Global Luxury Watches Market was valued at US$ XX Bn in 2019 and is expected to reach US$ XX Bn by 2027, at a CAGR of 5.1 % during the forecast period.
The report study has analyzed the revenue impact of COVID-19 pandemic on the sales revenue of market leaders, market followers, and market disrupters in the report, and the same is reflected in our analysis.
Global Luxury Watches Market Dynamics and Restraints:
Luxury watches are one of the high-class items. Luxury watches are worn by men and women to represent their status in society. Due to more preference for the brand, there is a rise in the growth of the global luxury watches market. Top manufacturers of luxury watches are mainly focusing on innovative ideas, technical support, and different making strategies to survive in the global luxury watches market. Supermarkets and hypermarkets are the main places to grab more customer attention and is resulting in high demand for luxury watches in the coming years. Also, social media is a good platform for the promotion of products. So, they adept new marketing strategies such as advertising on Facebook and Instagram, etc. again promotion through newspaper, TV, etc.
Rising fashion trends amongst the population are driving the growth in the global luxury market. Also, inclination towards the modern as well as the traditional style of watches rises the demand for luxury watches. Additionally, smart technologies used in the making of luxury watches are boosting the demand for luxury watches in the market. The increasing ability of consumers of purchasing costly products to maintain a modern lifestyle is a key factor which is expected to rise the growth of the global luxury watches market in the future.
On the other hand, due to the high production cost, the final prices of the product are also high and is hampering the growth of the global luxury watch market. In addition, some local players are making counterfeit product, and this can hamper the growth of the global luxury watch market.
Moreover, in the developing regions like the Asia Pacific, here is an increase in demand for premium quality luxury watches and is expected to create new opportunities for the global luxury watch market in the future.
Global Luxury Watches Market Segmentation:
Based on gender type, the global luxury watches market is classified into women’s luxury watches and men’s luxury watches. Among them, Women’s luxury watches dominated the global luxury watches market due to the increase in preference of women to fashionable and luxurious things. Men’s luxury watches are also showing good growth in luxury watches market, due to the rising fashion trend among men.
Online distribution channel and offline distribution channel are two distribution channels. Online distribution channel of the global luxury watches market has the fastest growth due to the presence of highly developed E-commerce platform. Online shopping is more comfortable for consumer resulting in the remarkable growth of the global luxury watch market.
Global Luxury Watches Market Regional Analysis:
Region-wise, the global luxury watches market is divided into North America, South America, Europe, Asia Pacific, and Middle East & Africa. Europe region dominated the global luxury watch market due to the demand for premium quality products. Switzerland as compared to other European countries shows prominent growth in the market. Rolex is the most valuable watch brand in Switzerland. Furthermore, countries in the Asia Pacific region like India, Japan, and China shows good growth in the luxury watches market. China is the major player in this market because many manufacturing companies are present there.
Global Luxury Watches Market Key Development:
In 2019, Rolex SA had launched, 6 new models like GMT master II, day date 60, date just 36, YACHT master 42, sea-dweller and date just 31 these are 2019 collection. Likewise, A. Lange & Söhne has launched, 5 new models such as Langematik Perpetual Honey Gold, Richard Lange Jumping Seconds, Lange 1, Zeitwerk Date and Datograph Perpetual Tourbillion, these are 2019 debuts collection of company.
The objective of the report is to present a comprehensive analysis of the Global Luxury Watches Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global Luxury Watches Market dynamics, structure by analyzing the market segments and project the Global Luxury Watches Market size. Clear representation of competitive analysis of key players by type, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Luxury Watches Market make the report investor’s guide.
Scope of the Global Luxury Watches Market:
Global Luxury Watches Market, By Product type
• Mechanical quartz
Global Luxury Watches Market, By Gender type
• Women’s luxury watches
• Men’s luxury watches
Global Luxury Watches Market, By Distribution channel
• Online distribution channel
• Offline distribution channel
Global Luxury Watches Market, By Region
• North America
• Asia Pacific
• Middle East & Africa
• South America
Key players operating in the Global Luxury Watches Market
• Swatch Group
• Fossil Group
• Seiko Watch
• Patek Philippe
• Chopard International
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