roduct Innovations, penetration through online channels and increasing number of billionaires and their net worth are driving the growth of the global luxury watch market. 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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Due to the prohibition of import and export activities and the discontinuity of activities, huge losses have been incurred by market participants.
Economic uncertainty has been caused by the lockdown in many countries during the Covid-19 pandemic. This has limited consumer spending on luxury goods.
However, import-export activities have started and investments have increased during the post-lockdown, and the market is expected to get back on track.
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.
On the basis of 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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