DUBLIN, Aug. 30, 2023 /PRNewswire/ — The “Luxury Watch Global Market Opportunities and Strategies to 2032” report has been added to ResearchAndMarkets.com’s offering.
The global luxury watch market reached a value of nearly $29,194.29 million in 2022, having grown at a compound annual growth rate (CAGR) of 0.5% since 2017. The market is expected to grow from $29,194.29 million in 2022 to $37,291.21 million in 2027 at a rate of 5.0%. The market is then expected to grow at a CAGR of 6.0% from 2027 and reach $50,004.74 million in 2032.
Growth in the historic period resulted from strong economic growth in emerging markets, the growing e-commerce industry, the rise in the proportion of women with high incomes and the increasing international trade activities.
Going forward, the increasing urbanization, the rising use of internet and social media platforms and the increasing export of Swiss watches will drive the market. Factors that could hinder the growth of the luxury watch market in the future include the shortage of workforce, the rising interest rates globally and the impact of the Russia–Ukraine war.
The luxury watch market is segmented by type into digital watch and analog watch. The analog watch market was the largest segment of the luxury watch market segmented by type accounting for 74.3% of the total in 2022. Going forward, the digital watch market is expected to be the fastest growing segment in the luxury watch market segmented by type, at a CAGR of 6.0% during 2022-2027.
The luxury watch market is segmented by distribution channel into online, single brand store and multi brand store. The multi brand store market was the largest segment of the luxury watch market segmented by distribution channel accounting for 44.9% of the total in 2022. Going forward, the online market is expected to be the fastest growing segment in the luxury watch market segmented by distribution channel, at a CAGR of 6.2% during 2022-2027.
The luxury watch market is segmented by end user into men, women, and unisex. The men market was the largest segment of the luxury watch market segmented by end user accounting for 62.4% of the total in 2022. Going forward, the women market is expected to be the fastest growing segment in the luxury watch market segmented by end user, at a CAGR of 5.2% during 2022-2027.
Western Europe was the largest region in the luxury watch market, accounting for 29.4% of the total in 2022. It was followed by Asia Pacific then the other regions. Going forward, the fastest-growing regions in the luxury watch market will be North America, and Eastern Europe where growth will be at CAGRs of 27.4% and 24.2% respectively. These will be followed by the Middle East and South America where the markets are expected to grow at CAGRs of 6.6% and 5.7% respectively.
The luxury watch market is highly concentrated, with a few large players. The top ten competitors in the market made up 86.64% of the total market in 2021. The market is expected to change in the near future with the adoption of acquisition and merger strategies by the players to enter and expand into newer geographies.
Rolex SA was the largest competitor with 24.22% of the market, followed by Apple Inc with 14.11%, Compagnie Financiere Richemont SA with 12.68%, The Swatch Group Ltd with 10.55%, LVMH with 9.73%, Kering Group with 5.37%, Fossil Group Inc with 4.45%, Citizen Watch Co. Ltd with 3.06%, Hermes International SA with 1.32%, and Movado Group Inc. with 1.15%.
The top opportunities in the luxury watch market segmented by type will arise in the analog watch segment, which will gain $5,575.3 million of global annual sales by 2027. The top opportunities in segment by distribution channel will arise in multi brand store segment, which will gain $3,172.2 million of global annual sales by 2027. The top opportunities in segment by end user will arise in the men segment, which will gain $4,959.0 million of global annual sales by 2027. The luxury watch market size will gain the most in the USA at $1,692.9 million.
Market-trend-based strategies for the luxury watch market include technological advancements, introduction of luxury smartwatches, introduction of AI (artificial intelligence), product innovations and strategic partnerships and collaborations.
Player-adopted strategies in the luxury watch market include enhancing business operations in the luxury watch market by expanding partnership with major competitions and athletes, enhancing business operations in the luxury watch market by launching new and advanced products, enhancing business operations in the luxury watch market through increasing comprehensive, integrated capabilities by ensuing strategic collaborations and mergers, enhancing business operations in the luxury watch market through increasing innovation, technological solution to encompasses customers/clients’ satisfaction and expanding business through the introduction of new watches line-ups.
To take advantage of the opportunities, the publisher recommends the luxury watch companies to focus on technological advancements, focus on new product launches, focus on use of artificial intelligence (AI), increase focus on digital luxury watches, expand in emerging markets, continue to focus on developed markets, focus on strategic partnerships and collaborations, provide competitively priced offerings, participate in trade shows and events, use direct-to-consumer (DTC) advertising, continue to target fast-growing end-users, focus on urban population, and increase focus on online consumers.
A selection of companies mentioned in this report includes
- Rolex SA
- Apple Inc
- Compagnie Financiere Richemont SA
- The Swatch Group Ltd
- LVMH
Key Topics Covered:
1. Executive Summary
2. Table Of Contents
3. List Of Figures
4. List Of Tables
5. Report Structure
6. Introduction and Market Characteristics
6.1. General Market Definition
6.2. Summary
6.3. Luxury Watch Market Definition And Segmentations
6.4. Market Segmentation By Type
6.4.1. Digital Watch
6.4.2. Analog Watch
6.5. Market Segmentation By Distribution Channel
6.5.1. Online
6.5.2. Single Brand Store
6.5.3. Multi Brand Store
6.6. Market Segmentation By End User
6.6.1. Men
6.6.2. Women
6.6.3. Unisex
7. Major Market Trends
7.1. Technological Advancements
7.2. Introduction Of Luxury Smartwatches
7.3. Product Innovations
7.4. Introduction Of AI (Artificial Intelligence)
7.5. Strategic Partnerships And Collaborations
8. Global Market Size and Growth
8.1. Market Size
8.2. Historic Market Growth, 2017 – 2022, Value ($ Million)
8.2.1. Market Drivers 2017 – 2022
8.2.2. Market Restraints 2017 – 2022
8.3. Forecast Market Growth, 2022 – 2027, 2032F Value ($ Million)
8.3.1. Market Drivers 2022 – 2027
8.3.2. Market Restraints 2022 – 2027
9. Global Luxury Watch Market Segmentation
9.1. Global Luxury Watch Market, Segmentation By Type, Historic And Forecast, 2017 – 2022, 2027F, 2032F, Value ($ Million)
9.2. Global Luxury Watch Market, Segmentation By Distribution Channel, Historic And Forecast, 2017 – 2022, 2027F, 2032F, Value ($ Million)
9.3. Global Luxury Watch Market, Segmentation By End User, Historic And Forecast, 2017 – 2022, 2027F, 2032F, Value ($ Million)
10. Luxury Watch Market, Regional and Country Analysis
10.1. Global Luxury Watch Market, By Region, Historic and Forecast, 2017 – 2022, 2027F, 2032F, Value ($ Million)
10.2. Global Luxury Watch Market, By Country, Historic and Forecast, 2017 – 2022, 2027F, 2032F, Value ($ Million)
For more information about this report visit https://www.researchandmarkets.com/r/eyhfvf
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