Global Luxury Watch Market Report and Forecast 2023-2028

Global Luxury Watch Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the global luxury watch market reached a value of USD 45.6 billion in 2022. Aided by the growing trend of customised watches and an increase in the number of consumers inclining towards luxury watches, the market is projected to further grow at a CAGR of 4.86% between 2023 and 2028 to reach a value of USD 60.8 billion by 2028.

Luxury watches are more than mere timekeeping instruments. They are embodiments of art, heritage, craftsmanship, and sophisticated engineering, with some pieces taking years to assemble. These high-end watches, often made with precious metals and gems, signify status, luxury, and a penchant for the finer things in life. Their intricate mechanisms, combined with timeless designs, make them a favourite among the affluent and enthusiasts alike.

The increasing affluence among consumers worldwide and a pronounced shift towards premium products is driving the luxury watch market growth. As the global middle class expands, there's a palpable rise in disposable income, leading to enhanced purchasing power. This, combined with the aspiration for branded, luxury items, has accentuated the demand for luxury watches.

Furthermore, the luxury watch market demand is not just sustained by traditional craftsmanship but is also buoyed by technological advancements. With the integration of smart features, including fitness tracking, GPS, and notifications, luxury watch brands are bridging the gap between traditional horology and modern technology. This fusion of classic art with new-age features has made luxury watches appealing even to the tech-savvy younger generation.

Another intriguing facet contributing to the luxury watch market development is its inherent brand loyalty and legacy. Many luxury watch brands have a storied history that spans centuries. Brands like Rolex, Patek Philippe, and Audemars Piguet are not just revered for their exquisite pieces but also for their rich heritage and horological contributions. Collectors and aficionados often view these watches as investments, with some vintage pieces fetching astronomical prices at auctions.

The rise of e-commerce and digital platforms has also significantly influenced the luxury watch market expansion. While purchasing a luxury watch traditionally involved visiting boutiques and experiencing the watch firsthand, online platforms are breaking these barriers. With augmented reality, 3D visualisations, and virtual try-ons, consumers can now experience luxury watches digitally, leading to an uptick in online sales. Moreover, social media influencers, celebrity endorsements, and targeted online campaigns have amplified brand visibility, making luxury watches more accessible to a global audience.

Market Segmentation

The market can be divided based on product, distribution channel, and region.

Market Breakup by Product

• Electronic
• Mechanical

Market Breakup by Distribution Channel

• Offline
• Online

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global luxury watch companies. Some of the major key players explored in the report by Expert Market Research are as follows:

• ROLEX SA.
• The Swatch Group Ltd
• Audemars Piguet Holding SA
• Fossil Group, Inc.
• Citizen Watch Company Of America, Inc.
• Seiko Watch Corporation
• Compagnie Financiere Richemont SA
• LVMH Group
• Movado Group Inc.
• Ralph Lauren Corporation
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.