Luxury watch market is anticipated to grow at a considerable CAGR of 4.08% during the forecast period. The primary factor contributing toward the market growth includes the status symbol, increase in spending on premium products, increase in disposable income, and launches. According to Gentlemen Marketing Agency (GMA), Chinese males view watches as a sign of social prestige. Many Chinese men place great significance on their wealth and achievement, which may be shown with the help of a fine watch.   For instance, in July 2022, the renowned Swiss luxury watchmaker Franck Muller announced the launch of a number of smart wearable’s and traditional watches in collaboration with the Binance NFT platform. Binance's NFT Marketplace, which claims over 90 million members, held an auction for a limited-edition physical watch by Franck Muller as well as a unique piece of digital art. According to RBI, the disposable income of the USA rose by 33.6% in April 2020, and in the UK, disposable income increased to 29.1%.

Segmental Outlook 

The global luxury watch market is segmented based on the Product type, end-user and distribution channel. Based on the product type, the market is sub-segmented into mechanical and electric. Based on the end-user, the market is sub-segmented into men and women. Based on the distribution channel, the market is sub-segmented into online and offline. Among the product type, the mechanical watch is anticipated to witness lucrative growth over the forecast period. Luxury mechanical timepieces require many hours of labor and contain a far higher proportion of tiny moving parts. Due of the strict quality control, they are rare on the market and cannot be bulk produced. Since mechanical watches are enduring, fashionable, and dependable, people purchase them.

Among the end-user, the numbers of women luxury watches are expected to rise. The primary factor supporting the segmental growth is that several luxury watchmakers are emphasizing on diamond watches since women prefer diamond-encrusted gold watches. The development of the Luxury watch market over the forecast period is mostly due to the rising number of women in the workplace. For instance, in February 2021, Tissot T-My Lady range came in the market by providing vision of the Tissot woman. There new collection, consisting of several quartz models at launch, was dedicated to the complete woman. Its concept, design, and underlying purpose, make it the ideal watch for the modern, elegant, sophisticated businesswomen who believe a watch should stand the test of time.

Regional Outlooks

The global Luxury Watch market is further segmented based on geography including North America (the US, and, Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, the Asia Pacific region is expected to hold a prominent share of the global luxury watch market owing to its strong hold and presence in the market, followed by Switzerland.

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The Asia-Pacific Region is expected to grow at a Significant CAGR in the Global Luxury Watch Market

The Asia-Pacific region is expected to grow at a significant CAGR over the forecast period, owing to the presence of growing economies such as China and India. China is among the most competitive marketplaces in the world, with enormous acquisition and economic possibilities for luxury watchmakers. In addition, several key market players are focusing on expanding their presence in the Asia-Pacific region by establishing manufacturing plants in countries including India, China, and others. Europe had the second-largest market share in 2021 and will continue to do so throughout the forecast period. Switzerland has experienced significant market expansion as a result of the high demand for high-quality goods in comparison to other European countries. For instance, in May 2022, according to Rapaport, watches of Switzerland reported strong sales growth in the fourth quarter of its fiscal year, reflecting increased demand for luxury watches as well as a boost from recently opened and acquired stores. Throughout that time, Watches of Switzerland opened three single-brand boutiques in the region. In the United Kingdom, sales increased 48% year on year up to $169.9 million, with the company opening a showroom in Ohio.

Market Players Outlook

The major companies serving the global luxury watch market include Apple Inc., The Swatch Group Ltd, Fossil Group, Inc., Rolex SA, Patek Philippe SA, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. Key players are investing in research and development to further grow the business. For instance, in May 2019, Myntra announced a partnership with the Fossil Group in order to sell BMW watches on its platform. The unique watch collections of the German automotive innovator were made available in India for the first time. In connection with this affiliation, the Fossil Group debuted it’s first-ever BMW watch collection with a sporty vibe.

The Report Covers

• Market value data analysis of 2021 and forecast to 2028.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global luxury watch market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.