According to a new report from Allied Market Research entitled “Luxury Watch Market By Type, End-User & Distribution Channel: Global Opportunity Analysis & Industry Forecast, 2021-2027â
The global luxury watch market is expected to reach $ 51,317.3 million by 2027 at a CAGR of 4.50% from 2021 to 2027.
Luxury watches are a luxury item that represents a luxurious lifestyle and a high status symbol. The upper and upper classes of society are mainly targeted by these types of products because they are affordable for the very small group of people in the world. The growing high income population due to IoT innovations and disruptions is having a positive impact on any business in the IoT era, directly affecting the luxury goods and luxury watch markets. In the dynamic business environment, innovators and business disruptors become millionaires like Alibaba founder Jack Ma. It can happen in any industry like the healthcare industry and the automotive industry. For example, UnitedHealth Group’s net income increased from $ 3.4 billion in 2019 to $ 6.7 billion in 2020, and Anthem Inc’s net income increased from $ 1.1 billion to $ 2 billion in the second quarter. $ 3 billion.
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However, fraudulent and counterfeit luxury watches significantly affect the growth of the luxury watch market during the forecast period. Both manufacturers and buyers suffer losses from fraudulent and counterfeit products.
The luxury watch market is segmented by type, end-user, sales channel, and region. On the basis of the type, the Luxury Watches market report is segmented into Mechanical Watches and Electronic Watches. According to end users, it is divided into men and women. Depending on the sales channel, it is divided into an online shop, a single-brand store and a multi-brand store. By region, it is analyzed in North America (USA, Canada and Mexico), Europe (Switzerland, Russia, Spain, Italy, France, Germany, Great Britain and the rest of Europe), Asia-Pacific (China, Japan), Hong Kong, India, Singapore, South Korea, Australia and the rest of Asia Pacific) and LAMEA (Latin America, Middle East and Africa).
Based on the type, the electronic watch segment was valued at $ 10,742.2 million in 2019 and is projected to reach $ 14,202.1 million by 2027, recording a CAGR of 6.0% from 2021 to 2027 Technology in the luxury watch market and is very popular among the working population as they are expected to use exercise and fitness as part of recreational activity. In addition, endurance sports have paved a strong ground for the enthusiast to reach for strains in the sports wearables segment, escalating the sales of luxury electronic watches and subsequently the sales of luxury watches in the world market.
On a consumer basis, the men’s segment was valued at $ 19,921.4 million in 2019 and is valued at $ 24,606.8 million through 2027, at a CAGR of 5.10%. Luxury watches have gained importance among men due to the rising fashion trend among men. Business people, senior officials, and men who work in the fashion industry are the target customers of luxury watches because these people can afford luxury watches. Increasing work clothing as well as job-specific costumes and accessories are intended to motivate men to buy luxury watches.
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According to the trends of the luxury watch market, based on the sales channel, the online store segment was valued at $ 12,882.9 million in 2019 and is projected to reach $ 16,930.0 million by 2027, which is a CAGR of 6.00 % recorded from 2021 to 2027. Ease of access Offers from online platforms increases their market acceptance and is thus becoming a popular medium for buying luxury watches. Additionally, people on ecommerce platforms can have tremendous branded luxury watch options that help consumers compare and buy products.
In terms of the region, Asia Pacific has gained prominence in the luxury watch market and is growing with the fastest CAGR. Many Asian countries are also showing similar developments as rising income levels and the expansion of modern retail and single-brand stores in this region increase the reach of luxury watches and are expected to generate strong development in developing countries in the Asia-Pacific region. including India and China. Growing retail in India has been instrumental in driving the growth of the market. The Asian emerging markets are making rapid progress. Their consumption of luxury goods, including luxury watches, is increasing day by day. Many internationally recognized luxury brands recorded enormous increases in sales in Asia. In fact, Asian tourists to Europe and America also bought luxury watches in large quantities.
The players in the luxury watch industry have adopted product launch and business expansion as their main development strategies to expand their market share, increase profitability and stay competitive in the market. Key players in this report include CASIO Computer Co. Ltd., Citizen Watch Co. Ltd., Compagnie FinanciÃ¨re Richemont SA, Fossil Group Inc., LVMH Moet Hennessy-Louis Vuitton, Movado Group Inc., Patek Philippe SA, Rolex SA , Seiko Holdings Corp. and the Swatch Group Ltd.
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Main results of the study
- The luxury watch market was valued at $ 43,661.8 million in 2019 and is valued at $ 51,317.3 million by 2027, growing at a CAGR of 4.50% over the forecast period.
- By Type, the electronic watch segment is expected to see the fastest growth, posting a CAGR of 6.00% over the forecast period.
- In 2019, the women’s segment was valued at $ 23,740.4 million based on end-users, representing 54.4% of the global luxury watch market share.
- India was the main market in Asia Pacific in 2019 and is projected to reach $ 727.4 million by 2027 and grow at a CAGR of 9.70% over the forecast period.