Luxury Watch Market To Hit Value .3 Billion By 2025 |Grand View Research, Inc.Posted by Mrudula Anil Karmarkar on April 1st, 2022 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. Key players of the market include Rolex SA; A. Lange & Söhne; Apple Inc.; The Swatch Group Ltd.; Bernard.; FOSSIL GROUP, INC.; CITIZEN; Seiko; CASIO; and Audemars Piguet. Companies are working on new product development to get a competitive advantage in the market. To Request Sample Copy of this report, click the link: https://www.grandviewresearch.com/industry-analysis/luxury-watch-market/request/rs4 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. Further key findings from the report suggest:
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. Key players are adopting online retail strategies to decrease operational cost and increase their profits. Companies such as Rolex Inc., Fossil Group, and Ralph Lauren having a strong presence in offline retail stores also offer their products online in order to increase their market reach. It is also convenient for the manufacturers to sell their products at a global level through this distribution channel. Demand for women luxury watches is also increasing significantly. It has been observed that women are becoming more interested in upgrading their watches as compared to men, which is driving the companies to expand their product line for the women segment. Some of the recent women luxury product launches include TIFFANY & CO AND PATEK PHILIPPE TWENTY, BULGARI SERPENTI INCANTATI, and A. LANGE & SOHNE SAXONIA THIN. Shifting trend from conventional to golden and diamond watches is also playing a crucial role in expanding the customer reach. It has been observed that these products are giving tough competition to the hand jewelry market. A large number of women prefer to wear gold or diamond watches rather than jewelries. Grand View Research has segmented the global luxury watch market on the basis of product type, distribution channel: Luxury Watch Product Outlook (Revenue, USD Billion, 2015 - 2025)
Luxury Watch Distribution Channel Outlook (Revenue, USD Billion, 2015 - 2025)
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