According to a new report published by KD Market Insights, titled, “Luxury Watch Market Insights, Trends, Opportunity & Forecast, 2021–2026,” the global luxury watch market size is anticipated to witness average growth during forecast period i.e. 2021-2026. The burgeoning spending of consumers in gadgets that can provide them with convenience, the increasing preference for luxury goods, the rising brand preference and awareness for luxury watches among the rich population, the growing influence of the western world, the raising per capita incomes coupled with the inherent need for exclusivity and the escalating use for luxury watches among adults as an indication of status symbol are the primary factors contributing towards the growth of the global luxury watch market.
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Factors such as the emerging fashion trends amongst the young population, the expanding e-commerce market, the growing focus of manufacturers on launching new and innovative products and the rapidly shifting trend from conventional to luxurious golden and diamond watches are also driving the growth of the luxury watch market. Also, the continuous introduction of smart luxurious watches with smart technologies and the increasing demand for specialty women watches are creating ample growth opportunities for the growth of the global luxury watches market in the upcoming years.
The North American and European regions jointly dominated in the global luxury watch market in 2020 and are expected to continue with the trend in the forecast period as well. This is attributable to the high concentration of buyers who are willing to buy innovative and luxurious products with unique characteristics and brand value in the regions. However, the Asia-Pacific region is forecasted to expand at the highest CAGR during the forecast period of 2021 to 2026.
According to distribution channel, the internet retailing segment is projected to expand at a significant CAGR of 6.5% from 2021 to 2026.
The global luxury watch market is segmented into type, end-user, distribution channel and region. Based on type, the market is bifurcated into analogue watch and digital watch. Based on end-user, it is classified into men, women and unisex. Based on distribution channel, it is classified into internet retailing, departmental stores, specialist retailers, exclusive showrooms and others.
The global luxury watch market is analyzed across North America (U.S. & Canada), Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Rest of Europe), Asia Pacific (China, India, Japan, South Korea, Indonesia, Thailand, Australia, New Zealand, and Rest of Asia Pacific), Latin America (Brazil, Mexico, and the Rest of Latin America) and Middle East & Africa (GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, and Rest of Middle East & Africa).
Key Insights of Luxury Watch Market
- On the basis of distribution channel, the internet retailing segment is projected to expand at a significant CAGR of 6.5% from 2021 to 2026.
- On the basis of region, the North American and European regions jointly dominated in the global luxury watch market in 2020 and are expected to continue with the trend in the forecast period as well.
- On the basis of region, the Asia-Pacific region is forecasted to expand at the highest CAGR during the forecast period of 2021 to 2026.
Some of the major luxury watch companies profiled in the report include ROLEX SA, RADO WATCH CO. LTD., OMEGA SA, Burberry Limited, Ulysse Nardin, Festina, The Swatch Group Ltd., TITAN LTD., Seiko Watch Corporation and Fossil Group Inc.
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