$51.31 Billion Luxury Watch Market Revenue (Industry) to be achieved by 2027, witnessing a CAGR of 4.5% from 2021 to 2027

PORTLAND, OREGON, USA, Oct. 10, 2022 /EINPresswire.com/ — Product innovations, penetration through online channels, and rising numbers of billionaires and their net worth are driving growth in the global watch market luxury. However, the upsurge in counterfeit and counterfeit products and the adoption of second-hand products is hampering the growth of the market. On the other hand, increasing spending on premium products creates new opportunities in the coming years.

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According to CXOs of leading companies, the global luxury watch market has high growth potential in developing economies such as Japan, China, and India, owing to rising personal disposable income and spending. bred for a luxurious lifestyle. The increase in the number of wealthy people and rapidly emerging economies, such as China and India, facilitate 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 disruptions, including the Internet of Things. Additionally, the COVID-19 pandemic has driven growth in the Internet of Things and healthcare sectors. For example, according to Zhong Huijhan, founder and CEO of Hansoh Pharmaceutical Company, the pandemic has boosted the wealth of healthcare executives holding shares in pharmaceutical and medical device companies developing coronavirus vaccines and therapeutic drugs, which had a direct impact on the luxury goods and luxury watch markets.

The Asia-Pacific region has witnessed a surge in demand for luxury goods which is expected to continue over the forecast period, due to the presence of fastest growing economies. Growing wealth of billionaires in the region is further supporting the growth of the market. According to a report by Swiss-regulated public company UBS, in 2018 the wealth of mainland China’s billionaires was valued at $134.9 billion and rose to $1,680.9 billion in 2020.

However, fraudulent and counterfeit luxury watches and limited customer base are the major challenges for the growth of the luxury watch market. Fake luxury watches not only cause losses for innocent buyers, but also affect brand image and decrease brand loyalty.

According to the report published by Allied Market Research, the global luxury watch market generated $43.66 billion in 2019 and is expected to generate $51.31 billion by 2027, growing at a CAGR of 4.5% in 2021. to 2027. The report offers an in-depth analysis of evolving market trends, key segments, major investment pockets, value chain, competitive landscape and regional scenario.

The report offers a detailed segmentation of the global luxury watches market on the basis of type, end-user, distribution channel, and region.

Based on type, the mechanical watch segment contributed the highest market share in 2019, holding about three quarters of the total share in 2019, and is expected to maintain its leading status during the forecast period. . However, the electronic watches segment is expected to witness the highest CAGR of 6.0% from 2021 to 2027.

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Based on the distribution channel, the multi-brand store segment accounted for the largest share in 2019, contributing more than two-fifths of the global luxury watch market, and is expected to maintain its leading position during the forecast period. However, the online store segment is expected to show the fastest CAGR of 6.0% from 2021 to 2027.

Based on region, Europe held the largest market share in 2019, accounting for more than two-fifths of the total share, and is expected to maintain its dominant revenue share by 2027. However, Asia – Pacific is expected to represent at the highest CAGR of 6.1% during the forecast period.

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CASIO Computer Co. Ltd., Compagnie Financière Richemont SA, Citizen Watch Co. Ltd., LVMH Moet Hennessy -Louis Vuitton, Fossil Group Inc., Patek Philippe SA, Movado Group are among the key players in the global luxury watch market discussed in research. Inc., Seiko Holdings Corp., Rolex SA and Swatch Group Ltd.

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About Allied Market Research:

Allied Market Research (AMR) is a full-service market research and business consulting division of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global corporations as well as small and medium enterprises with unparalleled quality of “Market Research Reports” and “Business Intelligence Solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market areas. AMR offers its services across 11 verticals, including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverage, Energy & Power, semiconductors and electronics, automotive and transport, ICT and media, aerospace and defense and BFSI.

We maintain professional relationships with various companies which helps us to extract market data which helps us to generate accurate research data tables and confirm the utmost accuracy of our market predictions. Allied Market Research CEO Pawan Kumar helps inspire and encourage everyone associated with the company to maintain high quality data and help clients in every way possible to achieve success. All data presented in the reports we publish are drawn from primary interviews with senior managers of large companies in the relevant field. Our secondary data sourcing methodology includes extensive online and offline research and discussions with knowledgeable industry professionals and analysts.

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