Luxury Watch Industry Future Scope, Growth Factors, and Forecast to 3032

The global luxury watch industry size is projected to exhibit impeccable growth in the forthcoming years. The use of high-end products to enhance one’s look has become a popular trend in recent years. The perception of using high-end luxury watches as status symbols is growing and is expected to be a major growth propellant for the luxury watch industry. Fortune Business Insights™ has presented this information in an upcoming report, titled, “Luxury Watch industry, 2021-2028”.

 The global luxury watch market size was valued at USD 48.10 billion in 2023 and is projected to grow from USD 53.69 billion in 2024 to USD 134.53 billion by 2032, exhibiting a CAGR of 12.17% during the forecast period.

According to the report, the luxury watch industry is gaining immense popularity due to several reasons. For instance, the rising product innovations and the incorporation of advanced technological features are expected to boost the demand for luxury watches due to enhanced functionality.

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Key Players in the Global Luxury Watch industry are:

• Patek Phillipe SA
• Vacheron & Constantin SA
• Audemars Piguet Holding SA
• Blancpain SA
• Ulysse Nardin SA
• Rolex Sa

Segmentation-

On the basis of product, the industry for luxury watchs bifurcated into electronic and mechanical. On the basis of distribution channels, the industry is segmented into offline and online. Geographically, the industry is classified into North America, Europe, South America, Asia Pacific, and the Middle East & Africa.

Report Coverage-

• The report features an exhaustive analysis of the luxury watch industry.
• The report analyzes the COVID-19 impact and suggests methods to grow during and after the pandemic.
• The report offers an analysis of the industry opportunities and drivers for industry growth.
• The report incorporates SWOT Analysis and PESTLE Analysis for an accurate industry forecast.
• The report also addresses the industry forecasts and estimates.

Drivers & Restraints-

Enhancing Income Levels to Fuel industry Growth

The rising per capita income levels, enhancing living standards, and the escalating numbers of wealthy people worldwide are expected to bolster the global luxury watch industry growth. The surging consumer perception of luxury watches as a status symbol due to their high price, scarcity, and aesthetics are also anticipated to fuel the industry growth.

The use of precious metals and stones in luxury stones is expected to attract the richer sections of society and boost industry growth. The incorporation of smart technologies such as heart rate sensors, blood pressure monitors, and oxygen level monitors in digital luxury watches is expected to attract immense popularity due to the rising digitization and thus amplify industry growth.

Additionally, the increasing numbers of high-earning women are anticipated to fuel the demand for women's luxury watches and complement industry growth. However, the focus on only the richer section of the society may impede industry growth.

Regional Insights-

Asia Pacific to Hold the Lion’s Share Stoked by Increasing Number of Wealthy People

Asia Pacific is projected to emerge dominant in terms of the global luxury watch industry share. The rising living standards and the surging numbers of wealthy people across countries such as China and India are expected to drive industry growth. Asia Pacific constitutes 60% of the global population as per the United Nations Population Fund and is therefore expected to be a key region for the growth of the luxury watch industry.

Europe is anticipated to gain significant growth in the global industry. The presence of several key players like Rolex, Panerai, Audemars Piguet, and others and the rising numbers of billionaires and millionaires across the region are expected to bolster the industry growth.

Competitive Landscape-

Key Players Devise Innovative Growth Strategies

The global industry for luxury watches comprises a few key players operating at regional and global levels. They are devising innovative strategies to increase their industry presence and revenues. Major business operating in the luxury watch industry are emphasizing on several inorganic and organic growth strategies. For instance, H. Mosier & Cie entered into a partnership with Ethos Watch Boutiques in September 2019 to expand its position in the Indian industry.

Industry Developments-

• April 2021: Hermes unveiled its new men’s watch collection called the Hermes H08. The collection features five different 39 mm references.
• March 2019: Rolex launched seven new watches to enhance its product portfolio.

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