Luxury Watch Market Analysis by Trends, Size, Share, Company Overview, Growth and Forecast by 2029
The global luxury watch market size is projected to exhibit impeccable growth in the forthcoming years. The use of high-end products to enhance one’s look has become a popular trend in recent years. The perception of using high-end luxury watches as status symbols is growing and is expected to be a major growth propellant for the luxury watch market. Fortune Business Insights™ has presented this information in an upcoming report, titled, “Luxury Watch Market, 2022-2029”.
According to the report, the luxury watch market is gaining immense popularity due to several reasons. For instance, the rising product innovations and the incorporation of advanced technological features are expected to boost the demand for luxury watches due to enhanced functionality.
COVID-19 Impact-
The global pandemic has wreaked a devastating impact on the global economy. The pandemic has negatively impacted the growth of several markets and industries. The demand for luxury watches declined due to the consumers’ cautious spending habits observed during the pandemic. Additionally, stringent lockdowns and curfews imposed by the governments of several nations affected the production levels and also hampered the distribution networks. Nonetheless, the market is gradually gaining traction as vaccination drives of several nations ramp up. The uplift of lockdowns and curfews is helping the market recover. The market is expected to gain steep growth post-pandemic.
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Key Players in the Global Luxury Watch Market are:
- Patek Phillipe SA
- Vacheron & Constantin SA
- Audemars Piguet Holding SA
- Blancpain SA
- Ulysse Nardin SA
- Rolex Sa
Report Coverage-
- The report features an exhaustive analysis of the luxury watch industry.
- The report analyzes the COVID-19 impact and suggests methods to grow during and after the pandemic.
- The report offers an analysis of the market opportunities and drivers for market growth.
- The report incorporates SWOT Analysis and PESTLE Analysis for an accurate market forecast.
- The report also addresses the market forecasts and estimates.
Drivers & Restraints-
Enhancing Income Levels to Fuel Market Growth
The rising per capita income levels, enhancing living standards, and the escalating numbers of wealthy people worldwide are expected to bolster the global luxury watch market growth. The surging consumer perception of luxury watches as a status symbol due to their high price, scarcity, and aesthetics are also anticipated to fuel the market growth.
The use of precious metals and stones in luxury stones is expected to attract the richer sections of society and boost market growth. The incorporation of smart technologies such as heart rate sensors, blood pressure monitors, and oxygen level monitors in digital luxury watches is expected to attract immense popularity due to the rising digitization and thus amplify market growth.
Additionally, the increasing numbers of high-earning women are anticipated to fuel the demand for women's luxury watches and complement market growth. However, the focus on only the richer section of the society may impede market growth.
Segmentation-
On the basis of product, the market for luxury watchs bifurcated into electronic and mechanical. On the basis of distribution channels, the market is segmented into offline and online. Geographically, the market is classified into North America, Europe, South America, Asia Pacific, and the Middle East & Africa.
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Regional Insights-
Asia Pacific to Hold the Lion’s Share Stoked by Increasing Number of Wealthy People
Asia Pacific is projected to emerge dominant in terms of the global luxury watch market share. The rising living standards and the surging numbers of wealthy people across countries such as China and India are expected to drive market growth. Asia Pacific constitutes 60% of the global population as per the United Nations Population Fund and is therefore expected to be a key region for the growth of the luxury watch market.
Europe is anticipated to gain significant growth in the global market. The presence of several key players like Rolex, Panerai, Audemars Piguet, and others and the rising numbers of billionaires and millionaires across the region are expected to bolster the market growth.
Competitive Landscape-
Key Players Devise Innovative Growth Strategies
The global market for luxury watches comprises a few key players operating at regional and global levels. They are devising innovative strategies to increase their market presence and revenues. Major business operating in the luxury watch market are emphasizing on several inorganic and organic growth strategies. For instance, H. Mosier & Cie entered into a partnership with Ethos Watch Boutiques in September 2019 to expand its position in the Indian market.
Industry Developments-
- April 2021: Hermes unveiled its new men’s watch collection called the Hermes H08. The collection features five different 39 mm references.
- March 2019: Rolex launched seven new watches to enhance its product portfolio.
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