Global Luxury Watch Market Set For 5.7% Growth, Reaching $40.19 Billion By 2028

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What is Driving the Strong Growth in the Luxury Watch Market?

The luxury watch market size has grown strongly in recent years. It will grow from $30.5 billion in 2023 to $32.22 billion in 2024 at a compound annual growth rate CAGR of 5.6%. The growth in the historic period can be attributed to strong economic growth in emerging markets, the growing e-commerce industry, the rise in the proportion of women with high incomes, and the increasing international trade activities.

 

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What is the Forecast for the Luxury Watch Market?

The luxury watch market size is expected to see strong growth in the next few years. It will grow to $40.19 billion in 2028 at a compound annual growth rate CAGR of 5.7%. The growth in the forecast period can be attributed to the increasing urbanization, the rising use of internet and social media platforms and the increasing export of swiss watches. Major trends in the forecast period include technological advancements, introduction of luxury smartwatches, introduction of AI Artificial Intelligence, product innovations and strategic partnerships and collaborations.

 

What Factors Are Expected to Propel Growth in the Luxury Watch Market?

The growing consumer preference for high-quality, premium watches in the luxury goods industry is expected to propel the growth of the luxury watch market. Growing consumer preference in the luxury watch market is characterized by the abstract preferences of individual buyers, estimated by their satisfaction with those items after they've bought them. The surge in the luxury watches market is driven by people's preference for high-end watches, due to an increase in rising disposable income, and an urge among adults to wear expensive luxury watches as a social status symbol, especially in developing countries. For instance, according to the Swiss watch industry federation, 2021 was the best year for the Swiss watch market. The all-out trade worth of Swiss watches for 2021 was CHF 22.3 billion $24.36 billion, beating the past record of CHF 22.25 billion $ 24.30 billion, which indicates growing consumer preference.

 

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Who Are the Key Players in the Luxury Watch Market Report?

Major companies operating in the luxury watch market report are Rolex SA, Apple Inc, Compagnie Financiere Richemont SA, The Swatch Group Ltd, LVMH, Kering Group, Fossil Group Inc, Citizen Watch Co. Ltd, Hermes International SA, Movado Group Inc, among others. These industry giants have leveraged strategic partnerships, collaborations, and technological advancements to meet and exceed consumer expectations and demands.

 

What Are Emerging Trends in the Luxury Watch Market?

Product innovations have emerged as the key trend gaining popularity in the luxury watch market. Major companies operating in the luxury watch market are focused on developing innovations to meet customer demand. For instance, in April 2021, during the Watch & wonders event, Jaeger-Le Coultre, a swiss based luxury watch company unveiled Reverso Hybris Mechanical Calibre 185 for the first time, known as the quadriptych is the first and only watch in the world to be made with four dials priced at a staggering 1.6 million dollars.

 

How is the Luxury Watch Market Segmented?

The luxury watch market covered in this report is segmented:

1 By Type: Digital Watch, Analog Watch

2 By Distribution Channel: Online, Single Brand Store, Multi Brand Store

3 By End User: Men, Women, Unisex

 

What are the Regional Insights into the Luxury Watch Market?

Western Europe was the largest region in the luxury watch market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the luxury watch market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

 

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Watch, Clock, Measuring Device Global Market Report 2024

https://www.thebusinessresearchcompany.com/report/watch-clock-measuring-device-global-market-report

 

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