According to the report published by Allied Market Research, the global luxury watches market generated $43.66 billion in 2019, and is expected to generate $51.31 billion by 2027, witnessing a CAGR of 4.5% from 2021 to 2027. The report offers an extensive analysis of changing market trends, key segments, top investment pockets, value chain, competitive landscape, and regional scenario.
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The worldwide luxury watch market has a significant development potential in emerging nations like Japan, China, and India due to rising personal disposable income and high spending for an opulent lifestyle, according to the CXOs of top corporations. Growing numbers of high net worth individuals and quickly developing economies like China and India help people become wealthier, which increases demand for luxury products like watches. Increase in the number of millionaires and their wealth is ascribed to the Internet of Things and the dynamic changes in the corporate environment.
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.
The Asia-Pacific region has been witnessing surge in demand for luxury goods, which is expected to be sustained during the forecast period, owing to the presence of fastest-growing economies. Growing billionaire wealth in the region further favors the growth of the market. According to report published by UBS public company incorporated under the laws of Switzerland, In 2018, the billionaire wealth of Mainland China was valued at $134.9 billion and increased to $1,680.9 billion in 2020.
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.
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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, and the Swatch Group Ltd.
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