Luxury Watch Market
By Watch Type (Analog, Digital),
By Distribution Channel (E-Commerce, Supermarkets and Hypermarkets, Departmental and Retail Stores, Company Outlets and Luxury Stores),
By Gender (Male, Female and Unisex),
By Class (Sports, Business and Fashion), and
By Region (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa):
Global Analysis and Forecast 2023-2033
The global luxury watch market to be worth more than USD 50.67 billion by 2033.
Consumer inclination towards luxury brands as a mark or symbolism of status statement, Increase in entrepreneurship, and growth within E-commerce channels are primary factors to drive the growth of the Luxury Watch industry. Brands focus on improving consumer experience by integrating various technological features that suit the demands of Business people or sporty personalities. These features include Heart-rate monitoring, Footsteps count, Pulse monitoring, or Oxygen level monitoring. These features are collectively being introduced as "Smart-Watch" features. Besides technological advancements, Brands also focus on creating theme-based collections that incorporate features and styling suitable to chosen theme. Various brands have introduced collections representing a polished persona through the carefully planned color palate, appropriately set metals, jewels, rubber, ceramics, and leathers. The watches are designed so that they blend with a personality type and provide a user-customized experience. Brands have also increased their focus on women consumers and launched collections that suit for feminine persona. All interests of Business people are incorporated as creative inputs to design and manufacture watches. Customized user experience coupled with a growing reputation for being a status symbol is expected to boost the market growth of the Luxury Watch industry.
The companies operating within the luxury watch industry are undergoing mergers, collaboration, acquisitions, long-term contracts, and service agreements to increase their global footprint. For instance, Garmin was named the official running watch sponsor of Under Armour's Mission Run professional running teams. This collaboration effectively created an impression that Garmin is suitable for monitoring rapid changes in health and wellness statistics, along with its ability to assist in assessing performance metrics. Such collaboration attracts a sports-loving section of consumers looking for features that add to the sports assessments. Furthermore, notable investment towards research and development to launch new and innovative products that support operational integration at multiple levels is also practiced by industry stakeholders.
According to the CXOs and primary research conducted, COVID-19 drastically impacted luxury watch brands. Luxury electronics items don't come under as essential items and hence faced a backlash during a pandemic. Most Luxury watch consumers come from a rich background working as business persons. Many businesses faced severe losses during the pandemic, restraining their ability to afford Luxury brands. However, E-commerce effectively regulated some Brands' functioning and sustained some brands to some extent. This opened gateways for the growth of the E-commerce channel as the most suitable medium for making sales.
The Luxury Watch market is analyzed across North America (NA), Europe (EU), Asia-Pacific (APAC), Latin America (LA), and Middle East & Africa (MEA). In line with the analyzed region, the Asia-Pacific region will witness the highest growth rate, followed by Europe, Asia-Pacific, Latin America, and Middle East & Africa. Quick adoption of new technologies, recognition of Brands as status symbols, and the presence of major industry players within the region are primary factors supporting market potential within the Asia-Pacific region. The major companies operating within the market are Audemars Piguet Holding SA, Apple, Inc., Breitling, Casio Computer Co., Ltd., Citizen Group, Garmin Ltd., Rolex SA, Ulysse Nardin SA, Vacheron & Constantin SA, Guccio Gucci S.p.A.