The global luxury watch market size is expected to reach USD 9.3 billion by 2025, 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, the increasing importance of e-commerce portals including Amazon and Flipkart as a selling medium for providing access to limited edition watches is projected to expand the industry size over the next few years.
An increasing number of aristocratic women in Western European countries including Germany, France, and the 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 the presence of Titanium ceramic coatings and PVD coatings in mechanical watches is expected to maintain its lead in the near future.
Luxury Watch Market Report Highlights
On the basis of product, in 2018, the mechanical product segment accounted for more than 75% of the market share. A significant population of the business class tends to purchase this product as it can be used as a status symbol.
The electrical products segment is expected to expand at the fastest CAGR of 4.7% from 2019 to 2025. The companies are expanding their product line on smartwatches fitted out with advanced functionality such as heart rate monitor, GPS capabilities, and multisport tracking.
On the basis of the distribution channel, the online channel is expected to witness a CAGR of 6.5% during the forecast period. The growth can be attributed to the several customer-centric services such as value-added offerings, cash on delivery, convenient refund policy, and integrated and centralized customer services.
The offline category accounted for more than 85.0% share of the global revenue in 2018. The major factor contributing to the growth of this segment is the growing consumer preference for purchasing high-end products from retail stores.
The 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 the increasing number of commercial set-ups is expected to promote the use of luxury watches over the forecast period.
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Luxury Watch Market Segmentation
Grand View Research has segmented the global luxury watch market on the basis of product type, distribution channel, and region:
Luxury Watch Product Outlook (Revenue, USD Billion, 2015 – 2025)
Luxury Watch Distribution Channel Outlook (Revenue, USD Billion, 2015 – 2025)
Luxury Watch Regional Outlook (Revenue, USD Billion, 2015 – 2025)
Central & South America
Middle East & Africa
Key Players in the Luxury Watch Market
A. Lange & Söhne
The Swatch Group Ltd
Bernard Watch Co.
FOSSIL GROUP, INC.
CITIZEN WATCH COMPANY OF AMERICA, INC.
Seiko Watch Corporation
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Watches Market – https://www.grandviewresearch.com/industry-analysis/watches-market
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