Press Release

A USD 44.2 Billion Global Luxury Watch Market to Surge at a CAGR of Around 5.24% During 2024-30

The Global Luxury Watch Market size was valued at around USD 44.2 billion in 2023 and is projected to reach around USD 63.2 billion by 2030. Along with this, the market is estimated to grow at a CAGR of about 5.24% during the forecast period, i.e., 2024-30, cites MarkNtel Advisors in the recent research report. During the past years, luxury watches have been gaining a substantial rise in demand, driven by increasing consumer spending. Also, as consumers have been substantially inclining toward the adoption of personalized luxury watches, they have emerged as a prominent market driver. Consumers have been actively purchasing customized watches to commemorate special occasions like wedding anniversaries, and birthdays. Also, observing this trend among consumers, companies are actively offering several features for personalized and customized luxury watches to attract more potential customers.

Further, consumers do not consider luxury watches as just an accessory but rather as an investment. Renowned brands in the market have been often offering luxury watches that possess robust histories spanning multiple generations, which further adds up to their cost. Also, consumers have been inclined toward purchasing luxury watches made from gold and diamonds, specifically for investment purposes. Thus, watches made from precious metals, and those with rich histories are largely preferred among consumers because their prices are projected to amplify in the coming years. Hence, the purchase of luxury watches for investment purposes has been helping elevate the size & volume of the Global Luxury Watch market.

In addition, celebrity endorsements significantly increase the demand for luxury watches, as ordinary consumers normally trust and try to follow what their favorite stars buy. By understanding this trend among consumers, the leading companies now are focusing on manufacturing luxury watches and smartly associating themselves with renowned celebrities to market and promote their luxury watches. Social media like Facebook and Instagram amplify this phenomenon by increasing consumer awareness about new watches entering the market and innovations made in their technology. Through these channels, by the use of influencer marketing, luxury watches are successfully marketed and sold by companies. Therefore, all these factors are anticipated to augment the growth & expansion of the luxury watch industry in the coming years, further states the research report, “Global Luxury Watch Market Analysis, 2024.”

Segmentation Analysis

Unisex Segment Holds the Largest Market Share

Based on the end-users, the market is further bifurcated into women, men, and unisex. The unisex segment has been one of the dominating segments in the market for luxury watches. This was primarily because this segment has been catering to a broader consumer base, which has become more inclusive of gender-neutral designs. Also, companies have been actively introducing designs that are designed for unisex consumers as it has been allowing them to cater to a broader consumer base in recent years. Also, recently, brands like Casio, Garmin, and Daniel Wellington have expanded their product lines with versatile unisex designs, appealing to consumers who value functionality, quality, and personal expression over gender-specific styles. Consequently, the sale of unisex watches has seen a significant increase in recent years and is expected to continue growing in the coming years.

Asia-Pacific Leads the Luxury Watch Industry

The Global Luxury Watch Market has been dominated by the Asia-Pacific region, due to its good economic growth in countries such as China, Japan, and South Korea. This is attributed to the rise in spending power among consumers and high demand for high-end luxury products, in particular watches, hence considering them to be an instrument of greater value and for investment purposes. As a result, luxury watch sales have increased around the region. Moreover, luxury watches are deemed as precious presents given during weddings, anniversaries, or on the Lunar New Year, thus augmenting the revenue growth of the Asia-Pacific Luxury Watch Market. Also, dynamic international culture is making a greater impact on the buying behavior of the customers in the region, owing to which a higher demand can be witnessed in Asia-Pacific. Ultimately, this dynamic cultural impact is augmenting the size & volume of the luxury watch industry.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market companies, including Apple Inc., Omega, Rolex SA, The Swatch Group, Compagnie Financiere Richemont SA, Patek Philippe, Audemars Piguet, Tag Heuer, Jaeger-LeCoultre, Movado Group, Inc., Ralph Lauren Corp., Louis Vuitton Moet Hennessy (LVMH), Cartier, Chopard, Richard Mille, Garmin Ltd., and others are looking forward to strengthening their market positions.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the globe?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping up across the regions?
6. How have the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?