According to a new report published, titled, “Luxury Watches Market by Type, End User and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021–2027,”
The global Luxury Watches Market is expected to reach $ 51,317.3 million by 2027 at a CAGR of 4.50% from 2021 to 2027.
The luxury watches market provides a quantitative analysis of the current market trends, estimations, and dynamics of the market size from 2019 to 2027 to identify the prevailing opportunities.
In-depth analysis and the market size and segmentation assist to determine the prevailing Luxury Watches Market opportunities.
The luxury watches market is segmented into type, end user, distribution channel, and region. On the basis of type, the market is categorized into mechanical watches and electronic watches. By end user, it is segregated into men and women. According to distribution channel, it is divided into online store, single brand store, and multi brand store. Region-wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Switzerland, Russia, Spain, Italy, France, Germany, the UK, and Rest of Europe), Asia-Pacific (China, Japan, Hong Kong, India, Singapore, South Korea, Australia, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
Key findings of the study
•The luxury watches market was valued at $43,661.8 million in 2019, and is estimated to reach $51,317.3 million by 2027, growing at a CAGR of 4.50% during the forecast period.
•By type, the electronic watches segment is estimated to witness the fastest growth, registering a CAGR of 6.00% during the forecast period.
•In 2019, depending on end user, the women segment was valued at $23,740.4 million, accounting for 54.4% of the global Luxury Watches Market share.
•In 2019, India was the most prominent market in Asia-Pacific, and is projected to reach $727.4 million by 2027, growing at a CAGR of 9.70% during the forecast period.
The players operating in the luxury watch industry have adopted product launch and business expansion as their key developmental strategies to expand their market share, increase profitability, and remain competitive in the market. The key players profiled in this report include 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., and the Swatch Group Ltd.