Luxury Watch Market Worldwide Industry Analysis, Segments, Top Key Players, Drivers and Trends to 2029
PUNE, MAHARASHTRA, INDIA, August 30, 2022 /EINPresswire.com/ — A Qualitative Research Study accomplished by Data Bridge Market research’s database of 350 pages, titled as “Global Luxury Watch Market” with market data Tables, Pie Charts, Graphs & Figures spread through Pages and easy to understand detailed analysis. The rapidly revolutionizing market place demands the best market and business solutions to thrive in the market. This Luxury Watch report contains a comprehensive data of market definition, classifications, applications, engagements, market drivers and market restraints of this industry all of which is derived from Porte’s Five Forces analysis. Market definition covered in this Luxury Watch report gives the scope of particular product with respect to the driving factors and restraints in the market. The sources of data and information mentioned in the Luxury Watch report are very reliable and include websites, annual reports of the companies, journals, and mergers which are checked and validated by the market experts.
Global luxury watch market was valued at USD 7.83 billion in 2021 and is expected to reach USD 11.05 billion by 2029, registering a CAGR of 4.40% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and consumer behavior.
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Growing demand for luxury products such as luxury watch among consumers to showcase their status, growing purchasing power and disposable income of consumers, and rise in the number of brand obsessed people are expected to drive the market growth rate. Apart from this, the increasing complexity of aviation is increasing the adoption of custom-made pilot luxury watches to help with mid-flight aeronautical calculations, such as fuel consumption and wind correction angle. Also, the easy availability of luxury watches in strap designs, unique materials, dial colors and themes is contributing to the growth of the luxury watch market. Furthermore, the increasing demand for attractive luxury watch as a symbol of status and the inclination of luxury consumers toward several international brands is increasing the demand for luxury watch in the market and expected to drive the market growth rate.
Luxury watches are premium-priced and high-quality accessories which has manufactured by skilled craftsmen. They are made by using precious metals, such as platinum, gold and silver, and ornamented with jewels such as diamonds and rubies. They are worn on the wrist to add an elegant and sophisticated look to people’s personality and style. As they are expensive, exclusive, and not mass-produced, these luxury watch can easily be differentiated from their affordable counterparts on account of their uniqueness and durability.
Some of the major players operating in the Luxury Watch market are: RADO WATCH CO. LTD., ROLEX SA, Burberry Limited, OMEGA SA, Festina, Ulysse Nardin, LVMH, Richemont, TITAN LTD., KERING, The Swatch Group Ltd, Fossil Group, Inc., Seiko Watch Corporation, Apple Inc., CHANEL International B.V., Audemars Piguet, Le Brassus, Chopard, PATEK PHILIPPE SA, Breitling, and Bulgari S.p.A
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Luxury Watch Market Dynamics
Increasing brand awareness
The increase in the awareness regarding brand has influenced the Westernization, and the inherent need for the exclusivity. These are some of the major factors that contribute to the augmented demand for luxury watches, which are expected to drive the market’s growth rate.
Rising demand of luxury watch in women’s
The demand for the luxury watches in women’s is also growing significantly. It has been witnessed that the women are becoming more fascinated in upgrading their watches as compared to men. This is the major factor influencing the companies to increase their manufacturing for the women segment and boost the market growth rate.
Growing fashion consciousness
Increasing fashion consciousness among women and men is attracting several brands to increase their product portfolio in the men’s and women’s segment. Apart from the traditional luxury watch brand, recent affordable luxury watch brand are also gaining importance in the overall market.
Furthermore, the product improvement, use of social platforms to upsurge the engagement of consumer and awareness about the product launches, and adoption of the suitable distribution channels are some major factors which are expected to drive the growth rate of the luxury watch market during the forecast period of 2022-2029
Rising penetration of e-commerce sector
The e-commerce sector projected to witness significant growth of the luxury watch during the forecast period due to increasing penetration of e-commerce industry, smartphones and internet across the globe which increase the sales of the luxury watch. Furthermore, various facilities and attractive discounts provided by retailers of luxury watch on e-commerce platform such as, easy exchange and return, free shipping, product price comparison, and home delivery will create immerse opportunities for the growth of the luxury watch in upcoming period.
Furthermore, the growth in disposable income in emerging countries has improved the economy on a domestic level which is expected to promote the demand of the luxury watch market. It is witnessed that most first-time buyers of luxury watch opt for those watches which provide the experience of superior quality and portray a certain image in society.
High cost associated with luxury watch
The high cost of the luxury watch and rapid increase in the price of the production process are the major factor which is limiting the growth of the luxury watch market,
Furthermore, easy availability of counterfeit of these products can challenge the luxury watch market growth rate during the forecast period of 2022 to 2029.
This luxury watch market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the luxury watch market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
On the brighter side, the luxury watch market is projected to recover as individual regulatory authorities start to relax these enforced lockdowns. The cancelled and suspended operations will continue, and the luxury watch market is estimated to expand.
LVMH has launched a mechanical chronograph watch in March 2019, under the umbrella of the BVLGARI brand which is marketed under the name, Octo Finissimo Chronograph GMT. These products are produced using dials and cases derived from titanium razor-sharp with a 6.9mm-thick chronograph and in-built GMT function.
In January 2019, LVMH subsidiary, TAG Heuer has launched a new balanced spring which has derived from carbon composites. The main purpose of this development is associated with carbon’s non-susceptibility to the temperature and magnetic fields changes. It is reported that the new variants of Autavia Isograph watches include these carbon hairsprings.
Luxury Watch Market Country Level Analysis
Luxury watch market is analyzed and market size, volume information is provided by country, type, gender type and distribution channel as referenced above.
The countries covered in the luxury watch market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Europe leads the luxury watch market because of high concentration of buyers who desire products with unique characteristics and brand value in developed economies within this particular region. Asia-Pacific is expected to expand at a significant growth rate over the forecast period of 2021 to 2028 because of the changing consumer behavior and rising disposable income, particularly in developing countries such as Japan and China within the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
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The luxury watch market is segmented on the basis of type, gender type and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
The investment made in the study would provide you access to information such as:
Luxury Watch Market [Global – Broken-down into regions]
Regional level split [North America, Europe, Asia Pacific, South America, Middle East & Africa]
Country wise Market Size Split [of important countries with major market share]
Market Share and Revenue/Sales by leading players
Market Trends – Emerging Technologies/products/start-ups, PESTEL Analysis, SWOT Analysis, Porter’s Five Forces, etc.
Market Size by application/industry verticals
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