According to the report published by Allied Market Research, the global market luxury watch market generated $ 43.66 billion in 2019 and is expected to generate $ 51.31 billion by 2027, with a CAGR of 4.5% from 2021 to 2027. The report offers an in-depth analysis of changing trends in the market, key segments, best investment pockets, value chain, competitive landscape, and regional scenario.
Product innovations, penetration through online channels and increasing number of billionaires and their net wealth are driving the growth of the global luxury watch market. However, the increase in the number of counterfeit and counterfeit products and the adoption of second-hand products is hampering the growth of the market. On the other hand, increased spending on premium products creates new opportunities in the years to come.
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Due to the ban on import and export activities and the discontinuity of activities, huge losses have been incurred by market players. Economic uncertainty has been caused by lockdown in many countries during the Covid-19 pandemic. This has restricted consumer spending on luxury goods. However, import-export activities have started and investments have increased during the post-containment period, and the market is expected to get back on track. The report offers detailed segmentation of the global luxury watch market on the basis of type, end-user, distribution channel, and region.
On the basis of type, the mechanical watches segment contributed the highest market share in 2019, holding around three quarters of the total share in 2019, and is expected to maintain its leading status during the forecast period. . However, the electronic watch segment is expected to experience the highest CAGR of 6.0% from 2021 to 2027.
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On the basis of distribution channel, the multi-brand stores 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 post 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 retain its dominant share in terms of revenue by 2027. However, Asia -Pacific is expected to account for the highest CAGR of 6.1% during the forecast period.
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Major players in the global luxury watch market covered in the study include CASIO Computer Co. Ltd., Compagnie FinanciÃ¨re Richemont SA, Citizen Watch Co. Ltd., LVMH Moet Hennessy -Louis Vuitton, Fossil Group Inc., Patek Philippe SA , Movado Group Inc., Seiko Holdings Corp., Rolex SA and Swatch Group Ltd.
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business consulting arm of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global businesses as well as medium and small businesses with unmatched quality of âmarket research reportsâ and âbusiness intelligence solutionsâ. AMR has a focused vision to provide business information and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market areas. AMR offers its services in 11 verticals, including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverage, Energy & Electricity, semiconductors and electronics, automotive and transportation, ICT and media, aerospace and defense and BFSI.
We have professional relationships with various companies which helps us extract market data which helps us generate accurate research data tables and confirm the highest accuracy in our market forecast. Allied Market Research CEO Pawan Kumar helps inspire and encourage everyone associated with the business to maintain high quality data and help customers in every way possible to be successful. Each of the data presented in the reports we publish is taken from primary interviews with senior officials of the main companies in the field concerned. Our secondary data sourcing methodology includes in-depth online and offline research and discussions with industry-savvy professionals and analysts.