DUBLIN--(BUSINESS WIRE)--The "Luxury Watch Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the global luxury watch market market.
The global luxury watches market is expected to grow from $27.19 billion in 2021 to $28.43 billion in 2022 at a compound annual growth rate (CAGR) of 4.6%. The luxury watches market is expected to grow to $33.07 billion in 2026 at a CAGR of 3.9%.
Companies Mentioned
- Seiko Holdings
- Citizen Watch Company of America Inc.
- LVMH Moet Hennessy -Louis Vuitton
- Compagnie Financiere Richemont SA
- The Swatch Group Ltd
- Audemars Piguet
- Richard Mille
- CASIO
- Computer Co. Ltd
- Patek Philippe SA
- Bernard Watch Co.
- Apple Inc.
- A. Lange & Sohne
- Movado Group Inc.
- Richard Mille
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The luxury watch market consists of the sales of luxury watches by entities (organizations, partnerships, and sole proprietors) that refers to luxury watches that are manually manufactured extraordinarily high-quality watches that come at a premium price and are classified to be luxury watches. These are the watches powered by manual and self-winding (automatic) movement. Parts of the movement are handmade and signify higher expenditure in production than industrially manufactured quartz watches.
The main types of luxury watches are digital watches, and analog watches. The digital watch refers to a watch that displays the time in numerical digits rather than by hands on a dial. The various distribution channels include internet retailing, departmental stores, specialist retailers, exclusive showrooms, and other showrooms and are used by men, women, and unisex.
Western Europe was the largest region in the luxury watch market in 2021. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the luxury watch market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The growing consumer preference for high-quality, premium watches in the luxury goods industry is expected to propel the growth of the luxury watch market. Growing consumer preference in the luxury watch market is characterized as the abstract preferences of individual buyers, estimated by their fulfillment with those things after they've bought them.
This satisfaction is often indicated to as utility. Purchaser worth is not entirely set in stone by how buyer utility thinks about various things. The surge in the luxury watches market is driven due to people's preference for high-end watches, due to increase in rising disposable income, and an urge among adults to wear expensive luxury watches as a social statement of their identity, especially in developing countries.
For instance, according to the Swiss watch industry federation, 2021 was the best year for the Swiss watches market. The all-out trade worth of Swiss watches for 2021 was CHF 22.3 billion, beating the past record-breaking record of CHF 22.25 billion, which in turn indicates growing consumer preference. Therefore, the growing consumer preference for high-quality, premium watches in the luxury goods industry drives the luxury watches market.
Product innovations have emerged as the key trend gaining popularity in the luxury watch market. Major companies operating in the luxury watch market are focused on developing innovations to meet customer demand. For instance, in April 2021, during the watch & wonders event, Jaeger-Le Coultre, a swiss based luxury watch company unveiled Reverso Hybris Mechanical Calibre 185 for the first time, known as the quadriptych is the first and only watch in the world to be made with four dials priced at staggering 1.6 million dollars. There are staggering 11 complications that go inside this epic timepiece of surprisingly wearable proportions, three of which are patented features found only in this watch.
In June 2021, Seiko Holdings Corporation, a Japanese luxury watchmaker collaborated with Rowing Blazers, American clothing, and accessories brand, on two limited editions and one special edition timepiece for an undisclosed amount. This collaboration will help companies in coming up with watches that are inspired by sport, nostalgia, and travel.
The countries covered in the luxury watch market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
For more information about this report visit https://www.researchandmarkets.com/r/jxchxa
