Sunday, April 14, 2024

Luxury Watch Market size to grow by USD 2,910.23 million from 2022 to 2027, Driven by the growing influence of fashion trends – Technavio

NEW YORK, April 17, 2023 /PRNewswire/ — The luxury watch market size is set to grow by USD 2910.23 million between 2022 and 2027 and register a CAGR of 1.61%, according to Technavio’s latest market research report estimates. 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

  • End-user 
  • Distribution Channel 
  • Geography 
    • Europe
    • North America
    • APAC
    • 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.

Explore the severe impact of each segment on the market growth, buy now!

Luxury Watch Market 2023-2027: Vendor Analysis and Scope

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.
Vendor Offerings

  • 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

Key Drivers

  • 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.

Major Trends

  • 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.

Key Challenges

  • 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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Luxury Watch Market Scope

Report Coverage

Details

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 1.61%

Market growth 2023-2027

USD 2,910.23 million

Market structure

Fragmented

YoY growth 2022-2023(%)

1.05

Regional analysis

Europe, North America, APAC, Middle East and Africa, and South America

Performing market contribution

Europe at 27%

Key countries

US, China, Germany, France, and UK

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

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

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period

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Table of Contents 

1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Global Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market by Geography
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by End-user
    • Exhibit 06: Executive Summary – Chart on Market Segmentation by Distribution Channel
    • Exhibit 07: Executive Summary – Chart on Incremental Growth
    • Exhibit 08: Executive Summary – Data Table on Incremental Growth
    • Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 10: Parent market
    • Exhibit 11: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 12: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis 
    • Exhibit 13: Market segments
  • 3.4 Market outlook: Forecast for 2022-2027 
    • Exhibit 14: Chart on Global – Market size and forecast 2022-2027 ($ million)
    • Exhibit 15: Data Table on Global – Market size and forecast 2022-2027 ($ million)
    • Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
    • Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

  • 4.1 Global luxury watch market 2017 – 2021 
    • Exhibit 18: Historic Market Size – Data Table on Global luxury watch market 2017 – 2021 ($ million)
  • 4.2 End user Segment Analysis 2017 – 2021 
    • Exhibit 19: Historic Market Size – End user Segment 2017 – 2021 ($ million)
  • 4.3 Distribution channel Segment Analysis 2017 – 2021 
    • Exhibit 20: Historic Market Size – Distribution channel Segment 2017 – 2021 ($ million)
  • 4.4 Geography Segment Analysis 2017 – 2021 
    • Exhibit 21: Historic Market Size – Geography Segment 2017 – 2021 ($ million)
  • 4.5 Country Segment Analysis 2017 – 2021 
    • Exhibit 22: Historic Market Size – Country Segment 2017 – 2021 ($ million)

5 Five Forces Analysis

  • 5.1 Five forces summary
    • Exhibit 23: Five forces analysis – Comparison between 2022 and 2027
  • 5.2 Bargaining power of buyers 
    • Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027
  • 5.3 Bargaining power of suppliers 
    • Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027
  • 5.4 Threat of new entrants 
    • Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027
  • 5.5 Threat of substitutes 
    • Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027
  • 5.6 Threat of rivalry
    • Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027
  • 5.7 Market condition
    • Exhibit 29: Chart on Market condition – Five forces 2022 and 2027

6 Market Segmentation by End-user

  • 6.1 Market segments
    • Exhibit 30: Chart on End-user – Market share 2022-2027 (%)
    • Exhibit 31: Data Table on End-user – Market share 2022-2027 (%)
  • 6.2 Comparison by End-user 
    • Exhibit 32: Chart on Comparison by End-user
    • Exhibit 33: Data Table on Comparison by End-user
  • 6.3 Men – Market size and forecast 2022-2027 
    • Exhibit 34: Chart on Men – Market size and forecast 2022-2027 ($ million)
    • Exhibit 35: Data Table on Men – Market size and forecast 2022-2027 ($ million)
    • Exhibit 36: Chart on Men – Year-over-year growth 2022-2027 (%)
    • Exhibit 37: Data Table on Men – Year-over-year growth 2022-2027 (%)
  • 6.4 Women – Market size and forecast 2022-2027 
    • Exhibit 38: Chart on Women – Market size and forecast 2022-2027 ($ million)
    • Exhibit 39: Data Table on Women – Market size and forecast 2022-2027 ($ million)
    • Exhibit 40: Chart on Women – Year-over-year growth 2022-2027 (%)
    • Exhibit 41: Data Table on Women – Year-over-year growth 2022-2027 (%)
  • 6.5 Market opportunity by End-user 
    • Exhibit 42: Market opportunity by End-user ($ million)
    • Exhibit 43: Data Table on Market opportunity by End-user ($ million)

7 Market Segmentation by Distribution Channel

  • 7.1 Market segments
    • Exhibit 44: Chart on Distribution Channel – Market share 2022-2027 (%)
    • Exhibit 45: Data Table on Distribution Channel – Market share 2022-2027 (%)
  • 7.2 Comparison by Distribution Channel 
    • Exhibit 46: Chart on Comparison by Distribution Channel
    • Exhibit 47: Data Table on Comparison by Distribution Channel
  • 7.3 Offline – Market size and forecast 2022-2027 
    • Exhibit 48: Chart on Offline – Market size and forecast 2022-2027 ($ million)
    • Exhibit 49: Data Table on Offline – Market size and forecast 2022-2027 ($ million)
    • Exhibit 50: Chart on Offline – Year-over-year growth 2022-2027 (%)
    • Exhibit 51: Data Table on Offline – Year-over-year growth 2022-2027 (%)
  • 7.4 Online – Market size and forecast 2022-2027 
    • Exhibit 52: Chart on Online – Market size and forecast 2022-2027 ($ million)
    • Exhibit 53: Data Table on Online – Market size and forecast 2022-2027 ($ million)
    • Exhibit 54: Chart on Online – Year-over-year growth 2022-2027 (%)
    • Exhibit 55: Data Table on Online – Year-over-year growth 2022-2027 (%)
  • 7.5 Market opportunity by Distribution Channel 
    • Exhibit 56: Market opportunity by Distribution Channel ($ million)
    • Exhibit 57: Data Table on Market opportunity by Distribution Channel ($ million)

8 Customer Landscape

  • 8.1 Customer landscape overview 
    • Exhibit 58: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

  • 9.1 Geographic segmentation 
    • Exhibit 59: Chart on Market share by geography 2022-2027 (%)
    • Exhibit 60: Data Table on Market share by geography 2022-2027 (%)
  • 9.2 Geographic comparison 
    • Exhibit 61: Chart on Geographic comparison
    • Exhibit 62: Data Table on Geographic comparison
  • 9.3 Europe – Market size and forecast 2022-2027 
    • Exhibit 63: Chart on Europe – Market size and forecast 2022-2027 ($ million)
    • Exhibit 64: Data Table on Europe – Market size and forecast 2022-2027 ($ million)
    • Exhibit 65: Chart on Europe – Year-over-year growth 2022-2027 (%)
    • Exhibit 66: Data Table on Europe – Year-over-year growth 2022-2027 (%)
  • 9.4 North America – Market size and forecast 2022-2027 
    • Exhibit 67: Chart on North America – Market size and forecast 2022-2027 ($ million)
    • Exhibit 68: Data Table on North America – Market size and forecast 2022-2027 ($ million)
    • Exhibit 69: Chart on North America – Year-over-year growth 2022-2027 (%)
    • Exhibit 70: Data Table on North America – Year-over-year growth 2022-2027 (%)
  • 9.5 APAC – Market size and forecast 2022-2027 
    • Exhibit 71: Chart on APAC – Market size and forecast 2022-2027 ($ million)
    • Exhibit 72: Data Table on APAC – Market size and forecast 2022-2027 ($ million)
    • Exhibit 73: Chart on APAC – Year-over-year growth 2022-2027 (%)
    • Exhibit 74: Data Table on APAC – Year-over-year growth 2022-2027 (%)
  • 9.6 Middle East and Africa – Market size and forecast 2022-2027 
    • Exhibit 75: Chart on Middle East and Africa – Market size and forecast 2022-2027 ($ million)
    • Exhibit 76: Data Table on Middle East and Africa – Market size and forecast 2022-2027 ($ million)
    • Exhibit 77: Chart on Middle East and Africa – Year-over-year growth 2022-2027 (%)
    • Exhibit 78: Data Table on Middle East and Africa – Year-over-year growth 2022-2027 (%)
  • 9.7 South America – Market size and forecast 2022-2027 
    • Exhibit 79: Chart on South America – Market size and forecast 2022-2027 ($ million)
    • Exhibit 80: Data Table on South America – Market size and forecast 2022-2027 ($ million)
    • Exhibit 81: Chart on South America – Year-over-year growth 2022-2027 (%)
    • Exhibit 82: Data Table on South America – Year-over-year growth 2022-2027 (%)
  • 9.8 US – Market size and forecast 2022-2027 
    • Exhibit 83: Chart on US – Market size and forecast 2022-2027 ($ million)
    • Exhibit 84: Data Table on US – Market size and forecast 2022-2027 ($ million)
    • Exhibit 85: Chart on US – Year-over-year growth 2022-2027 (%)
    • Exhibit 86: Data Table on US – Year-over-year growth 2022-2027 (%)
  • 9.9 Germany – Market size and forecast 2022-2027 
    • Exhibit 87: Chart on Germany – Market size and forecast 2022-2027 ($ million)
    • Exhibit 88: Data Table on Germany – Market size and forecast 2022-2027 ($ million)
    • Exhibit 89: Chart on Germany – Year-over-year growth 2022-2027 (%)
    • Exhibit 90: Data Table on Germany – Year-over-year growth 2022-2027 (%)
  • 9.10 China – Market size and forecast 2022-2027 
    • Exhibit 91: Chart on China – Market size and forecast 2022-2027 ($ million)
    • Exhibit 92: Data Table on China – Market size and forecast 2022-2027 ($ million)
    • Exhibit 93: Chart on China – Year-over-year growth 2022-2027 (%)
    • Exhibit 94: Data Table on China – Year-over-year growth 2022-2027 (%)
  • 9.11 France – Market size and forecast 2022-2027 
    • Exhibit 95: Chart on France – Market size and forecast 2022-2027 ($ million)
    • Exhibit 96: Data Table on France – Market size and forecast 2022-2027 ($ million)
    • Exhibit 97: Chart on France – Year-over-year growth 2022-2027 (%)
    • Exhibit 98: Data Table on France – Year-over-year growth 2022-2027 (%)
  • 9.12 UK – Market size and forecast 2022-2027 
    • Exhibit 99: Chart on UK – Market size and forecast 2022-2027 ($ million)
    • Exhibit 100: Data Table on UK – Market size and forecast 2022-2027 ($ million)
    • Exhibit 101: Chart on UK – Year-over-year growth 2022-2027 (%)
    • Exhibit 102: Data Table on UK – Year-over-year growth 2022-2027 (%)
  • 9.13 Market opportunity by geography 
    • Exhibit 103: Market opportunity by geography ($ million)
    • Exhibit 104: Data Tables on Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

  • 10.3 Impact of drivers and challenges 
    • Exhibit 105: Impact of drivers and challenges in 2022 and 2027

11 Vendor Landscape

  • 11.2 Vendor landscape
    • Exhibit 106: Overview on Criticality of inputs and Factors of differentiation
  • 11.3 Landscape disruption
    • Exhibit 107: Overview on factors of disruption
  • 11.4 Industry risks
    • Exhibit 108: Impact of key risks on business

12 Vendor Analysis

  • 12.1 Vendors covered
    • Exhibit 109: Vendors covered
  • 12.2 Market positioning of vendors 
    • Exhibit 110: Matrix on vendor position and classification
  • 12.3 Burberry Group Plc
    • Exhibit 111: Burberry Group Plc – Overview
    • Exhibit 112: Burberry Group Plc – Business segments
    • Exhibit 113: Burberry Group Plc – Key offerings
    • Exhibit 114: Burberry Group Plc – Segment focus
  • 12.4 Casio Computer Co. Ltd. 
    • Exhibit 115: Casio Computer Co. Ltd. – Overview
    • Exhibit 116: Casio Computer Co. Ltd. – Business segments
    • Exhibit 117: Casio Computer Co. Ltd. – Key news
    • Exhibit 118: Casio Computer Co. Ltd. – Key offerings
    • Exhibit 119: Casio Computer Co. Ltd. – Segment focus
  • 12.5 CHANEL Ltd.
    • Exhibit 120: CHANEL Ltd. – Overview
    • Exhibit 121: CHANEL Ltd. – Business segments
    • Exhibit 122: CHANEL Ltd. – Key offerings
    • Exhibit 123: CHANEL Ltd. – Segment focus
  • 12.6 Citizen Watch Co. Ltd. 
    • Exhibit 124: Citizen Watch Co. Ltd. – Overview
    • Exhibit 125: Citizen Watch Co. Ltd. – Business segments
    • Exhibit 126: Citizen Watch Co. Ltd. – Key offerings
    • Exhibit 127: Citizen Watch Co. Ltd. – Segment focus
  • 12.7 Compagnie Financiere Richemont SA 
    • Exhibit 128: Compagnie Financiere Richemont SA – Overview
    • Exhibit 129: Compagnie Financiere Richemont SA – Business segments
    • Exhibit 130: Compagnie Financiere Richemont SA – Key offerings
    • Exhibit 131: Compagnie Financiere Richemont SA – Segment focus
  • 12.8 Daniel Wellington AB
    • Exhibit 132: Daniel Wellington AB – Overview
    • Exhibit 133: Daniel Wellington AB – Product / Service
    • Exhibit 134: Daniel Wellington AB – Key offerings
  • 12.9 Fossil Group Inc.
    • Exhibit 135: Fossil Group Inc. – Overview
    • Exhibit 136: Fossil Group Inc. – Business segments
    • Exhibit 137: Fossil Group Inc. – Key offerings
    • Exhibit 138: Fossil Group Inc. – Segment focus
  • 12.10 Le petit fils de L.U. Chopard and Cie SA 
    • Exhibit 139: Le petit fils de L.U. Chopard and Cie SA – Overview
    • Exhibit 140: Le petit fils de L.U. Chopard and Cie SA – Product / Service
    • Exhibit 141: Le petit fils de L.U. Chopard and Cie SA – Key offerings
  • 12.11 LVMH Moet Hennessy Louis Vuitton SE 
    • Exhibit 142: LVMH Moet Hennessy Louis Vuitton SE – Overview
    • Exhibit 143: LVMH Moet Hennessy Louis Vuitton SE – Business segments
    • Exhibit 144: LVMH Moet Hennessy Louis Vuitton SE – Key news
    • Exhibit 145: LVMH Moet Hennessy Louis Vuitton SE – Key offerings
    • Exhibit 146: LVMH Moet Hennessy Louis Vuitton SE – Segment focus
  • 12.12 Movado Group Inc.
    • Exhibit 147: Movado Group Inc. – Overview
    • Exhibit 148: Movado Group Inc. – Business segments
    • Exhibit 149: Movado Group Inc. – Key offerings
    • Exhibit 150: Movado Group Inc. – Segment focus
  • 12.13 Breitling SA
    • Exhibit 151: Breitling SA – Overview
    • Exhibit 152: Breitling SA – Product / Service
    • Exhibit 153: Breitling SA – Key offerings
  • 12.14 Ralph Lauren Corp.
    • Exhibit 154: Ralph Lauren Corp. – Overview
    • Exhibit 155: Ralph Lauren Corp. – Business segments
    • Exhibit 156: Ralph Lauren Corp. – Key offerings
    • Exhibit 157: Ralph Lauren Corp. – Segment focus
  • 12.15 Rolex SA
    • Exhibit 158: Rolex SA – Overview
    • Exhibit 159: Rolex SA – Product / Service
    • Exhibit 160: Rolex SA – Key offerings
  • 12.16 Seiko Holdings Corp.
    • Exhibit 161: Seiko Holdings Corp. – Overview
    • Exhibit 162: Seiko Holdings Corp. – Business segments
    • Exhibit 163: Seiko Holdings Corp. – Key offerings
    • Exhibit 164: Seiko Holdings Corp. – Segment focus
  • 12.17 The Swatch Group Ltd. 
    • Exhibit 165: The Swatch Group Ltd. – Overview
    • Exhibit 166: The Swatch Group Ltd. – Business segments
    • Exhibit 167: The Swatch Group Ltd. – Key offerings
    • Exhibit 168: The Swatch Group Ltd. – Segment focus

13 Appendix

  • 13.2 Inclusions and exclusions checklist 
    • Exhibit 169: Inclusions checklist
    • Exhibit 170: Exclusions checklist
  • 13.3 Currency conversion rates for US$ 
    • Exhibit 171: Currency conversion rates for US$
  • 13.4 Research methodology
    • Exhibit 172: Research methodology
    • Exhibit 173: Validation techniques employed for market sizing
    • Exhibit 174: Information sources
  • 13.5 List of abbreviations 
    • Exhibit 175: List of abbreviations

About Us

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.

Contact

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

Originally published at https://www.prnewswire.com/news-releases/luxury-watch-market-size-to-grow-by-usd-2-910-23-million-from-2022-to-2027–driven-by-the-growing-influence-of-fashion-trends—technavio-301797775.html
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