Luxury Watches Market Growth or Demand Increase or Decrease for what contains ?
The value of Swiss watch shipments declined by approximately 22% in 2023, while volume fell by 33%. The trade declined by roughly 9% in February, and the decline intensified in the second quarter, dropping by more than 61 percent. Exports fell at a slower rate as the economy changed. Despite the lessening of the lockdown measures and other circumstances, there was a 4% reduction in the fourth quarter of the year.
The growing demand for high-quality, luxurious watches, which are regarded as fashion accessories around the world, is the key driving force behind the luxury watch market. Consumers choose high-quality items produced using cutting-edge production technology, equipment, and procedures.
Luxury Watches Market Growth Rate Forecast:
Luxury Watches Market size was valued at US$ 25.99 Bn in 2023 and the total revenue is expected to grow at 3.25 % through 2024 to 2030, reaching nearly US$ 32.52 Bn.
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Luxury Watches Market Scope Methodology:
The Luxury Watches market is highly competitive in terms of technical adoption, financial strength, portfolio, mergers and acquisitions, joint ventures, and strategic alliances. A thorough examination of the Luxury Watches Market’s drivers, constraints, possibilities, and issues. The Luxury Watches market estimations and growth rates were determined using a bottom-up approach.
To get insight into Luxury Watches Market penetration, pricing dynamics, demand analysis, and competitive landscape, the study conducted regional analyses at the local, regional, and global levels. Essential information about the Luxury Watches Market, including companies, investors, and new entrants, is supplied to assist in the development of marketing strategies and investment plans.
The Luxury Watches Market was examined using primary and secondary data collection methods. Primary methods comprised surveys, questionnaires, and interviews with industry executives and business owners, while secondary data sources included news releases, annual and financial reports, white papers, and so on. The SWOT analysis identified market vulnerabilities and weaknesses, while the PORTER framework assessed industry competitiveness in the energy-efficient lighting sector.
Luxury Watches Market Segmentation:
by Product type
Mechanical quartz
Others
The global market is divided into two segments based on product type: mechanical quartz and others. In 2023, the mechanical quartz segment had the biggest market share in worldwide Luxury Watches, accounting for 75.4%. Because luxury mechanical timepieces are more advanced and incorporate all of the twentieth century's watchmaker expertise and knowledge, they are chosen above digital watches. Luxury mechanical timepieces feature a significantly higher number of little moving parts and need hours and hours of effort to manufacture. It's an engineering marvel with mechanical accomplishments in an analogue world. The majority of luxury mechanical watch buyers are fussy, therefore they pay attention to the smallest details and place a high value on history and tradition.
by Gender type
Women’s luxury watches
Men’s luxury watches
The global market is divided into two segments based on gender type: women's luxury watches and men's luxury watches. The women's luxury watches segment was anticipated to be worth US$ 24.66 billion in 2023, and it is expected to increase at a CAGR of 3.90% between 2024 and 2030. In contrast to Asian and European purchasers who have a cultural appreciation for timepieces, American women are preoccupied with the mechanical aspects of how watch movements work. Several luxury watchmakers are focussing on golf or diamond watches, as women adore diamond-encrusted gold watches. The growth of the Luxury Watches Market throughout the forecast period is mostly attributed to the increasing number of women in the workforce.
by Distribution channel
Online distribution channel
Offline distribution channel
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Luxury Watches Market Overview:
Maximise Market Research provides clients with a comprehensive understanding of the competitive landscape, making it an invaluable resource for strategic planning. The comprehensive Luxury Watches Market overview includes complete information on market size, trade statistics, key players, and a range of industry indicators such as the life cycle and current trends.
Luxury Watches Market Growth or Demand in which regions?
Asia Pacific:
Asia Pacific will lead the global market over the predicted period. China is one of the most competitive markets in the world, offering significant acquisition and commercial opportunities for luxury watchmakers. Some of the most well-known luxury watch brands include Rolex, Omega, Patek Philippe, Ferrari, Chanel, Longines, Tissot, Rado, Blancpain, and Piaget. Swiss timepiece exports to mainland China totalled CHF 2.1 billion (USD 2.39 billion) from January to November 2021, up 17.1 percent from the same period last year, according to the Federation of the Swiss Watch Industry.
Europe:
In addition, Europe held the second biggest market share of 30.0% in 2023 and will continue to do so throughout the forecast period. Due to the increased demand for high-quality products In comparison to other European countries, Switzerland has seen tremendous market growth. In Switzerland, Rolex is arguably the most desired watch brand.
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Luxury Watches Market Key Players:
1. LVMH
2. Richemont
3. Swatch Group
4. Rolex
5. Burberry
6. Breitling
7. Festina
8. Fossil Group
9. Seiko Watch
10. Patek Philippe
11. Chopard International
12. CROSEAGIFTS LIMITED
13. Minardi
14. Nettletons Jewellers
15. MERICE COMM.V
16. SEKONDA
17. MGI LUXURY GROUP S.A.
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Key questions answered in theLuxury Watches Market are:
- What is Luxury Watches Market?
- What is the growth rate of the Luxury Watches Market?
- Which are the factors expected to drive the Luxury Watches Market growth?
- What are the different segments of the Luxury Watches Market?
- What are the factors restraining the growth of the Luxury Watches Market?
- What is the demand pattern of the Luxury Watches Market?
- What major challenges could the Luxury Watches Market face in the future?
Key Offerings:
- Past Market Size and Competitive Landscape
- Past Pricing and price curve by region
- Market Size, Share, Size Forecast by different segment |
- Market Dynamics Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation A detailed analysis by segment with their sub-segments and Region
- Competitive Landscape Profiles of selected key players by region from a strategic perspective
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