The luxury watch market was valued at $ 43,661.8 million in 2019 and is expected to reach $ 51,317.3 million by 2027, registering a CAGR of 4.50% from 2021 to 2027. There is no has no official definition of a luxury watch, but it is considered to be in the price range of $ 1,200 and above. In addition, it means the status symbol of people. Common attributes of luxury watches are limited availability, social distinction, exclusivity, exceptional quality and high prices. Rising number of high net worth individuals, increasing disposable income and increasing spending on premium products are some of the factors driving the growth of the global luxury watches market during the forecast period. .
The growth of the high income population due to the innovation and disruption of the Internet of Things is positively affecting all businesses in the era of the Internet of Things, which has a direct impact on the markets of the Internet of Things. luxury goods and luxury watches. Innovators and business disruptors become millionaires in a dynamic business environment, like Alibaba founder Jack Ma. It can happen in any industry such as the healthcare industry and the automotive industry.
Competitive analysis:
According to CXOs of major companies, the global luxury watch market has high growth potential in developing economies such as Japan, China, and India, owing to increasing personal disposable income and spending. elevated for a luxurious lifestyle. The increase in the number of wealthy people and the fast emerging economies, such as China and India, are facilitating the increase in the wealth of the population, thus increasing the demand for luxury goods, including watches. The increase in the number of millionaires and their wealth is attributed to dynamic changes in the business environment and technological disruption, including the Internet of Things. Additionally, the COVID-19 pandemic has resulted in growth in the Internet of Things and healthcare industries. For example, according to Zhong Huijhan, founder and CEO of Hansoh Pharmaceutical Company, the pandemic has increased the wealth of healthcare executives holding shares in drug and medical device companies developing coronavirus vaccines and therapeutic drugs, this which has had a direct impact on the luxury goods and luxury watch markets.
Get a detailed analysis of the impact of COVID-19 on the luxury watch market: –
Primordial discovery
- Mechanical watches segment holds the main share of 75.4% in 2019
- Women segment holds the largest share of 54.4% in 2019
- Multi-brand store segment holds the largest share of 43.9% in 2019
- Women segment holds the largest share of 54.4% in 2019
- Multi-brand store segment holds the largest share of 43.9% in 2019
- Europe region holds the highest market share of 41.1% in 2019
Key Benefits:
- The report offers an overview of the Luxury Watch industry in terms of definition, classifications, applications and current market trend.
- An in-depth analysis of manufacturing technology was presented in terms of current trends, developments and innovations to help companies and investors familiarize themselves with recent and emerging technologies.
- The industry chain structure has been provided in the report in terms of upstream raw materials and downstream demand.
- The research offers emerging market trends, technological advancements and new product launches that would shape the industry in the future to help companies make financial decisions and design growth strategies.
- A detailed analysis of the major manufacturers operating in the market was discussed along with various strategies adopted by them such as expansion, agreements, partnerships, joint ventures and others to strengthen their position in the market.
- New project proposals have been highlighted to assist new entrants by providing detailed information on market entry strategies, marketing channels and investment feasibility studies.
- The study provides a detailed analysis of the industry growth in various regions of the world to help investors and companies to determine the growth opportunities in untapped geographies and emerging markets.
The report addresses the following doubts: –
Q1. What will be the size of the luxury watch market from 2021 to 2030?
Q2. What is the CAGR of the luxury watch market?
Q3. How can I get a sample luxury watch market report?
Q4. What are the segments of the luxury watch market?
Q5. What is the base year calculated in the Luxury Watch Market report?
Q6. Who are the best companies in the luxury watch market?
