The global Luxury Watch Market size is expected to reach USD 9.3 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 4.3% over the forecast period. Increasing consumer preference to purchase luxury watches as a style statement is expected to have a strong impact on the market growth. Furthermore, increasing importance of e-commerce portals including Amazon and Flipkart as a selling medium for providing access to limited addition watches is projected to expand the industry size over the next few years.
Increasing
number of aristocratic women in Western European countries including Germany,
France, and U.K. who wear intricate watches on the wrist is expected to remain
a prominent trend. Furthermore, new product launches in Unisex collection by
companies including Rolex, Cartier, and Tag Heuer are projected to expand the
buyer reach over the next few years.
Mechanical
products accounted for the largest share of more than 75.0% in 2018. Excellent
durability due to presence of Titanium ceramic coatings and PVD coatings in
mechanical watches is expected to maintain its lead in the near future. Key
industry playersthat offer mechanical products include Rolex SA; A. Lange &
Söhne; Apple Inc.; and The Swatch Group Ltd.
Online
distribution channel is expected to be the fastest growing category as the
consumers are shifting from offline to this distribution channel due to the
ease of product comparison and doorstep delivery services provided by the
e-commerce portals. Some of the key online retailers are Amazon, FlipKart, and
Aliexpress.
Asia
Pacific is expected to be the largest regional luxury watch market over the
next few years. Expansion of middle class income groups in emerging economies
including China, India, and Vietnam on account of urbanization and increasing
number of commercial set-ups is expected to promote the use of luxury watches
over the forecast period.
Some
of the key players are Rolex SA; A. Lange & Söhne; Apple Inc.; The Swatch
Group Ltd.; FOSSIL GROUP, INC.; CITIZEN; Seiko Watch Corporation; CASIO; and Audemars
Piguet. Companies are adopting new product development strategies to get a
competitive advantage in the market. For instance, in 2019, Rolex SA launched
six new models such as YACHT Master 42, Sea-Dweller, Gmt Master Ii, Day Date
60, Date Just 36, and Date Just 31.
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free sample copy or view report summary: Luxury
Watch Market Report
Luxury
Watch Market Report Highlights
- Mechanical
products led the market with a share of more than 75.0% in 2018
- Offline
distribution channel accounted for a share of more than 85.0% in 2018
- Asia Pacific
dominated the global luxury watch market in 2018 and is expected toexpand
at the fastest CAGR of 4.7% over the forecast period.
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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