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Written by MarkNtel Advisors » Updated on: November 06th, 2024
The Global Luxury Watch Market size was valued at around USD 44.2 billion in 2023 and is projected to reach around USD 63.2 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 5.24% during the forecast period, i.e., 2024-30. In recent years, the demand for customized luxury watches is constantly increasing. Moreover, watches have been made as per the requirement of customers to celebrate special moments. It is another reason that makes luxury watches a popular preference as gifts for different occasions including weddings, birthdays, and anniversaries. The emotional importance of these gifts combined with the intrinsic worth of luxury watches drives the adoption among consumers. Hence, it is rising the growth and volume of the market
As the trend of gifting personalized luxury watches is rising among customers, the market players have started providing such features to force this market. Moreover, the brands are offering luxury watches with the option to customize the designs of the dial, along with the straps. Also, they are providing titanium and scratch-proof sapphire crystal glass to add more exclusiveness to the watches. Thus, the adoption of personalized luxury watches among customers has been driving the growth of the market.
In recent years, customers have started buying luxury smartwatches rather than traditional watches as they provide more functionality to them along with a luxury experience. Hence, luxury smartwatches are in trend these days and constantly contributing to the expansion and growth of the luxury watch market. These watches offer several options to consumers from tracking their pulse rate, and blood pressure to a voice assistance facility to perform several tasks. Thus, the demand for these smartwatches is increasing.
Not only this, but top renowned brands are incorporating multiple innovations into their products to keep pace with the changing demands of their customers. Brands like Rolex and Garmin have recently introduced luxury smartwatches to grab the upcoming market opportunity.
Based on the end users, the luxury watch market is categorized into three groups – men, women, and unisex. Among these, the unisex segment holds the largest share of the market. The main reason behind the extensive growth is the unisex segment has been serving a wider customer base as it offers gender-neutral designs. Moreover, several companies are launching new and attractive designs for their unisex customers as it has been permitting them to serve a wider customer base for the past few years.
Additionally, some of the popular brands such as Garmin, Casio, and Daniel Wellington have extended their product range with unisex designs that are not only versatile but appealing to their customers who value quality, functionality, and personal expression over gender-specific styles. As a result, the sale of unisex watches has been rising and is expected to grow in the upcoming years.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market companies, including – Rolex SA, Compagnie Financiere Richemont SA, The Swatch Group, Audemars Piguet, Patek Phillippe, Apple Inc., Tag Heuer, Movado Group, Inc., Jaeger-LeCoultre, Louis Vuitton Moet Hennessy, Ralph Laure Corp., Omega, Cartier, Chopard, Garmin Ltd., and Richard Mille.
Geographically, the regions covered in the global luxury watch market are – North America, South America, Europe, the Middle East & Africa, and Asia-Pacific region.
The Asia-Pacific region is dominating the Global Luxury Watch Market. The key factor behind the growth is the significant growth in nations such as South Korea, Japan, and China. Due to the economic growth, the spending power of the citizens is also increasing along with the demand for luxury products, including exclusive watches. Hence, the sales of luxury watches have grown remarkably in recent years.
In addition, luxury watches are considered a symbol of prestigious and precious gifts for several occasions including anniversaries, weddings, birthdays, and the Lunar New Year, which further fuels the high demand for luxury watches in the region. Apart from that, the foreign lifestyle is immensely influencing the customers of the Asia-Pacific region, thereby further raising the profit of the luxury watch market in the region, expected to follow the same trend during the upcoming years.
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