"One of the primary growth drivers for this market is the product Premiumization and Innovation,” says a senior analyst for Consumer Discretionary at Technavio. The manufacturers are offering watches with advanced capabilities such as the use of robots, hi-tech coatings, and advanced materials such as ceramics and titanium. The demand for Swiss watches is increasing owing to their quality, design, craftsmanship, and technological sophistication. The increase in brand awareness and western influences as well as the inherent need for exclusivity are some of the factors increasing the demand for luxury watches. As the markets recover Technavio expects the luxury watch market size to grow by USD 1.64 billion during the period 2020-2024.
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Luxury Watch Segment Highlights for 2020
- The luxury watch market is expected to post a year-over-year growth rate of -3.65%.
- Men segment dominated the market in 2019.
- The vendors in the market are offerings customized and personalized products, which will also help propel market growth.
- The manufacturers are targeting customers in the affordable luxury segment to increase their revenue share. Such factors will propel the demand for luxury watches.
- 43% of the growth will originate from the APAC region.
- Factors such as the increasing population and rising disposable income will significantly drive luxury watch market growth in this region over the forecast period.
- China and India are the key markets for luxury watches in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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- The luxury watch market size is expected to accelerate at a CAGR of almost 1% during the forecast period.
- The luxury watch market is segmented by end-user (men and women), distribution channel (offline and online), and geography (North America, APAC, Europe, MEA, and South America).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including CASIO Computer Co. Ltd., Citizen Watch Co. Ltd., Compagnie Financière Richemont SA, Fossil Group Inc., LVMH Moet Hennessy - Louis Vuitton, Movado Group Inc., Ralph Lauren Corp., Rolex SA, Seiko Holdings Corp., and The Swatch Group Ltd.
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