According to the latest report by IMARC Group, titled “Luxury Watch Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” The global luxury watch market reached a value of US$ 26.3 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 32.3 Billion by 2027, exhibiting a CAGR of 3.4% during 2022-2027.
Industry Definition and Application:
Luxury watches are high-quality and premium-priced fashion accessories made by proficient artisans. They are made using valuable metals such as gold, silver, and platinum and embellished with precious stones like diamonds and rubies. They are worn on the wrist and provide a refined and stylish appearance to one’s personality. They stand apart from their more affordable counterparts and can be distinguished by their durability and distinctiveness. Since they have exceptional quality, high prices, and limited production, luxury watches are gaining immense traction across the globe.
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Market Trends and Drivers:
The global luxury watch market is primarily driven by the emerging trend of adopting premium fashion as a status symbol. Moreover, the rising demand for specialized high-end watches due to the increasing participation of individuals in professional scuba diving is positively influencing the market growth. Additionally, the escalating demand for custom-made pilot luxury watches that can assist with mid-flight aeronautical calculations such as wind correction angle and fuel consumption owing to the rising complexity of aviation has catalyzed the market growth. Furthermore, the easy availability of luxury watches in unique materials, dial colors, strap designs, and themes is contributing to market growth. Other factors, including the rising popularity of pre-owned luxury items, inflating consumer disposable incomes, and improving living standards, are also anticipated to drive the market further.
Luxury Watch Market Segmentation:
The report has segmented the market on the basis of Type, End User, Distribution Channel, Region.
Breakup by Type:
- Analog Watch
- Digital Watch
Breakup by End User:
- Women
- Men
- Unisex
Breakup by Distribution Channel:
- Online Stores
- Offline Stores
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
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Who are the Major Luxury Watch Market Key players?
The report provides a detailed analysis of luxury watch market leaders, including.
- Apple Inc.
- Breitling SA
- Casio Computer Co. Ltd.
- Citizen Watch Co. Ltd.
- Compagnie Financière Richemont SA
- Fossil Group Inc.
- Hermès International S.A.
- Kering
- LVMH Moët Hennessy Louis Vuitton
- Movado Group Inc.
- Patek Philippe SA
- Rolex SA
- Seiko Watch Corporation
- The Swatch Group Ltd.
- Titan Company Limited.
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