Global luxury watches size is expected to exceed USD X.xx billion by 2023, growing at a CAGR of x.xx% over the period of 2017 – 2023. Luxury watches are high end watches that symbolizes the status or success of individuals. The attention to detail, costly parts, craftsmanship, complex micro mechanisms, precision in time keeping and enticing designs make luxury watches stand apart among watches. Some of the luxury watches are so intricate that it require months of craftsmanship and top quality materials to manufacture those. Luxury watches have high resale value and it lasts for decades. Hence, it is a sort of investment, similar to the gold, due to the brand value of those watches. Some of the luxury watches are limited edition watches; hence the prestige and cost of those watches are high. Swiss made luxury watches hold high value in terms of brand and customer preference globally. Quartz watches have changed the luxury watches industry in a big way as it utilize electric motor, easier to manufacture, need lesser parts, and more precise than the conventional mechanical watches. However, the use of gold and other high end materials make mechanical luxury watches pieces of luxury.
Figure 1: Global Luxury Watches Market by Value 2015-2023
Rolex SA, Swatch Group Ltd, Cie Fianciere Richemont SA and LVMH Moet Hennessy Louis Vuitton SA dominate the global luxury watches market. Excess inventory and sliding sales characterizes the current scenario of the market. The emerging fashion trends, rising per capita income in various countries and expansion of online retailing are the major factors that are anticipated to drive the growth of the global luxury watches market. Blending tradition with modern smart technology by some manufacturers is expected to enhance the growth of the global luxury watches in the near future. New products with smart technology introduced for women are expected to drive the growth of the market during the forecast period. High end smart watches are anticipated to become mainstream luxury watches in near future. Men’s luxury watch segment dominates the global luxury watches market as the share of the women’s segment came down significantly in the recent past and due to the economic downturn, the growth of the women’s segment is moderate. Moreover, women moving away from smaller watches to bigger dialed watches, unisex watches, and smart watches and seeing it less as jewelry are some other factors that are influencing the moderate growth.
Brexit, uncertainties in European Union, elections in major countries, fluctuation in exchange rates, and change in migration policies are some factors that affected global luxury watches market. Sluggish economic growth in major economies affected the purchasing capacity of consumers and it hindered the sales of luxury watches. Significant slide in the tourists’ arrivals in Europe and other major countries hindered the growth of the global luxury watches market. Emergence of new technologies and emergence of alternative in smart watches are expected to be major restraints for the global luxury watches market. Over production and excess inventory in Switzerland are major factors that restrain the growth of the market, as most of the top luxury watch manufacturers are based there. The high cost of the watches and presence of counterfeit watches are major challenges of the global luxury watches market. Emerging markets are expected to provide opportunities for the major players in the global luxury watches market to export, to cater the untapped markets with economic prosperity.
The report covers the analysis of global as well as regional markets of luxury watches market. Moreover, the global luxury watches market is segmented by gender, by distribution channel, and by product type. The global luxury watches market by gender covers men’s watches and women’s watches. On the basis of distribution channel the market is segmented as departmental stores, exclusive branded showrooms, online retailing and specialist retailers. Based on product type, the market is segmented as mechanical, quartz and others.
The global luxury watches market covers the analysis of geographies such as North America, Europe, Asia-Pacific and RoW. In this section, the key trends and market size for each region is provided over the period of 2017 – 2023.
Figure 2: Global Luxury Watches Market by Region
Among geographies, Europe is the largest luxury watches market and it is followed by North America. Presence of major luxury watch manufacturers in Switzerland drives the European Market. The tourists from other regions are the major consumers of luxury watches, and hence the slide in arrival of tourists and political uncertainties in European Union over elections and Brexit affected the sales. Moreover, the presence of excessive inventory is hindering the growth of the European luxury watches market. North American luxury watches market was hindered by the election in USA. The change in tax on imported goods and change in visa as well as immigration policies for various nations are expected to impact the North American market. Asia Pacific is a major growing luxury watches market due to the presence of China, the largest manufacturing nation of luxury watches. The reduction in Chinese visitors to Hong Kong affected the sales of luxury watches, as Hong Kong is the base for all major luxury watch makers in Asia-Pacific region.
The companies covered in the report include manufacturers of global luxury watches market include Audemars Piguet , Cie Fianciere Richemont SA, Citizen, Dinh Van, Dolce & Gabbana, Giorgio Armani, Hennessy Louis Vuitton SA, LVMH Moet, Movado, Patek Phillipe Richard Mille , RolexSA and Swatch Group Ltd.
The report provides deep insights on demand forecasts, market trends and micro and macro indicators. In addition, this report provides insights on the factors that are driving and restraining the demand of luxury watches globally as well as regionally. Moreover, IGR-Growth Matrix analysis given in the report brings an insight on the investment areas that existing or new market players can consider.
Moreover, the study highlights current market trends and provides forecast from 2017 to 2023. We also have highlighted future trends in the luxury watches market that will impact the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight on the market share of the leading players. Additionally, the analysis highlights rise and fall in the market shares of the key players in the market. This report will help manufacturers, suppliers and distributors of the luxury watches market to understand the present and future trends in this market and formulate their strategies accordingly.
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