Global Luxury Watch Market Highlights over 2020-2029
The global luxury watch market is estimated to garner modest CAGR over the forecast period, i.e., 2021 – 2029. The growth of the market can be attributed to the increasing spending capacity of consumers backed by rising disposable income of high class and upper-middle class individuals, who are the target consumers for this market. Moreover, escalating shift towards following trends and adoption of high-end brands is estimated to boost the market growth. The market is concentrated in highly developed nations, where consumers can afford expensive products for their brand value.
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The market is segmented by distribution channel into online retail, departmental stores, and exclusive showrooms, out of which, the exclusive showrooms segment is anticipated to hold the largest share in the market during the forecast period as exclusive showrooms provide a satisfactory shopping experience to the consumers in the form of trials, personal assistance and overall sensory experience. Additionally, there are no shipping charges or any additional fee, which attracts the shoppers to opt exclusive showrooms over other channels, which is expected to boost the growth of the segment. On the basis of design, the market is segmented into male, female, and unisex watches, out of which, the unisex segment is anticipated to hold a major share in the market over the forecast period owing to its larger scope of application.
Global Luxury Watch Market Regional Synopsis
Regionally, the global luxury watch market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in the North America region is estimated to hold the largest share over the forecast period owing to the presence of major market players in the region, coupled with high per capita income and expanding status of upper middle class. Luxury watches stand as a status symbol among the young generation, in the region, which is estimated to boost the market growth. The market in Europe is anticipated to closely follow the market in North America and hold a major market share owing to the high disposable income of the consumers in the region. Countries, such as, Switzerland, and U.K. are estimated to witness maximum growth owing to the stable economy, and high spending potential of the consumers.
The global luxury watch market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Market Segmentation
Our in-depth analysis of the global luxury watch market includes the following segments:
By Type
- Analogue
- Digital
By Distribution Channel
- Online Retail
- Departmental Stores
- Exclusive Showrooms
By Design
- Male
- Female
- Unisex
Growth Drivers
- Rising Personal Disposable Income in Developed Countries
- Growing Trend of Adoption of High-End Brands among Young Consumers
Challenges
- Increasing Circulation of Replica of such Watches on a Much Lower Price
- Extremely High Cost of Luxury Watches
Top Featured Companies Dominating the Market
- ROLEX SA
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Audemars Piguet
- Burberry Group plc
- CASIO COMPUTER CO., LTD.
- CHANEL
- Dolce&Gabbana S.r.l.
- Seiko Watch Corporation
- Giorgio Armani S.p.A.
- PATEK PHILIPPE SA GENEVE
- Titan Company Limited
