According to a new report published by Allied Market Research, titled “Luxury Watches Market by Type, End User, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021 – 2027”,
Global Luxury Watches Market is expected to reach USD 51,317.3 Million by 2027 at a CAGR of 4.50% from 2021 to 2027.
The luxury watch is a luxury product, which highlights a luxury lifestyle and a symbol of high status. Upper and upper class of society are mainly targeted for this type of products as it is affordable for the very small group of people in the world. The growth of the high-income population due to innovation and disruption of the Internet of Things positively affects all businesses in the era of the Internet of Things, which has a direct impact on the markets of the Internet of Things. luxury goods and luxury watches. Business innovators and disruptors become millionaires in a dynamic business environment, like Alibaba founder Jack Ma. This can happen in any industry, such as healthcare and automotive. For example, UnitedHealth Group’s net income in the second quarter increased from $3.4 billion in 2019 to $6.7 billion in 2020 and Anthem Inc’s net income increased from $1.1 billion. dollars to $2.3 billion.
However, fraudulent and counterfeit luxury watches are significantly affecting the growth of the luxury watch market over the forecast period. Manufacturers and buyers both suffer losses from fraudulent and counterfeit products.
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The luxury watches market is segmented into type, end-user, distribution channel, and region. On the basis of type, the Luxury Watches market report is categorized into Mechanical Watches and Electronic Watches. By end user, it is separated into male and female. According to the distribution channel, it is divided into online store, single-brand store and multi-brand store. At the regional level, it is analyzed in North America (United States, Canada and Mexico), Europe (Switzerland, Russia, Spain, Italy, France, Germany, United Kingdom and rest of Europe), Asia- Pacific (China, Japan, Hong Kong, India, Singapore, South Korea, Australia and Rest of Asia-Pacific) and LAMEA (Latin America, Middle East and Africa).
Based on Type, Electronic Watches segment was valued at USD 10,742.2 Million in 2019 and is projected to reach USD 14,202.1 Million by 2027, registering a CAGR of 6.0% from 2021 to 2027 This is attributed to the fact that electronics is an emerging sector. technology in the luxury watch market and it has gained popularity among the working population as they are expected to embrace sports and fitness as part of their recreational pursuits. In addition, endurance sports has also opened up a solid foundation for enthusiasts to grasp varieties in the sportswear segment, thereby increasing the sales of electronic luxury watches and subsequently the sales of luxury watches on the world market.
On an end-user basis, the men’s segment was valued at $19,921.4 million in 2019 and is expected to reach $24,606.8 million by 2027, at a CAGR of 5.10%. The luxury watch is gaining momentum among men due to the growing fashion trend among men. Businessmen, senior officials and men engaged in the fashion industry are the target customers of luxury watches, because these people can afford luxury watches. The growing adoption of professional attire and having suits and accessories tailored to specific professions should motivate men to buy luxury watches.
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According to Luxury Watches Market Trends, on the basis of distribution channel, the online store segment was valued at $12,882.9 Million in 2019 and is projected to reach $16,930.0 Million by 2027 , registering a CAGR of 6.00% from 2021 to 2027. Easy affordability offered by online platforms are driving their adoption in the market, becoming a popular medium for purchasing luxury watches. Moreover, on e-commerce platforms, people can have huge options of luxury watch brands, which helps consumers to compare products and buy them.
Regionally, Asia-Pacific has gained popularity in the luxury watch market and is growing at the fastest CAGR. Many Asian countries are also showing similar developments, as rising income levels and the expansion of modern retail stores and single-brand stores in this region are driving the reach of luxury watches and are expected to position strong development in the developing countries in the Asia-Pacific region, including India and China. The growth of the retail sector in India has largely fueled the growth of the market. Emerging Asian economies are growing rapidly. Their consumption of luxury goods, especially luxury watches, is increasing day by day. Many internationally renowned luxury brands have seen a huge increase in sales in the Asian region. In fact, Asian tourists in Europe and America have also indulged in buying luxury watches in large quantities.
Players operating in the luxury watch industry have adopted product launch and business expansion as their key development strategies to grow their market share, increase profitability, and stay competitive in the market. Key Players profiled in this report are CASIO Computer Co. Ltd., Citizen Watch Co. Ltd., Compagnie Financière Richemont SA, Fossil Group Inc., LVMH Moet Hennessy -Louis Vuitton, Movado Group Inc., Patek Philippe SA, Rolex SA , Seiko Holdings Corp. and Swatch Group Ltd.
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Main results of the study
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, growing at a CAGR of 4.50% during the forecast.
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.
Name: David Correa
Organization: Allied Market Research
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