Luxury Watches Market Size, Share & Growth | Forecast [2031]

Luxury Watches Market Size, Share & Growth | Forecast [2031]

Segments - Global Luxury Watches Market by Types (Mechanical Watches and Smart Watches), Distribution Channels (Offline Retail Stores and Online Retail Stores ), End-users (Men and Women) and Regions (Asia Pacific, North America, Europe, Latin America, and Middle East & Africa) Forecasts, 2023-2031

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Author : Debadatta Patel
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Upcoming | Report ID :CG-2926 | 4.5 Rating | 74 Reviews | 230 Pages | Format : PDF Excel PPT

Report Description


Luxury Watches Market Outlook 2031

The Global Luxury Watches Market size was valued at USD 28.43 Billion in 2022 and is likely reach to USD 40.12 Billion by 2031, expanding at a CAGR of 3.9% during the forecast period, between 2023 and 2031.  A watch is a portable and wearable device 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, in recent times, various extra features have been added to watches, such as timers, alarms, calculators, GPS, and Bluetooth. Such watches are known as smartwatches. 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 and purchased by people with extensive disposable income in order to maintain a status symbol.

Luxury Watches Market Outlook

Scope of Luxury Watches Market 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

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

Base Year

2022

Historic Data

2016-2021

Forecast Period

2023-2031

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

Key Players Covered in the Report

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.

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.

Luxury Watches Market Types

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.

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.

Luxury Watches Market End Users
Luxury Watches Market Regional Outlook

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 Regions

Segments

 Types

  • Mechanical Watches
  • Smart Watches

 Distribution Channels

  • Online Store
  • Single Brand Store
  • Multi Brand Store

 End-Users

  • Men
  • Women

 Regions

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

 Key Players

  • 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.
  • the Swatch Group Ltd.

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.


In June 2021, a Switzerland-based watchmaker company, Tudor introduced the “mid-sized” Black Bay 58 collection, including the Black Bay Fifty-Eight Bronze. The 200-meter water-resistant watch is secured to the wrist by a matching bronze bracelet fitted with the Tudor “T-fit” rapid adjustment system, which allows the wearer to adjust the clasp in five positions, across 8 mm, with no additional tools necessary.

In April 2021, Hermes launched a new men's watch collection called Hermes H08. The collection has five distinct 39 mm references, with four in titanium and one piece with a graphene-filled composite case. The cushion-shaped collection has a sporting-inspired design that mingles taut and flowing lines, while a case with softened edges frames the circular dials.

Luxury Watches Market Key Players

Table Of Content

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 Types
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Types
     5.2.2. Y-o-Y Growth Projections by Types
  5.3. Luxury Watches Market Size and Volume Forecast by Types
     5.3.1. Mechanical Watches Smart Watches
  5.4. Absolute $ Opportunity Assessment by Types
  5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Luxury Watches Market Analysis and Forecast by End Users
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by End Users
     6.2.2. Y-o-Y Growth Projections by End Users
  6.3. Luxury Watches Market Size and Volume Forecast by End Users
     6.3.1. Men
     6.3.2. Women
  6.4. Absolute $ Opportunity Assessment by End Users
  6.5. Market Attractiveness/Growth Potential Analysis by End Users
7. Global Luxury Watches Market Analysis and Forecast by Region
  7.1. Market Trends
  7.2. Introduction
     7.2.1. Basis Point Share (BPS) Analysis by Region
     7.2.2. Y-o-Y Growth Projections by Region
  7.3. Luxury Watches Market Size and Volume Forecast by Region
     7.3.1. North America
     7.3.2. Latin America
     7.3.3. Europe
     7.3.4. Asia Pacific
     7.3.5. Middle East and Africa (MEA)
  7.4. Absolute $ Opportunity Assessment by Region
  7.5. Market Attractiveness/Growth Potential Analysis by Region
  7.6. Global Luxury Watches Demand Share Forecast, 2019-2026
8. North America 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
  8.2. North America Luxury Watches Market Size and Volume Forecast by Country
     8.2.1. U.S.
     8.2.2. Canada
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. North America Luxury Watches Market Size and Volume Forecast by Types
     8.4.1. Mechanical Watches Smart Watches
  8.5. Basis Point Share (BPS) Analysis by Types
  8.6. Y-o-Y Growth Projections by Types
  8.7. North America Luxury Watches Market Size and Volume Forecast by End Users
     8.7.1. Men
     8.7.2. Women
  8.8. Basis Point Share (BPS) Analysis by End Users
  8.9. Y-o-Y Growth Projections by End Users
  8.10. Market Attractiveness/Growth Potential Analysis
     8.10.1. By Country
     8.10.2. By Product Type
     8.10.3. By Application
  8.11. North America Luxury Watches Demand Share Forecast, 2019-2026
9. Latin America 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. Latin America Average Pricing Analysis
  9.2. Latin America Luxury Watches Market Size and Volume Forecast by Country
      9.2.1. Brazil
      9.2.2. Mexico
      9.2.3. Rest of Latin America
   9.3. Absolute $ Opportunity Assessment by Country
  9.4. Latin America Luxury Watches Market Size and Volume Forecast by Types
     9.4.1. Mechanical Watches Smart Watches
  9.5. Basis Point Share (BPS) Analysis by Types
  9.6. Y-o-Y Growth Projections by Types
  9.7. Latin America Luxury Watches Market Size and Volume Forecast by End Users
     9.7.1. Men
     9.7.2. Women
  9.8. Basis Point Share (BPS) Analysis by End Users
  9.9. Y-o-Y Growth Projections by End Users
  9.10. Market Attractiveness/Growth Potential Analysis
     9.10.1. By Country
     9.10.2. By Product Type
     9.10.3. By Application
  9.11. Latin America Luxury Watches Demand Share Forecast, 2019-2026
10. Europe 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. Europe Average Pricing Analysis
  10.2. Europe Luxury Watches Market Size and Volume Forecast by Country
     10.2.1. Germany
     10.2.2. France
     10.2.3. Italy
     10.2.4. U.K.
     10.2.5. Spain
     10.2.6. Russia
     10.2.7. Rest of Europe
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Europe Luxury Watches Market Size and Volume Forecast by Types
     10.4.1. Mechanical Watches Smart Watches
  10.5. Basis Point Share (BPS) Analysis by Types
  10.6. Y-o-Y Growth Projections by Types
  10.7. Europe Luxury Watches Market Size and Volume Forecast by End Users
     10.7.1. Men
     10.7.2. Women
  10.8. Basis Point Share (BPS) Analysis by End Users
  10.9. Y-o-Y Growth Projections by End Users
  10.10. Market Attractiveness/Growth Potential Analysis
     10.10.1. By Country
     10.10.2. By Product Type
     10.10.3. By Application
  10.11. Europe Luxury Watches Demand Share Forecast, 2019-2026
11. Asia Pacific Luxury Watches Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Asia Pacific Average Pricing Analysis
  11.2. Asia Pacific Luxury Watches Market Size and Volume Forecast by Country
     11.2.1. China
     11.2.2. Japan
     11.2.3. South Korea
     11.2.4. India
     11.2.5. Australia
     11.2.6. Rest of Asia Pacific (APAC)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Asia Pacific Luxury Watches Market Size and Volume Forecast by Types
     11.4.1. Mechanical Watches Smart Watches
  11.5. Basis Point Share (BPS) Analysis by Types
  11.6. Y-o-Y Growth Projections by Types
  11.7. Asia Pacific Luxury Watches Market Size and Volume Forecast by End Users
     11.7.1. Men
     11.7.2. Women
  11.8. Basis Point Share (BPS) Analysis by End Users
  11.9. Y-o-Y Growth Projections by End Users
  11.10. Market Attractiveness/Growth Potential Analysis
     11.10.1. By Country
     11.10.2. By Product Type
     11.10.3. By Application
  11.11. Asia Pacific Luxury Watches Demand Share Forecast, 2019-2026
12. Middle East & Africa Luxury Watches Market Analysis and Forecast
  12.1. Introduction
     12.1.1. Basis Point Share (BPS) Analysis by Country
     12.1.2. Y-o-Y Growth Projections by Country
     12.1.3. Middle East & Africa Average Pricing Analysis
  12.2. Middle East & Africa Luxury Watches Market Size and Volume Forecast by Country
     12.2.1. Saudi Arabia
     12.2.2. South Africa
     12.2.3. UAE
     12.2.4. Rest of Middle East & Africa (MEA)
  12.3. Absolute $ Opportunity Assessment by Country
  12.4. Middle East & Africa Luxury Watches Market Size and Volume Forecast by Types
     12.4.1. Mechanical Watches Smart Watches
  12.5. Basis Point Share (BPS) Analysis by Types
  12.6. Y-o-Y Growth Projections by Types
  12.7. Middle East & Africa Luxury Watches Market Size and Volume Forecast by End Users
     12.7.1. Men
     12.7.2. Women
  12.8. Basis Point Share (BPS) Analysis by End Users
  12.9. Y-o-Y Growth Projections by End Users
  12.10. Market Attractiveness/Growth Potential Analysis
     12.10.1. By Country
     12.10.2. By Product Type
     12.10.3. By Application
  12.11. Middle East & Africa Luxury Watches Demand Share Forecast, 2019-2026
13. Competition Landscape
  13.1. Global Luxury Watches Market: Market Share Analysis
  13.2. Luxury Watches Distributors and Customers
  13.3. Luxury Watches Market: Competitive Dashboard
  13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     13.4.1. LVMH Moet Hennessy -Louis Vuitton
     13.4.2. CASIO Computer Co. Ltd.
     13.4.3. Fossil Group Inc.
     13.4.4. Citizen Watch Co. Ltd.
     13.4.5. Rolex SA
     13.4.6. Compagnie Financière Richemont SA
     13.4.7. Movado Group Inc.
     13.4.8. Patek Philippe SA
     13.4.9. Seiko Holdings Corp.
     13.4.10. the Swatch Group Ltd.

Methodology

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