Luxury Watch Market: 27% of Market Growth is Expected in Europe between 2022-2027 | Technavio

NEW YORK, Feb. 15, 2024 /PRNewswire/ — The luxury watch market size is set to grow by USD 2.91 billion between 2022 and 2027 and register a CAGR of 1.61%, according to Technavio’s latest market research report estimates. Europe is anticipated to contribute significantly, accounting for 27% of global market growth according to Technavio analysts. The region’s rich heritage in watchmaking and its reputation for premium timepieces make it a key player. Factors such as design innovations, product diversification, and the role of watches as fashion accessories and status symbols are driving market expansion. Major markets include France, Italy, and the UK, with a well-developed retail sector further fueling growth. Despite challenges posed by the COVID-19 pandemic, the lifting of restrictions in 2021 in key European countries rejuvenated manufacturing and distribution, driving market growth projections for the forecast period. Technavio offers in-depth market insights that help global businesses achieve bigger growth opportunities. View Sample Report

The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Some of the major vendors include Burberry Group Plc, Casio Computer Co. Ltd., CHANEL Ltd., Citizen Watch Co. Ltd., Compagnie Financiere Richemont SA, Daniel Wellington AB, Dolce and Gabbana S.r.l, Fossil Group Inc., Hermes International SA, Kering SA, Le petit fils de L.U. Chopard and Cie SA, LVMH Moet Hennessy Louis Vuitton SE, Movado Group Inc., Patek Philippe SA, Ralph Lauren Corp., Rolex SA, Seiko Holdings Corp., The Swatch Group Ltd., FESTINA LOTUS SA, and Breitling SA. To help businesses improve their position, Technavio’s report provides a detailed analysis of around 15+ vendors operating in the market. With a focus on identifying dominant industry influencers, Technavio’s reports present a detailed study by the way of synthesis, and summation of data from multiple sources. This report offers an up-to-date analysis of the current market scenario, the latest trends and drivers, and the overall market environment. 

• Burberry Group Plc – The company offers luxury watches under the brand Burberry.
• Casio Computer Co. Ltd. – The company offers luxury watches such as G shock, Baby G, Pro Trek, Sheen, and Edifice.
• CHANEL Ltd. – The company offers luxury watches such as Premiere Edition Originale, Premiere Iconic Chain Watch, and Premiere Ribbon Watch.

End-user

Distribution Channel

Geography

• Europe
• North America
• APAC
• Middle East And Africa
• South America

The growth by the men segment will be significant for the growth during the forecast period. The segment growth is driven by the various new product offerings and the ability to personalize and customize products. Vendors are luring customers by offering affordable luxury watches to increase their revenue share, which is anticipated to increase the demand for high-end watches among men. Hence, during the forecast period, such product launches are anticipated to propel the growth of the men’s segment. Explore the severe impact of each segment on the growth, buy now!

Trends such as the growing demand for customized luxury watches are likely to support the growth. However, factors such as the increased availability of counterfeit products may threaten the growth.

• A major driving factor that is expected to fuel growth is the growing influence of fashion trends.
• Watches have evolved into fashion accessories as a result of changes in consumer attitudes and consumption patterns.
• Manufacturers are taking advantage of this trend by offering a variety of products to appeal to all consumer demographics, particularly young people. Most manufacturers also regularly update and grow their product lines.
• Young and fashion-conscious consumers are the target for trendy watches, which is likely to increase and will have a positive impact on the global growth during the forecast period.

New product launches and limited edition watches set the stage for discerning buyers. Exquisite designs and innovative features cater to the preferences of the wealthy, while also enticing the aspiring middle-class. Pricing strategy plays a pivotal role, balancing exclusivity and accessibility. Crafted with precious rare elements like diamond, sapphire, gold, and ruby, these timepieces epitomize sophistication and opulence. The growth-driving factor lies in expanding consumer base. However, slow development may hinder progress, compounded by restrictions on movement affecting sales. Understanding expenditure habits is crucial, especially for attracting first-time buyers. Overall, the industry thrives on a delicate balance of prestige, craftsmanship, and strategic adaptation.

In the luxury watch market, consumers are drawn to top variants from recognized luxury brands, driven by brand loyalty and the allure of quality. They are willing to pay extra amounts for these prestigious timepieces, influenced by consumer sentiments and the evolution of the brand name. Word-of-mouth publicity further amplifies the desirability of these watches, enhancing social acceptance. Smartwatches, often considered companion products, integrate features like Bluetooth and Near-field Communication (NFC) for added functionality. Despite the shifting perception of timekeeping with the advent of technology, luxury watches maintain their appeal as timeless symbols of sophistication and status, catering to discerning clientele who appreciate the craftsmanship and heritage behind each exquisite piece.

Related Reports:

• The luxury handbags market is estimated to grow at a CAGR of 7.68% between 2022 and 2027. The size is forecasted to increase by USD 29,125.59 million. 
• The luxury massage chair market size in US is expected to increase by USD 724.28 million from 2020 to 2025, and the growth momentum will accelerate at a CAGR of 5.42%.

Table of Contents 

1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentation by End-User
7 Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix

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