Luxury Watch Market Is Likely To Up Demand At A USD 62.25 Billion By 2030

 San Francisco, 24 Jan 2023: The Report Luxury Watch Market Size, Share & Trends Analysis Report By Product (Mechanical, Electronic), By Distribution Channel (Offline, Online), By Region (Asia Pacific, Europe, North America), And Segment Forecasts, 2022 - 2030

The global luxury watch market size is expected to reach USD 62.25 billion by 2030, according to a new report by Grand View Research, Inc., registering a CAGR of 5.2% over the forecast period. The major factors that drive the growth are increasing awareness about brands that have influenced westernization and the inherent need for exclusivity. The rapidly increased demand for luxury watches from women also drives the industry. Rising penetration of the e-commerce sector will create ample opportunity for industry growth over the forecast period. The high cost of luxury watches, as well as the rapid rise in the price of the production process, hampers the growth.

The COVID-19 pandemic had a negative impact on the market. The COVID-19 pandemic affected manufacturing activities and disrupted the distribution network of the market internationally. Product sales in Europe and North America were largely affected due to the prolonged lockdown and restrictions on movements. In 2020, the Swiss watch shipment fell by around 22% in value terms while it declined by 33% in volume terms. The market is expected to recover considerably over the forecast period. The mechanical product segment is expected to register the fastest growth rate during the forecast period.

Mechanical luxury watches are largely preferred over electronic watches as they have a larger number of tiny parts inside and have a lengthy and laborious manufacturing process. A large number of mechanical watch buyers are discerned, and therefore the buyer cares about the tiny details, one that appreciates history and heritage. Mechanical watch demand is growing at a rapid pace. Asia Pacific dominated the global industry in 2021 and is expected to grow at a considerable CAGR over the forecast period. This is attributed to a rise in economic development in countries, such as India, China, and Japan, leading to a higher standard of living.

This led to the concentration of a large number of people in the region. China is the largest market for luxury watches in the region owing to the presence of a high-net-worth population. In addition, major players are making their presence in this region, which acts as one of the key growth drivers for the industry's development. Companies are working on new product development to get a competitive advantage over others. For instance, in 2019, Rolex SA had come up with a 2019 collection with 6 new models, such as YACHT master 42, Sea-Dweller, GMT master II, Day-Date 60, Datejust 36, and Datejust 31.

Access Research Report of Luxury Watch Market @ https://www.grandviewresearch.com/industry-analysis/luxury-watch-market

Luxury Watch Market Report Highlights

• North America is expected to register a steady CAGR over the forecast period due to rising consumer awareness about a fit and healthy lifestyle
• In addition, evolution in the fashion industry is expected to be the major driving factor for regional growth
• The electronic watch segment led the industry in 2021due to the greater accuracy and they often have a few extra functions, such as the countdown and multiple alarms
• The online distribution channel segment is expected to grow at the fastest CAGR over the forecast period. Companies are increasing their online retail to further support the increasing sales globally
• Moreover, key companies are now concentrating on social media platforms and online distribution channels for online marketing as well as branding their products to attract more customers

List of Key Players in the Luxury Watch Market

• Apple Inc.
• The Swatch Group Ltd.
• Audemars Piguet Holding S.A.
• Fossil Group, Inc.
• Citizen Watch Company of America, Inc.
• Seiko Watch Corp.
• Compagnie Financiere Richemont SA
• LVMH Moet Hennessy-Louis Vuitton
• Movado Group Inc.
• Ralph Lauren Corp.

Access Press Release of Luxury Watch Market @ https://www.grandviewresearch.com/press-release/global-luxury-watch-market