Luxury watch market – growth, trends, covid-19 impact, and forecasts (2021 – 2026)

Luxury Watches Market size is projected to reach USD 50,215.3 Million units by 2027 from an estimated USD 42,652.7 Million unit in 2020, growing at a CAGR of 4.15% globally.

A Luxury Watch is a portable watch designed to be carried or worn by a person. It is designed to maintain a constant movement even in the movement caused by human activity. Wristwatches are designed to be worn on the wrist attached to a watch strap or other type of bracelet, including a metal band, leather strap, or other type of bracelet. Pocket watches are often designed to be carried in a pocket attached to a chain.

Product innovation, dissemination through online channels, and a surge in billionaires and net worth are driving the growth of the global luxury watch market. However, the surge in counterfeit and counterfeit goods and the adoption of second-hand goods are hampering market growth. On the other hand, increased spending on premium quality products creates new opportunities in the coming years. Analysis of the COVID-19 pandemic showed that people faced huge losses in business and temporary slowdown in import and export activity, which negatively impacted market growth in 2020. The spread of the virus is expected to help the luxury watch market regain its place in the market. market. luxury industry.

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The Top Key Players include Luxury Watch Market:

• CASIO Computer Co. Ltd.
• Citizen Watch Co. Ltd.
• Compagnie Financière Richemont SA
• Fossil Group Inc.
• LVMH Moet Hennessy -Louis Vuitton
• Movado Group Inc.
• Patek Philippe SA
• Rolex SA
• Seiko Holdings Corp
• The Swatch Group Ltd.

The luxury watch market is segmented by type, end user, distribution channel, and region. On the basis of type, the market is segmented into mechanical watches and electronic watches. According to the end user, it is divided into male and female. According to the distribution channel, it is divided into online stores, single-brand stores, and multi-brand stores.

By type Luxury Watch Market segmented to:

• Mechanical Watches
• Electronic Watches

By application Luxury Watch Market segmented to:

• Online Store
• Single Brand Store
• Multi Brand Store

Region and country level analysis:

• North America (U.S., Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Russia, Spain etc.)
• Asia-Pacific (China, India, Japan, Southeast Asia etc.)
• South America (Brazil, Argentina etc.)
• Middle East & Africa (Saudi Arabia, South Africa etc.)

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The preference for watches and other luxuries (mostly men) had a major impact on the Swiss watch industry. The luxury watch market is mature, but any brand can experience rapid growth. Growing brand awareness, influence from the Western world and a unique desire for monopoly are some of the factors contributing to the growing demand for luxury watches. Garmin expanded its presence in India with the launch of a premium luxury watch collection called the Marq. The watch comes pre-loaded with features such as built-in storage for music, Garmin Pay integration, smart notifications and daily activity tracking.

The global luxury watches market share in 2021 is expected to continue during the forecast period. Multi-brand stores sell more than one luxury watch brand, allowing consumers to choose from several models from different brands. Luxury watch manufacturers prefer to sell their products primarily through multi-brand stores due to high sales growth and high advertising and promotional coverage. The store operates both online and offline. Therefore, multi-brand online stores are gaining considerable momentum due to the proliferation of the Internet and the growing preference for e-commerce platforms.

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The global luxury watch market has witnessed continuous growth in the past few years and is projected to grow even further during the forecast period (2021-2026). Various growth-enhancing factors are expected to drive the market, including increasing air travel, increasing demand for luxury watches among millennials, and increasing e-commerce channels. However, the market is not free from challenges that impede growth. Some of the major challenges facing the market are the threat posed by counterfeit products and high production costs.

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