Luxury Watches Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025
- Transparency Market Research
- November 2036
- Luxury Goods
- 0 pages
Luxury watches are considered to be exclusive items and wearing them signifies status symbol for men and women. Rising brand preferences among the population is resulting in the noteworthy growth of the global luxury watches market. Manufacturers of luxury watches are focused on different marketing strategies in order to gain a larger part of the market share. Manufacturers understand the importance of using social media as a means to promote their products amongst the population. Upgrades, to visual merchandising in supermarkets and hypermarkets in order to grab customer attention is resulting in the high demand for luxury watches in recent years. Additionally, development of digital channels has become a new strategy among key players to lure more customer attention toward purchase of watches.
The global luxury watch market has been segmented on the basis of product type, gender type, and distribution channel. By product type, the global luxury watch market has been segmented into mechanical quartz and others. On the basis of gender type, the market has been segmented into women’s luxury watches and men’s luxury watches. Women’s luxury watches dominated the global luxury watch market owing to inclination of women toward fashion and luxury. Men’s luxury watches are expected to show the fastest growth during the forecast period due to the rising trend of fashion among men. On the basis of distribution channel, the market has been segmented into two types - online retail channel and offline retail channel. Online distribution channel of the global luxury watches market showed the fastest growth rate owing to the rising penetration of different apps and presence of different brand options. Convenience that consumers derive from online shopping has also resulted in the high growth rate of the global luxury watch market.
The global luxury watch market is mainly driven by the emerging fashion trends amongst the population. In addition, blend of traditional and modern style of watches has resulted in the rise in demand for luxury watches. Moreover, watches with smart technology are also propelling the growth rate of the market. However, high production cost is resulting to increase in inventory is restraining the global luxury watch market. Counterfeit products by different local players is also a major threat to the global luxury watch market.
Additionally, rising demand for premium quality luxury watches in developing regions such as Asia Pacific is projected to generate opportunity for the global luxury watch market during the forecast period.
In the region-wise study, the global luxury watches market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Europe which comprises Germany, France, Italy, the U.K., and Switzerland among the other countries dominated the global luxury watch market owing to the rising demand for premium quality products amongst the population. Switzerland compared to the other countries in Europe dominated the market and also enjoys a position of monopoly. For instance, Rolex is considered to be the most valuable watch brand of Switzerland. Additionally, Asia Pacific which comprises China, India Japan, and Australia is likely to show the fastest growth rate during the forecast period. China compared to the other countries in Asia Pacific grabbed a larger part of the market share owing to the presence of large number of manufacturers.
The luxury watch market comprises several key players who are highly competitive in nature. With the changing consumer tastes and preferences, manufacturers are focused on developing high end watches. Some of the major participants of this market include LVMH, Richemont, Swatch Group, Rolex, Burberry, Breitling, Festina, Fossil Group, Seiko Watch, Patek Philippe, and Chopard International among others.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
The study is a source of reliable data on:
- Market segments and sub-segments
- Market trends and dynamics
- Supply and demand
- Market size
- Current trends/opportunities/challenges
- Competitive landscape
- Technological breakthroughs
- Value chain and stakeholder analysis
The regional analysis covers:
- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
- Eastern Europe (Poland and Russia)
- Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
- Middle East and Africa (GCC, Southern Africa, and North Africa)
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Highlights of the report:
- A complete backdrop analysis, which includes an assessment of the parent market
- Important changes in market dynamics
- Market segmentation up to the second or third level
- Historical, current, and projected size of the market from the standpoint of both value and volume
- Reporting and evaluation of recent industry developments
- Market shares and strategies of key players
- Emerging niche segments and regional markets
- An objective assessment of the trajectory of the market
- Recommendations to companies for strengthening their foothold in the market
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