Categories: Market Research

Luxury Watch Market Size and Forecast 2024-2033|Rolex SA, Apple Inc., Compagnie Financiere Richemont SA, The Swatch Group Ltd., LVMH

The Luxury Watch by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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https://www.thebusinessresearchcompany.com/report/luxury-watch-global-market-report

According to The Business Research Company’s Luxury Watch, The luxury watch market size has grown strongly in recent years. It will grow from $30.5 billion in 2023 to $32.22 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to strong economic growth in emerging markets, the growing e-commerce industry, the rise in the proportion of women with high incomes and the increasing international trade activities.

The luxury watch market size is expected to see strong growth in the next few years. It will grow to $40.19 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to the increasing urbanization, the rising use of internet and social media platforms and the increasing export of swiss watches. Major trends in the forecast period include technological advancements, introduction of luxury smartwatches, introduction of ai (artificial intelligence), product innovations and strategic partnerships and collaborations.

The growing consumer preference for high-quality, premium watches in the luxury goods industry is expected to propel the growth of the luxury watch market. Growing consumer preference in the luxury watch market is characterized as the abstract preferences of individual buyers, estimated by their fulfillment with those things after they’ve bought them. This satisfaction is often indicated as a utility. Purchaser worth is not entirely set in stone by how buyer utility thinks about various things. The surge in the luxury watches market is driven due to people’s preference for high-end watches, due to an increase in rising disposable income, and an urge among adults to wear expensive luxury watches as a social statement of their identity, especially in developing countries. For instance, according to the Swiss watch industry federation, 2021 was the best year for the Swiss watch market. The all-out trade worth of Swiss watches for 2021 was CHF 22.3 billion ($24.36 billion), beating the past record-breaking record of CHF 22.25 billion ($ 24.30 billion), which in turn indicates growing consumer preference. Therefore, the growing consumer preference for high-quality, premium watches in the luxury goods industry drives the luxury watches market.

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The luxury watch market covered in this report is segmented –

1) By Type: Digital Watch, Analog Watch

2) By Distribution Channel: Online, Single Brand Store, Multi Brand Store

3) By End User: Men, Women, Unisex

Product innovations have emerged as the key trend gaining popularity in the luxury watch market. Major companies operating in the luxury watch market are focused on developing innovations to meet customer demand. For instance, in April 2021, during the Watch & wonders event, Jaeger-Le Coultre, a swiss based luxury watch company unveiled Reverso Hybris Mechanical Calibre 185 for the first time, known as the quadriptych is the first and only watch in the world to be made with four dials priced at staggering 1.6 million dollars. There are a staggering 11 complications that go inside this epic timepiece of surprisingly wearable proportions, three of which are patented features found only in this watch.

The luxury watch market report table of contents includes:

1. Executive Summary

2. Luxury Watch Market Characteristics

3. Luxury Watch Market Trends And Strategies

4. Luxury Watch Market – Macro Economic Scenario

5. Global Luxury Watch Market Size and Growth

26. South America Luxury Watch Market

27. Brazil Luxury Watch Market

28. Middle East Luxury Watch Market

29. Africa Luxury Watch Market

30. Luxury Watch Market Competitive Landscape And Company Profiles

Top Major Players: