NEW YORK, Nov. 3, 2023 /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. The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Some of the major vendors of the luxury watch market 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 market 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. Technavio offers in-depth market insights that help global businesses achieve bigger growth opportunities. View Sample Report
The report also covers the following areas:
Luxury Watch Market 2023-2027: Segmentation
- Distribution Channel
- North America
- Middle East And Africa
- South America
The market share growth by the men segment will be significant for the growth of the market 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 of the global market.
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- 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.
Market trends such as the growing demand for customized luxury watches are likely to support the growth of the market. However, factors such as the increased availability of counterfeit products may threaten the growth of the market.
Luxury Watch Market 2023-2027: Market Dynamics
- A major driving factor that is expected to fuel market 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 market for trendy watches, which is likely to increase and will have a positive impact on the global market growth during the forecast period.
- An emerging trend in the luxury watch market is the growing demand for customized luxury watches.
- A variety of manufacturers around the world, including Hermes International, offer customized watches, which entails changing the bands, dials, and bezels.
- Moreover, the broad range of products offered by vendors enables them to attract new clients for customization. For instance, Rolex offers its customers the option to alter the strap, dial, and color of watches.
- The customization elevates the prices of these watches, which, in turn, is expected to drive the growth of the global market during the forecast period.
- A major challenge impeding the luxury market growth is the decline in profit margins of vendors and retailers.
- The decline is a result of the high cost of raw materials and fierce vendor competition.
- To gain a competitive advantage, there is high pressure on retailers to stock luxury goods, such as expensive watches. However, this involves high inventory costs.
- Promotional offers from vendors also incur additional costs to retailers. The sales of watches in several top markets, including Asia and the Middle East, are impacted by the rising Swiss franc value, the drop in oil prices, and the unstable market conditions worldwide.
- Thus, such factors will pose a major challenge for the global market during the forecast period.
Luxury Watch Market 2023-2027: Key Highlights
- CAGR of the market during the forecast period 2023-2027
- Detailed information on factors that will assist luxury watch market growth during the forecast period
- Estimation of the luxury watch market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the luxury watch market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of luxury watch market vendors
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Table of Contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-User
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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The post Luxury Watch Market size to grow by USD 2.91 billion from 2022 to 2027, Burberry Group Plc, Casio Computer Co. Ltd., CHANEL Ltd., and more among the key companies in the market – Technavio first appeared on NY Elite Magazine.