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Luxury Watch Market size was valued at USD 43.82 billion in 2023 and is poised to exceed USD 83.66 billion by the end of 2036, registering over 5.1% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of luxury watch is evaluated at USD 45.61 billion.
The growth of the market can be attributed to the increasing spending capacity of consumers backed by rising disposable income of high class and upper-middle class individuals, who are the target consumers for this market. Moreover, escalating shift towards following trends and adoption of high-end brands is estimated to boost the market growth. The market is concentrated in highly developed nations, where consumers can afford expensive products for their brand value.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
5.1% |
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Base Year Market Size (2023) |
USD 43.82 billion |
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Forecast Year Market Size (2036) |
USD 83.66 billion |
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Regional Scope |
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The luxury watch market is segmented by distribution channel into online retail, departmental stores, and exclusive showrooms, out of which, the exclusive showrooms segment is anticipated to hold the largest share in the market during the forecast period as exclusive showrooms provide a satisfactory shopping experience to the consumers in the form of trials, personal assistance and overall sensory experience. Additionally, there are no shipping charges or any additional fee, which attracts the shoppers to opt exclusive showrooms over other channels, which is expected to boost the growth of the segment. On the basis of design, the market is segmented into male, female, and unisex watches, out of which, the unisex segment is anticipated to hold a major share in the market over the forecast period owing to its larger scope of application.
Our in-depth analysis of the global luxury watch market includes the following segments
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By Type |
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By Distribution Channel |
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By Design
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North America Market Statistics
Regionally, the global luxury watch market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. North America industry is estimated to dominate majority revenue share by 2036, owing to presence of major companies in the region, coupled with high per capita income and expanding status of upper middle class. Luxury watches stand as a status symbol among the young generation, in the region, which is estimated to boost the market growth.
Europe Market Analysis
The luxury watch market in Europe is anticipated to closely follow the market in North America and hold a major market share owing to the high disposable income of the consumers in the region. Countries, such as, Switzerland, and U.K. are estimated to witness maximum growth owing to the stable economy, and high spending potential of the consumers.
Author Credits: Parul Atri
Copyright © 2024 Research Nester. All Rights Reserved
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