New York, United States, Oct. 10, 2023 (GLOBE NEWSWIRE) -- Luxury watches are those that consumers perceive as high-end products, consisting of relationships regarding a high price level, class, aesthetics, rarity, and excellence, as well as a substantial number of non-functional relationships. “The global luxury watch market size is projected to reach USD 12.24 billion by 2030, growing at a CAGR of 5.56% during the forecast period (2022–2030).”, stated by Research Manager at Straits Research P. Ltd.
Key Drivers
The new trend of using high-end clothing as a status symbol is one of the most significant factors driving the global demand for handcrafted luxury watches. In addition, the increase in the number of people participating in professional scuba diving drives the demand for specialized, costly watches. The design of these watches incorporates diver-friendly characteristics, such as water resistance and corrosion resistance that function in seawater.
Due to the availability of luxury watches with distinct materials, dial colors, strap designs, and themes, the market is expanding. In addition, many industry participants sell used luxury watches at a discount through online retailers. The market is developing because of this as well as the rising popularity of used luxury goods, particularly among young people, due to their accessibility and affordability.
Growth Opportunities
GPS, a distance tracker, a health tracker, and Bluetooth connectivity to smartphones and smartwatches will likely remain among the most desirable features. The global proliferation of electronic devices has also propelled the smartwatch industry. These products are also gaining popularity because they are compatible with iOS and Android. The increasing popularity of these smartwatches is likely to decrease people's interest in luxury wristwatches, as they contain fitness-oriented features.
Regional Analysis
The market is anticipated to grow fastest and be dominated by the Asia Pacific region. The market is anticipated to grow due to shifting consumer behaviour and rising disposable income, particularly in developing nations like China and Japan. In developed economies such as Germany, France, Switzerland, the Netherlands, and the United Kingdom, there is an expectedly high concentration of buyers preferring products with distinctive qualities and brand value.
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Key Highlights
- The mechanical segment holds a significant market share and will dominate the Luxury Watch Market.
- Based on the distribution channel, the market is bifurcated online and offline. Most of the global revenue is generated through offline channels.
- The Asia-Pacific region is anticipated to grow quickest and dominate the market during the forecast period.
Competitive Analysis
The global luxury watch market’s major key players are Rolex SA; A. Lange & Söhne; Apple Inc.; The Swatch Group Ltd.; Bernard.; FOSSIL GROUP, INC.; CITIZEN; Seiko; CASIO; and Audemars Piguet.
Market News
- March 2022- A. Lange & Söhne presented four new watches at this year's Watches and Wonders fair. The RICHARD LANGE MINUTE REPEATER is a homage to classic precision watchmaking. The third model in the ODYSSEUS line is the first Lange watch with a case and bracelet made of titanium. And the GRAND LANGE 1, available in white or pink gold with a grey dial, shows how a classic design can be carefully developed while making it even more elegant.
- June 2022- WatchOS 9 delivered new ways to stay connected, active, and healthy. Introduced more customizable watch faces, an enhanced Workout app, sleep stages, a first-of-its-kind AFib History feature, and an all-new Medications app.
Global Luxury Watch Market: Segmentation
By Product
- Mechanical
- Electronic
By Distribution Channel
- Online
- Offline
By Regions
- North America
- Europe
- Asia-Pacific
- LAMEA
About Straits Research Pvt Ltd.
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