Global Luxury Watches Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast: 2019–2028
“Global Luxury Watches Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by MarketResearch.biz. The global luxury watches market report has been segmented as per product type, end-users, distribution channel, and region.
Global Luxury Watches Market: Overview
Luxury watches are preferably made with either 14 or 18 carat gold, stainless steel or combination of both and available in either quartz–analog watches or mechanical watches. In addition, some watches come with precious gems. Switzerland is a leading luxury watches manufacturing country across the globe.
Global Luxury Watches Market: Dynamics
Growing fashion trend among individuals, expanding e-commerce industry, and increasing per capita income of individuals in developed and developing countries are major factors driving growth of the global luxury watches market. In addition, increasing purchasing power of consumers across the globe is a key factor expected to fuel growth of the target market over the forecast period.
Increasing premiumization through attractive product designs and innovations resulting in increasing demand for luxury watches among high income group population is a key factor expected to boost growth of the global market during forecast period. Also, rising inclination towards the Swiss-made luxury watches by individuals due to their high-quality, technological sophistication, and craftsmanship is another factor expected to proliferate growth of the global luxury watches market in the next 10 years.
Furthermore, increasing brand awareness and expanding E-commerce industry are other factors driving growth of luxury watches. Also, aggressive marketing strategies such as promotional activities through TV, Radio, and Newspaper advertising and online product promotion on social media such as on Facebook and Instagram by key players is a key factor anticipated to propel growth of the global market over the forecast period.
However, high cost associated with luxury watches and product inventory are key factors restraining growth of the target market. In addition, increasing penetration of smartwatches across the globe is a key factor may hamper growth of the global market to a certain extent.
Global Luxury Watches Market: Segment Analysis
Increasing demand for women luxury watches across the globe, owing to high awareness about current fashion trends among female population, and increasing disposable income among female individuals across the globe are key factors expected to drive revenue growth of the women watches segment among end user segment.
Among the distribution channel segment, the e-commerce segment is expected to account for significant growth in the global luxury watches market, owing to multiple facilities and services provided by e-commerce industry to the customers such as easy payment, door-step product delivery, easy exchange and return, and additional discounts on various products.
Global Luxury Watches Market: Region Analysis
The market in Europe holds major revenue share in the global market. Also, North America dominated the global market with second highest revenue share in the target market, owing to high awareness about premium products and high ability to spend on luxury products among individuals in countries such as Germany, France, Switzerland, and US in these regions. Market in Asia Pacific is expected to register highest CAGR in the global market, owing to increasing concerns about physical appearance and expanding E-commerce industry in countries such as India, Japan, and Singapore in the region. Markets in Middle East & Africa and Latin America are expected to witness moderate growth in terms of revenue, owing to increasing awareness about the luxury watches in countries in these regions.
Global Luxury Watches Market Segmentation:
Segmentation by product type:
Segmentation by end-users:
- Women Watches
- Men Watches
Segmentation by distribution channel:
- Exclusive Showrooms
- Departmental Stores
Segmentation by region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Actual Year 2019 Estimated Year 2020 Forecast Period 2020–2029 Revenue in US$
- The Swatch Group AG
- LVMH Moët Hennessy Louis Vuitton S.E.
- Rolex SA
- Breitling SA
- Titan Company Limited
- Richemont International S.A.
- Fossil Group, Inc.
- Patek Philippe S.A.
- Chopard International SA
- Seiko Watch Corporation
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