IMARC Group, a leading market research company, has recently releases report titled “Luxury Watch Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the global luxury watch market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the luxury watch market?
|Market Size in 2022||US$ 27.4 Billion|
|Market Forecast in 2028||US$ 33.3 Billion|
|Growth rate (2023 to 2028)||CAGR of 3.2%|
|Base Year of the Analysis||2022|
What is the luxury watch?
Luxury watches are high-quality and premium-priced fashion accessories made by proficient artisans. They are made using valuable metals such as gold, silver, and platinum and embellished with precious stones like diamonds and rubies. They are worn on the wrist and provide a refined and stylish appearance to one’s personality. They stand apart from their more affordable counterparts and can be distinguished by their durability and distinctiveness. Since they have exceptional quality, high prices, and limited production, luxury watches are gaining immense traction across the globe.
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What are the growth prospects and trends in the luxury watch industry?
The global luxury watch market is primarily driven by the emerging trend of adopting premium fashion as a status symbol. Moreover, the rising demand for specialized high-end watches due to the increasing participation of individuals in professional scuba diving is positively influencing the market growth. Additionally, the escalating demand for custom-made pilot luxury watches that can assist with mid-flight aeronautical calculations such as wind correction angle and fuel consumption owing to the rising complexity of aviation has catalyzed the market growth.
Furthermore, the easy availability of luxury watches in unique materials, dial colors, strap designs, and themes is contributing to market growth. Other factors, including the rising popularity of pre-owned luxury items, inflating consumer disposable incomes, and improving living standards, are also anticipated to drive the market further.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Type:
- Analog Watch
- Digital Watch
Breakup by End User:
Breakup by Distribution Channel:
- Online Stores
- Offline Stores
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan,India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France,United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Apple Inc.
- Breitling SA
- Casio Computer Co. Ltd.
- Citizen Watch Co. Ltd.
- Compagnie Financière Richemont SA
- Fossil Group Inc.
- Hermès International S.A.
- LVMH Moët Hennessy Louis Vuitton
- Movado Group Inc.
- Patek Philippe SA
- Rolex SA
- Seiko Watch Corporation
- The Swatch Group Ltd.
- Titan Company Limited.
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