"Assisting You in Establishing Data Driven Brands"

Luxury Watch Market Size, Share & Industry Analysis, By Product (Mechanical, Electronic), By Distributional Channel (Online, Offline) And Regional Forecast 2022-2029

Region : Global | Report ID: FBI104410 | Status : Ongoing

 

KEY MARKET INSIGHTS

Luxury watches are watches that are considered as high-end products in the minds of consumers which consist of relations about a high price level, class, aesthetics, scarcity, outstanding, and a great degree of non-functional relations. Some of the propelling factors which help to drive more sales of the product include its pricing strategy, being a prestigious product, the material used. A luxury watch has a great pricing strategy as it is a high-end product it focuses on pricing it way higher than other types of watches which helps to attract richer sections of the society. Also, a luxury watch is not just a normal watch it is a prestigious watch that is well respected and considered to be a premium quality which is worn by really successful and well-respected people. Furthermore, it uses precious metals that are really rare and normally not used in a normal or low range watches.


Furthermore, a luxury watch is becoming the top selections of choice by celebrities, royalties and wealthy people which makes the product more valuable in peoples’ mind thus helps to act as one of the major driving factor which is affecting the growth of the market.


The innovation of luxury smartwatch which has the ability to monitor health condition and also has the ability to get connected to the internet acts as one of the major driving factors which propel more demand for the growth of the market.


Due to public perception of the luxurious watch as a representation of a high-status symbol and a display of wealth. It makes more people drawn towards the product and propels to drive more sales which thus act as one of the major factor driving the growth of the market. Additionally, the increasing growth of women luxury watches also act as a propelling factor for the growth of the market. This is due to the increase in the number of high-income earning women and the growth of the standard of living.


The innovation of a luxurious watch with the addition of precious rare elements in the watch like a diamond, ruby, gold, sapphire in its body act as an immense opportunity that fosters the growth of the market.


However, due to only targeting the wealthy section of the population lower and middle-class income earners are being repealed by their pricing strategy which acts as one of the restraining factors that hampers the growth of the market.


Key Market Driver -

Public consideration of luxury watch as a status symbol is proplelling to increase the demand which act as one of the major driving factor for the growth of the market.

Key Market Restraint -

Targeting only the wealthy section of the population is one of the major restraininig factor which hampers the growth of the market


 Key Players Covered:


The major key players which are operating in the luxury watch  market include:


Patek Philippe SA, Vacheron & Constantin SA, Audemars Piguet Holding SA, Blancpain SA, Ulysse Nardin SA, Rolex SA, and others


These players are focusing more on manufacturing high-end products which consists of the best possible material in its product to foster the growth of the market.


The global luxury watch market is segmented into by product, by distributional channel, and by region.


Based on product the market is segmented into mechanical and electronic. Mechanical is the segment that holds the larger share and this is due to the use of precious metal in every element of the mechanical watch from the hands to the entire surface.


On the basis of distributional channel, the market is fragmented into online and offline. The offline distribution channel is considered to be the larger distribution channel this is because most luxury watch consumers want to feel and touch the product. And also due to its high price consumers feel more secure to buy the product offline.


Regional Analysis:


According to geography, the luxury watch market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.


The Asia Pacific is the major dominating region and is projected to continue its dominance during the forecast period 2019–2026.


The contributing factors responsible for the growth of the market in this region include an increase in economic growth especially India and China lead to a higher standard of living which results in the concentration of a large number of wealthy people in the region and others. Additionally, more luxury watch companies especially from Europe, are making their presence in this region act as one of the propelling factors which drive more demand for the growth of the market.


According to the United Nations Population Fund, Asia Pacific is the concentration of 60% of the world’s population which is 4.3 billion people. And thus due to this Asia Pacific is one of the major targets of the luxury watch company as it has a really high potential for the growth of the market.


Europe is accounted to be the second dominating in luxury watch owing to the higher income level, presence of a large number of millionaires and billionaires, and homes of the global giants manufacturer of luxury watch like Audemars Piguet, Rolex, Lange & Söhne, Panerai and others. According to the Federation of Swiss Watch Industry, the total export of Swiss watch in 2017 is worth around CHF 21.2 billion which is increased by 6.3%.


To gain extensive insights into the market, Request for Customization


Segmentation






















 ATTRIBUTE


  DETAILS

By Product




  • Mechanical

  • Electronic



By Distributional Channel




  • Online

  • Offline



By Geography




  • North America (U.S., Canada, and Mexico)

  • Europe (France, Germany, Italy, Spain, U.K., Russia, and Rest of Europe)

  • Asia Pacific (China, India, Japan, Australia, and Rest of Asia Pacific)

  • South America (Brazil, Argentina, and Rest of South America)

  • Middle East & Africa (South Africa, UAE, and Rest of ME&A)



Key Industry Developments



  • In March 2019, Rolex announced the launch its seven new watches to gain more attraction in the market.

  • In September 2019, H. Moser & Cie announced a retail partnership with luxury watch stores chain Ethos Watch Boutiques to move into Indian market.


  • Ongoing
  • 2021
  • 2018-2020

    CHOOSE LICENSE TYPE

  • $4850
    $5850
    $7850
    Pre Book

Personalize this Research

  • Granular Research on Specified Regions or Segments
  • Companies Profiled based on User Requirement
  • Broader Insights Pertaining to a Specific Segment or Region
  • Breaking Down Competitive Landscape as per Your Requirement
  • Other Specific Requirement on Customization
Request Customization Banner

Consumer Goods Clients

Edenred
Facebook
Radico
Health Canada
SPG

Client Testimonials

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.
X