Luxury watch market | The mechanical watch segment holds the bulk of 75.4%

Luxury Watches Market was valued at USD 43,661.8 Million in 2019 and is projected to reach USD 51,317.3 Million by 2027, registering a CAGR of 4.50% from 2021 to 2027

PORTLAND, OREGON, USA, Aug. 24, 2022 /EINPresswire.com/ — 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, witnessing a CAGR of 4.5% from 2021 to 2027. The report offers in-depth analysis of changing market trends, key segments, major investment pockets, chain of value, the competitive landscape and the regional scenario.

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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.

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Market scenario:

By type, the electronic watches segment is estimated to be the fastest growing, registering a CAGR of 6.00% during the forecast period.

In 2019, according to the end user, the women’s segment was valued at $23,740.4 million, accounting for 54.4% of the global luxury watch market share.

In 2019, India was the largest market in Asia Pacific and is expected to reach $727.4 million by 2027, growing at a CAGR of 9.70% during the forecast period.

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.

David Correa
Allied Analytics LLP
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