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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Luxury Watch Market Share
Based on product
Electronic luxury watches accounts for a larger share of the luxury watch market, fuelled by the growing demand for electronic watches overall. More consumers are investing in electronic luxury watches that are equipped with additional features and functionalities such as monitoring of heart rates, multi-sport tracking, sleep tracking, phone integration, and GPS capabilities. Meanwhile, mechanical luxury watches are projected to witness rapid growth in the coming years, supported by the popularity of mechanical luxury watches as a style statement, increasing the overall luxury watch market demand.
Based on Distribution Channel
Online distribution channels account for a sizable share of the market for luxury watches due to the increased convenience and accessibility it provides customers. In online shopping, customers can compare prices online and buy whichever suits them best, choosing from a wide variety of models. Furthermore, offline luxury watches brand outlets tend to be limited and concentrated in major locations, resulted in a limited reach. Through online distribution channels, customers can purchase luxury watches even without being in proximity to an offline store.
Luxury Watch Market Report Snapshots
Luxury Watch Market Regional Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 47.83 billion.
The market is expected to grow at a CAGR of 4.90% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 73.62 billion by 2032.
Rising demand for luxury products, increasing disposable income, and surge in the online sales of luxury watches are major market drivers.
The key trends of the market include increasing attention to limited edition watches, growing inclination towards customised watches, increasing reach of luxury brands, and rising popularity of couples watches.
The different products of luxury watches in the market are electronic and mechanical.
The primary distribution channels of luxury watches are offline and online.
The key players in luxury watches market are ROLEX SA., The Swatch Group Ltd, Audemars Piguet Holding SA, Fossil Group, Inc., Citizen Watch Company Of America, Inc., Seiko Watch Corporation, Compagnie Financiere Richemont SA, LVMH Group, Movado Group Inc., and Ralph Lauren Corporation, among others.
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