Global Swiss Luxury Watch Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Swiss Luxury Watch Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Swiss watches require the movement of watches to be assembled, packaged and inspected in Switzerland, which accounts for 60% of the production cost of watches. Swiss Luxury Watch mainly refers to products with a unit price of CHF 3,000 or higher.

Market Overview:

The latest research study on the global Swiss Luxury Watch market finds that the global Swiss Luxury Watch market reached a value of USD 30182.0 million in 2022. It’s expected that the market will achieve USD 33885.0 million by 2028, exhibiting a CAGR of 1.95% during the forecast period.

Assessment of the Overall Impact of COVID-19 on the Industry

The outbreak of covid -19 affected the normal operation of the industry
The raging COVID-19 has plunged the global economic environment into depression. The influence of COVID-19 on the Swiss Luxury Watch industry will involve all major links and entities in the industrial chain. The management efficiency of the company declined, production plans were hindered, and the company's development strategy and marketing methods were forced to adjust.
Because most people are restricted by isolation measures, international tourism stagnates and shops close down: Covid-19 has dealt a big blow to Swiss Luxury Watch. As the flower of Swiss industry, nearly 95% of Swiss Luxury Watch's products are sold overseas. In 2020, the export will drop by 22%, which is equivalent to the recession after the 2009 financial crisis. Short-term epidemic has little impact on the industry, while long-term epidemic will cause great losses to the industry.

Promote the development of online sales channels

The COVID-19 epidemic boosted online retailing, and global e-commerce sales jumped to $26.7 trillion. With the rapid development of the Internet era, the sales forms are constantly innovating. Compared with traditional marketing channels, the advantages of online sales have been improved in sales cost, channel management cost, information flow and capital flow. The emerging online sales channel not only simplifies the composition of various channels in traditional marketing, but also integrates sales, pre-sales and after-sales service, commodity and customer information inquiry, with great advantages.
COVID-19 epidemic forced Swiss Luxury Watch manufacturers to develop omni-channel strategy. Last year, Patek Philippe tried a few online shopping measures. Although this was only a temporary measure, it was regarded as a small revolution of this traditional brand because it never sold watches online.
Although Swiss Luxury Watch sales are still dominated by physical stores, about 60% of watch brands indicated that they would consider developing and strengthening omni-channel strategy.

Market Development Constraints

Genuine Swiss Luxury Watch is more expensive, more than 3000CHF. In many emerging markets with lax supervision, there are a large number of imitation products. Some watch manufacturers, because of low brand awareness and poor product sales, turned to producing imitations of well-known enterprises. Imitation watches are fine in workmanship and have a high degree of reduction compared with genuine watches. The similarity between replica watches and genuine watches is usually as high as 95%. It is difficult to distinguish the difference between genuine watches and imitations from the appearance of watches. However, the price of replica watches is only one tenth to one percent of that of genuine high-end watches, and the profits are high, among which huge profits attract a large number of watch manufacturers to imitate high-end watches. This phenomenon has affected the market order and reputation of some well-known enterprises. In the market, it is necessary to strengthen enterprise credit management, property rights and patent awareness.
For most industries the intensity of competitive rivalry is the major determinant of the competitiveness of the industry. Having an understanding of industry rivals is vital to successfully market a product. Positioning pertains to how the public perceives a product and distinguishes it from competitors. A business must be aware of its competitors marketing strategy and pricing and also be reactive to any changes made.
Swiss Luxury Watch Manufacturing Group usually has different brands, rich manufacturing experience, advanced technology and high brand awareness, and they compete fiercely for market share in different regional markets. At the same time, Swiss Luxury Watch also faces the market impact of brands in Japan and China.

Region Overview:

From 2023-2028, Asia Pacific is estimated to witness robust growth prospects.

Company Overview:

Rolex, Omega, Cartier Watches, PATEK PHILIPPE and Audemars Piguet are the five key players in the global Swiss Luxury Watch market. These companies have shown consistent growth in revenue, larger volumes of sales and a prominent presence in terms of share in the global Swiss Luxury Watch market in the past 5 years.

The leading brand in Swiss luxury watches, Rolex enjoys an unrivalled reputation for excellence, performance and prestige. Pioneer of the wristwatch since 1905, the brand is at the origin of landmark innovations in watchmaking, including the first waterproof wristwatch - the Oyster - and the Perpetual rotor self-winding mechanism.

Its watches have accompanied explorers and achievers around the world, from the top of the highest mountains to the deepest reaches of the ocean.
Rolex is also actively involved in supporting the arts, sports, exploration, the spirit of enterprise through a broad palette of sponsoring activities and philanthropic programs.

Omega is a Swiss luxury watch brand and manufacturer, headquartered in Biel, Switzerland. Omega mainly manufactures watches, but also manufactures and sells jewelry and professional timepiece materials. It is now part of the Swatch Group.

Segmentation Overview:

Among different product types, Mechanical segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the Male segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Swiss Luxury Watch market covered in Chapter 3:

Audemars Piguet
IWC
Hublot
Rolex
Breitling
Richard Mille
PATEK PHILIPPE
Cartier Watches
Omega

In Chapter 4 and Chapter 14.2, on the basis of types, the Swiss Luxury Watch market from 2018 to 2029 is primarily split into:

Mechanical
Electronic or Quartz

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Swiss Luxury Watch market from 2018 to 2029 covers:

Female
Male

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)