Luxury watch market is anticipated to grow at a considerable CAGR of 4.08% during the forecast period. The primary factor contributing toward the market growth includes the status symbol, increase in spending on premium products, increase in disposable income, and launches. According to Gentlemen Marketing Agency (GMA), Chinese males view watches as a sign of social prestige. Many Chinese men place great significance on their wealth and achievement, which may be shown with the help of a fine watch. For instance, in July 2022, the renowned Swiss luxury watchmaker Franck Muller announced the launch of a number of smart wearable’s and traditional watches in collaboration with the Binance NFT platform. Binance’s NFT Marketplace, which claims over 90 million members, held an auction for a limited-edition physical watch by Franck Muller as well as a unique piece of digital art. According to RBI, the disposable income of the USA rose by 33.6% in April 2020, and in the UK, disposable income increased to 29.1%.
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The global luxury watch market is segmented based on the Product type, end-user and distribution channel. Based on the product type, the market is sub-segmented into mechanical and electric. Based on the end-user, the market is sub-segmented into men and women. Based on the distribution channel, the market is sub-segmented into online and offline. Among the product type, the mechanical watch is anticipated to witness lucrative growth over the forecast period. Luxury mechanical timepieces require many hours of labor and contain a far higher proportion of tiny moving parts. Due of the strict quality control, they are rare on the market and cannot be bulk produced. Since mechanical watches are enduring, fashionable, and dependable, people purchase them.
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- Market Coverage
- Market number available for – 2023-2029
- Base year- 2022
- Forecast period- 2023-2029
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Market Segmentation
Global Luxury Watch Market by Product Type
- Mechanical
- Electronic
Global Luxury Watch Market by End User
- Men
- Women
Global Luxury Watch Market by Distribution Channel
- Online
- Offline
Regional Analysis
- North America
- United States
- Canada
- Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Rest of the World
Company Profiles
- Apple Inc.
- The Swatch Group Ltd
- Audemars Piguet
- Fossil Group
- Seiko Watch Corporation
- Louis Vuitton Malletier SAS
- Movado Group Inc.
- Ralph Lauren Corp.
- Citizen Watch Co. Ltd
- Movado Group, Inc
- Rolex SA
- Compagnie Financière Richemont SA
- PATEK PHILIPPE SA
- Michael Spiers.
- Christopher Ward London Ltd.
- Boston & Stewill
- Golden Tree Jewellers
The Report Covers
- Market value data analysis of 2021 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global luxury watch market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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