
  8.2. Europe Luxury Watches Market Size and Volume Forecast by Country
     8.2.1. Germany
     8.2.2. France
     8.2.3. Italy
     8.2.4. U.K.
     8.2.5. Spain
     8.2.6. Russia
     8.2.7. Rest of Europe
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. Market Attractiveness/Growth Potential Analysis
     8.4.1. By Country
     8.4.2. By Product Type
     8.4.3. By Application
  8.5. Europe Luxury Watches Demand Share Forecast, 2019-2026
9. Asia Pacific Luxury Watches Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Asia Pacific Average Pricing Analysis
  9.2. Asia Pacific Luxury Watches Market Size and Volume Forecast by Country
     9.2.1. China
     9.2.2. Japan
     9.2.3. South Korea
     9.2.4. India
     9.2.5. Australia
     9.2.6. Rest of Asia Pacific (APAC)
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Market Attractiveness/Growth Potential Analysis
     9.4.1. By Country
     9.4.2. By Product Type
     9.4.3. By Application
  9.5. Asia Pacific Luxury Watches Demand Share Forecast, 2019-2026
10. Middle East & Africa Luxury Watches Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Middle East & Africa Average Pricing Analysis
  10.2. Middle East & Africa Luxury Watches Market Size and Volume Forecast by Country
     10.2.1. Saudi Arabia
     10.2.2. South Africa
     10.2.3. UAE
     10.2.4. Rest of Middle East & Africa (MEA)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Market Attractiveness/Growth Potential Analysis
     10.4.1. By Country
     10.4.2. By Product Type
     10.4.3. By Application
  10.5. Middle East & Africa Luxury Watches Demand Share Forecast, 2019-2026
11. Competition Landscape
  11.1. Global Luxury Watches Market: Market Share Analysis
  11.2. Luxury Watches Distributors and Customers
  11.3. Luxury Watches Market: Competitive Dashboard
  11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)

Segments covered in the report

By Types

  • Mechanical Watches
  • Electronic Watches

By End-users

  • Men
  • Women

By Distribution Channels

  • Online Store
  • Single Brand Store
  • Multi Brand Store

By Regions

  • North America
  • Europe
  • Latin America
  • Asia Pacific
  • Middle East & Africa

Key players in the global luxury watches market include LVMH Moet Hennessy -Louis Vuitton, CASIO Computer Co. Ltd., Fossil Group Inc., Citizen Watch Co. Ltd., Rolex SA, Compagnie Financière Richemont SA, Movado Group Inc., Patek Philippe SA, Seiko Holdings Corp., and the Swatch Group Ltd. These players are widely engaged in various business development strategies including mergers & acquisitions, collaborations, agreements, and partnerships to strengthen their geographical presence and expand their consumer base globally

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