UAE Luxury Watch Market to Flourish at an Estimated CAGR of 5.21% During 2025-30

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The UAE Luxury Watch Market size was valued at around USD1.61 billion in 2024 and is projected to reach USD2.21 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 5.21% during the forecast period, i.e., 2025-30, cites MarkNtel Advisors in the recent research report. This growth is mainly attributed to the increasing number of people with high net-worth, increasing number of tourists visiting the country, culture of showing rich status through premium & luxury products, presence of multiple leading players of watch industry, growing female consumer base, tax-free environment, and the growth of e-commerce providing ease to young generations in choosing their desired products while sitting at home.

The market has been experiencing good growth in recent years. This can be observed from two factors. First is the increasing imports of premium watches to the country, which signifies their high demand. As per the International Trade Council, the number of Swiss watches imported by the UAE in 2023 was approximately 11.9% higher than the previous year. And the second factor is their increased sales, which can be observed from the increasing sales of various watchmaking companies. For instance, MB&F, a premium Swiss watch-making company, was not able to sell even two watches a year in the past, but sold around 46 watches in 2024, some of which cost around USD2,40,000. Therefore, the increasing imports and sales of premium watches in the UAE show a good growing environment for the market.

Furthermore, the individuals with high income are the main end-users of luxury watches, and their number is continuously increasing in the UAE. Around 7,000 millionaires were attracted to the UAE in 2024, whereas the number of such individuals in 2023 was only around 4,700. These people are more likely to spend on luxury items such as watches, as they not only improve their fashion statement but also represent their rich status. Also, some watches with precious metals and stones act as a source of investment. Hence, most of the HNWIs are attracted by these watches, thus increasing their demand. Therefore, the multiple HNWIs and tourists have driven the market growth in the past years, and this trend is expected to continue in the future amid the tax-free environment and the presence of numerous boutiques from multiple watchmaker companies, further states the research report, “UAE Luxury Watch Market Analysis, 2025.”

Segmentation Analysis

Mechanical Watches Attracting a Large Group of Customers

Based on the type of watch, the market is further bifurcated into Mechanical and Electronic. Here, the mechanical segment leads the market with a share of around 70%. This is because of the closely designed details of such watches, showing the workmanship of an artisan. Various buyers and most collectors are attracted by such watches. In addition to this, a high number of such watches are made with precious metals such as gold and have precious stones and gems integrated into them. This only makes them fashionable, but also a good source of investment. Moreover, some companies, such as Rolex, do not even make electronic watches, which indicates their strong association with heritage. Therefore, mechanical watches have gained the highest popularity due to their eye-catching artwork and precious elements involved in their creation, and this dominance is expected to continue in the coming years.

Offline Retail Distribution Channel Generating Maximum Market Revenue

Based on the distribution channel, offline retail stores dominate the market with a share of around 85%. People prefer to buy luxury products from offline stores as they can try on various products and make an investment in the suitable products only. Also, purchasing from certified stores avoids the risk of being scammed through duplicate products. To support this trend, various stores of multiple companies have been established in the UAE, with Dubai and Abu Dhabi as the most prominent regions. For instance, Rolex has 18 showrooms in the UAE, out of which 11 are in Dubai, 5 in Abu Dhabi, and 2 in Al Ain. These factors create a very high demand for buying luxury watches from offline stores. Therefore, the offline retail segment leads the market due to strong consumer preference for offline buying and the presence of multiple boutiques. Also, this dominance is expected to continue in the future as well.

Competitive Landscape

With strategic initiatives such as mergers, collaborations, and acquisitions, the leading market companies, including Rolex, Patek Philippe, Audemars Piguet, Omega, Hublot, IWC Schaffhausen, Jaeger-LeCoultre, Richard Mille, Chopard, Breguet, 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 country?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping up across the country?
6. How have buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2020-30?
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?