Global Luxury Watch Market Research Report: Forecast (2024-2030)

Market Definition

Luxury watches are wrist accessories made up of precious metals like platinum, gold, and silver along with jewels such as diamonds or rubies. These are crafted by skilled artisans and stand out for their exceptional durability and unique design elements owing to their high cost and exclusivity.

Market Insights & Analysis: Global Luxury Watch Market (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 around 5.24% during the forecast period, i.e., 2024-30.  Over the historical years, the demand for luxury watches has been driven by factors such as craftsmanship & heritage associated with watches. In recent years, the trend of Western influences, brand awareness, people's inherent desire for exclusivity, etc., have propelled the demand for premium watches worldwide. Also, luxury watches are widely regarded as a mark of distinction and elegance, and hence, their demand has escalated. Unlike typical accessories, luxury watches have transformed into collectibles that many consumers have been inclining towards recently. Further, most luxury watches boast rich histories, with legacies spanning generations, specifically those from brands like Audemars Piguet and Cartier among others. This legacy has also been a key driver as it has been attracting consumers who appreciate historical significance and heritage, and thus, has been driving the market growth & expansion of luxury watches globally.

Moreover, luxury watchmakers have been recently focusing on the integration of state-of-the-art technology within their designs. From chronographs to moon phases, perpetual calendars to tourbillons, these features have attracted customers who seek traditional and modern innovations in watches. Hence, as brand-conscious consumers who are looking for technologically advanced luxury watches are increasing worldwide, leading companies are actively pursuing strategies to follow up with this growing market trend. Also, recently, consumers have started seeking luxury watches not just as timekeeping devices but also as a form of investment. This has resulted in a substantial amplification in the sales of gold & diamond luxury watches, specifically for exclusive, limited edition, or prestigious luxury watches among investors. Along with the gold and diamond watches, consumers with investing intent have also been investing in previously owned models from renowned brands, as their prices usually increase in the forecast years.

Moreover, advertisements by popular celebrities also fuel the demand for luxury watches. Consumers always prefer buying products endorsed by celebrities whom they trust. Therefore, seeing this behavior among consumers, top watch manufacturing companies in this market are also partnering with popular celebrities to endorse their products. Apart from this, social media websites like Facebook, Instagram, etc., are also majorly contributing to developing awareness among consumers about various recently launched series, technological advancements, etc. Hence, the market players have been utilizing these channels effectively through collaboration with some renowned personalities on these social media websites for the advertisement of their products. It would, hence, augment the size & volume of the luxury watch industry globally during the forecasted period.  

Global Luxury Watch Market Driver:

Rising Demand for Personalized Luxury Watches Across the Globe – Increasing demand for personalized luxury watches has emerged as a prominent market driver in recent years. Also, recently, watches have been customized by consumers to commemorate special occasions, making them a popular choice as gifts for occasions such as birthdays, weddings, and anniversaries. The emotional significance of these presents combined with the inherent worth of such luxury watches propels their adoption among the consumer, and hence, has been propelling the volume & growth of the market.

Observing this trend for gifting personalized & customized luxury watches among consumers, market players have also started offering such features to leverage this marketplace. Along with this, the top market players are offering consumers the feasibility to customize their dial designs, and straps, among other features. Also, companies are utilizing cutting-edge materials like titanium and scratch-resistant sapphire crystal glass to add exclusivity to personalized luxury watches. Hence, the adoption of personalized luxury watches among consumers has been driving the market growth & expansion. Also, consumers are further preferring to purchase handcrafted personalized luxury watches, as they offer personalized touches by skilled artisans. Thus, the demand for handcrafted personalized luxury watches is another market driver, which would generate additional revenue growth in the coming years.

Global Luxury Watch Market Challenge:

Availability of Counterfeit Luxury Watches Impedes Market Growth – One of the major challenges that was affecting sales has been the presence of counterfeit luxury watches in the market, specifically in developing and underdeveloped countries. The fake luxury watches exactly imitate the original ones and have been often sold at substantially lower prices as compared to the original watch. Also, as these counterfeit products are manufactured by illegal organizations, they often lack built-up quality, and thus, they are more prone to damage. Hence, these watches often cause original brand dilution and affect the consumer’s trust in luxury watches.

Hence, as potential customers of these products experienced trust issues with the build-up quality, it negatively impacted the sales of luxury watches across the globe in recent years. This resulted in lower sales of luxury watches which has negatively impacted the Global Luxury Watch Market growth during the historical years. Also, as several developing countries across the globe lack strict regulations to stop the sales of such counterfeit luxury watches, it is projected to impact the market growth in the coming years too.

Global Luxury Watch Market Trend:

Surging Demand for Smartwatches – Consumers have been recently preferring to purchase luxury smartwatches rather than conventional watches because they offer significant functionality to them along with a luxury experience. Thus, luxury smartwatches have become a significant market trend that has been contributing to the growth & development of the luxury watch industry. These watches allow customers to track their health by monitoring blood pressure, pulse rate, etc. and also offer voice assistance to perform tasks. Thus, their demand has increased, which has been supporting the market growth.

Along with this, the top companies have been incorporating these innovations into their products to keep up with changing consumer demands. This integration has appealed to tech-savvy consumers and also attracted a new demographic of buyers who seek the prestige of luxury brands combined with the utility of smart technology. Hence, companies like Garmin Ltd., Rolex, etc., have recently introduced luxury smartwatches to leverage this upcoming market opportunity. For instance,

• In 2023, Garmin Ltd. expanded its presence in India by launching its premium luxury smartwatch called the ‘Marq Collection’ named MARQ Athlete, MARQ Adventurer, MARQ Golfer, MARQ Captain, and MARQ Aviator. This new product line offers innovative preloaded features such as Garmin Pay integration, etc.

Thus, by integrating smart features into their watches, luxury watchmakers are experiencing substantial market expansion. Also, in recent years, consumers are actively adopting healthy lifestyles, and are looking for products that would allow them to track their health and fitness. Hence, luxury smartwatches are expected to augment the size & volume of the Global Luxury Watch Market in the coming years as well.

Global Luxury Watch Market (2024-30): Segmentation Analysis

The Global Luxury Watch Market study of MarkNtel Advisors evaluates & highlights the major trends & influencing factors in each segment. It includes predictions for the period 2024-2030 at the global level. Based on the analysis, the market has been further classified as:

Based on Product Type:

• Quartz/Mechanical
• Digital

Among all, Quartz/Mechanical watches held the major share of the Global Luxury Watch Market. This supremacy has been attributed to several factors. First, these mechanical watches exhibit exceptional engineering skills and artistry that have been quite appealing to affluent consumers such as business tycoons, celebrities, etc. Also, traditional watch enthusiasts have been another major audience for quartz watches due to their ability to offer precise timekeeping with minimal maintenance. Further, as quartz watches have been delicately crafted using intricate systems of springs and gears, their demand has been substantially high among luxury watch enthusiasts in the historical years. Furthermore, the demand for quartz luxury watches is projected to grow in the forthcoming years as well, because of their authentic look and better build quality.

Based on End-Users:

• Women

• Men
• Unisex

Out of these, the unisex segment has gained the largest share of the Global Luxury Watch Market. This has been primarily because unisex luxury watches have been efficiently catering to both genders across the globe, and also because consumers have now become more welcoming towards gender-neutral designs. Due to this changing preference, now companies are focusing on introducing unisex designs as they have a larger audience base. Moreover, top market players, such as Casio, Garmin, Daniel Wellington, etc., are expanding their product line with versatile unisex designs, catering to individuals who prioritize functionality, quality, and personal expression over gender-specific aesthetics. Hence, the sales of unisex watches have improved substantially in recent years, and are anticipated to grow further in the upcoming years as well.

Global Luxury Watch Market (2024-30): Regional Projections

Geographically, the Global Luxury Watch Market expands across:

• North America
• South America
• Europe
• The Middle East and Africa
• Asia-Pacific

The Asia-Pacific region has been leading the Global Luxury Watch Market, specifically because of the significant economic growth in nations like China, Japan, and South Korea. This is by and large attributed to the growth in consumer spending power across the region, coupled with an increase in demand from customers looking for high-quality luxury products like watches for multiple motives, together with their excessive prestige price and investment potential. Therefore, the sales of luxury watches have grown notably during the past few years.

Moreover, considering that a luxurious watch is considered to be a precious and prestigious gift for diverse activities like weddings, anniversaries, and the Lunar New Year, it further fuels the demand for luxury watches in the region. Besides, international lifestyle is tremendously influencing customers in the Asia-Pacific region, thereby further fueling the revenue growth of the Luxury Watch Industry in the region, and anticipated to follow the same trend during the forecast period.

Global Luxury Watch Industry Recent Development:

• In 2024, Rolex SA introduced the grey and black bezel GMT-Master II, which offers subtle options to consumers as compared to previously available colors.
• In 2024, Patek Philippe launched 11 new additions to their existing brand range collections, which also include a golden ellipse with a metal bracelet.

Gain a Competitive Edge with Our Global Luxury Watch Market Report

1. Global Luxury Watch Market Report by MarkNtel Advisors provides a detailed & thorough analysis of market size & share, growth rate, competitive landscape, and key players. This comprehensive analysis helps businesses gain a holistic understanding of market dynamics & make informed decisions.
2. This report also highlights current market trends & future projections, allowing businesses to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
3. Global Luxury Watch Market Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, businesses can develop strategies to minimize risks & optimize their operations.