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Written by imarc marketing » Updated on: January 22nd, 2025
India Luxury Watch Market Overview
Base Year: 2024
Historical Years: 2019-2024
Forecast Years: 2025-2033
Market Growth Rate: 5.7% (2025-2033)
Market Size in 2024: USD 1.6 Billion
Market Size in 2033: USD 2.8 Billion
The India luxury watch market is growing swiftly as a result of elements like increased brand recognition, changing customer preferences, and growing money to spend. According to the latest report by IMARC Group, the market size reached USD 1.6 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 2.8 Billion by 2033, exhibiting a growth rate (CAGR) of 5.7% during 2025-2033.
The India luxury watch market is experiencing significant changes, driven by the increasing wealth of the middle and upper classes. With more disposable income, many consumers are purchasing high-end items like luxury watches. This trend is especially popular among younger generations, who are attracted to the prestige and status associated with owning renowned brands. Social media and digital platforms are playing a crucial role in fueling the demand for aspirational products. For young professionals, luxury watches have become a symbol of success and accomplishment.
In response to this, watch brands are focusing on creating exclusive, high-quality timepieces. At the same time, luxury retail stores in major cities are offering immersive shopping experiences, making the purchase of these watches even more appealing. The market is expected to grow further as brands introduce limited-edition models and personalized services to cater to the evolving tastes of Indian consumers.
The shift to digital has also impacted the way luxury watches are bought in India. Online shopping has gained popularity, particularly since the COVID-19 pandemic. Many luxury brands have expanded their online presence, offering special collections and experiences that aim to replicate the in-store luxury experience. E-commerce platforms are making it easier for customers, even in smaller towns, to purchase luxury watches.
Technologies like augmented reality (AR) and virtual reality (VR) are enhancing the online shopping experience by allowing customers to see how a watch will look on their wrist before making a purchase. As brands continue to develop their digital strategies, online sales of luxury watches are expected to rise, changing the way consumers interact with these products.
Sustainability and ethical production are becoming more important in India’s luxury watch market. Increasingly, consumers, particularly younger ones, are concerned with the environmental and social impacts of their purchases. Watchmakers are responding by using eco-friendly materials, such as recycled metals and conflict-free diamonds, while also improving supply chain transparency. This focus on sustainability is helping brands build customer loyalty and attract environmentally conscious buyers.
In 2024, the demand for smart luxury watches is expected to grow as consumers seek timepieces that blend traditional craftsmanship with modern technology. Many people are looking for watches that are both stylish and functional, leading to the rise of hybrid models with smart features. Personalization is also becoming a key trend, with brands offering customization options that allow customers to create watches reflecting their personal style. This is particularly appealing to younger consumers who value self-expression and exclusivity.
While global luxury brands continue to lead the market, Indian watchmakers are gaining recognition by combining traditional craftsmanship with modern designs. Sustainability will remain a top priority as brands focus on eco-friendly practices. The luxury watch market in India is poised for further innovation and personalization, evolving to meet the changing preferences of consumers in 2024.
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The report has segmented the market into the following categories:
Breakup by Type:
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Competitive Landscape:
The report offers an in-depth examination of the competitive landscape. It includes a thorough competitive analysis encompassing market structure, key player positioning, leading strategies for success, a competitive dashboard, and a company evaluation quadrant.
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IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services.
IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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