Premium Watch Market Size, Share, Growth, and Industry Analysis, By Type (USD 1000 - USD 3000, USD 3000 – USD 5000, USD 5000 - USD 10000, Over USD 10000 and Others), By Application (Men, Women and Others), Regional Insights, and Forecast To 2032

Updated On: 29 April 2024

REPORT OVERVIEW

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The global premium watch market size was USD 21540 million in 2021. As per our research, the market is projected to touch USD 25840 million by 2028, exhibiting a CAGR of 2.6% during the forecast period.  The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

There is no official definition of a premium watch, however it is generally thought to cost $1,200 or more. It also represents a person's status symbol. Luxury timepieces share the characteristics of limited availability, social distinction, exclusivity, superior quality, and high costs. Some of the reasons driving the growth of the worldwide Luxury Watches Market during the forecast period include an increase in the number of high-net-worth individuals, an increase in disposable income, and an increase in expenditure on high-quality items.

COVID-19 Impact: Pandemic Caused Lockdown Led in Downfall of the Market Demand

The pandemic of COVID-19 has had a negative influence on the industry. The pandemic affected America, as well as other significant European and Asian countries that were major consumers of luxury timepieces. As a result of the limits on mobility and people's conservative spending habits, the market suffered a fall in demand and slow development. According to a review of the COVID-19 pandemic, people are facing massive losses in their businesses and a temporary halt in export and import activity, which will have a negative influence on market growth in 2020. Growing vaccination and lockdown practises to combat the virus's spread are predicted to aid the Luxury Watches Market in regaining its place in the luxury goods industry.

LATEST TRENDS

"Trend of Smartwatch and Enhanced Features to Uplift the Market Demand"

A smartwatch is typically used as a companion product and must be connected to a smartphone via Bluetooth and Near-field Communication (NFC), among other technologies. Shifting consumer perceptions of luxury items, which contribute to high social acceptance, are projected to be a key growth driver.Furthermore, one of the primary reasons supporting market growth is the development of luxury smartwatches with extensive functionality for monitoring health problems such as heart rate, blood and oxygen levels, sleep and physical activity tracking. As a result, manufacturers are launching new luxury smartwatches onto the global market. 

SEGMENTATION

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• By Type

Based on type, the premium watch market is classified into USD 1000 - USD 3000, USD 3000 – USD 5000, USD 5000 - USD 10000, Over USD 10000 and other.

• By End User

Based on end user, the premium watch market is classified into men, women and others.

DRIVING FACTORS

"Rising Demand from the Females Segment will Boost the Market Growth"

Women's premium watch are likewise in high demand. It has been found that women are increasingly more interested in upgrading their watches than men, which is prompting companies to increase their product range for the women market. TIFFANY & CO AND PATEK PHILIPPE TWENTY, BULGARI SERPENTI INCANTATI, and A. LANGE & SOHNE SAXONIA THIN are among the most recent women's luxury product debuts. The move from traditional to gold and diamond watches is also important in broadening client reach. It has been discovered that these products are providing stiff competition to the hand jewellery sector. Furthermore, the creation of a luxurious watch with the addition of costly rare elements such as a diamond, sapphire, gold, or ruby in its body functions as a growth-driving factor.

"Need for Good Quality Watches and Rising Disposable Income to Strengthen the Market Structure  "

Steel, bi-metallics, and precious metals are generally linked with luxury and high-end products and can increase the perceived worth of a watch. Furthermore, these materials frequently have practical benefits such as durability, scratch resistance, and corrosion resistance, which can increase the appeal of the watch to customers. Furthermore, supplying watches in a variety of price ranges can make high-quality timepieces more accessible to a broader range of buyers.

Consumers throughout the world want to use high-quality items manufactured with cutting-edge manufacturing technology, materials, and procedures. As a result, the growing customer preference for high-quality, premium timepieces that are viewed as status symbols is the primary driving driver for the premium watch market. Recognised luxury brands maintain consistency in product quality and pay close attention to consumer sentiments. Increasing disposable income in emerging nations such as China, India, and Brazil as a result of improved internal economic indicators would help boost product demand.

RESTRAINING FACTORS

"The Distribution of the Counterfeit Products to Hamper the Market Demand"

The widespread dissemination of counterfeit luxury goods in the marketplace has become a big challenge to luxury watch producers. The proliferation of different counterfeit items, which clients may not be able to identify as fake, has hampered the expansion of the luxury watch market, causing a fall in premium watch market growth.

REGIONAL INSIGHTS

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"European Region to Lead the Market Growth with Rising Insect-Borne Diseases Coupled with Government Initiatives"

Europe dominated the premium watch market share in 2019 and is likely to maintain its dominance during the forecast period. This is mostly due to the presence of multinational luxury goods operations, including luxury watch manufacturing enterprises, which helps local consumers by allowing them to obtain luxury watches at significantly lower prices. For example, the Swatch Group Ltd. and LVMH Moet Hennessy -Louis Vuitton SE are situated in Switzerland and France, respectively, where residents of those countries can purchase watches made by their own companies at a lower cost. Such developments are expected to boost regional premium watch market share.

KEY INDUSTRY PLAYERS

"Notable Players contributing towards the market"

The market's expansion was significantly impacted by the techniques employed by market participants in recent years, such as extensions. The report covers details and information about the firms and their interactions with the market.

List of Market Players Profiled

• Rolex (Switzerland)
• Tudor (Switzerland)
• Omega (Switzerland)
• Longines (Switzerland)
• Tissot (Switzerland)
• Rado (Switzerland)
• Blancpain (Switzerland)
• Breguet (Switzerland)
• Cartier (Paris)
• IWC Schaffhausen (Switzerland)
• Jaeger-LeCoultre (Switzerland)
• Vacheron Constantin (Switzerland)
• A.Lange & Söhne (Germany)
• Piaget (Switzerland)
• Patek Philippe (Switzerland)
• Audemars Piguet (Switzerland)
• Breitling (Switzerland)
• TAG Heuer (Switzerland)
• Hublot (Switzerland)
• Bulgari (Italy)
• Richard Mille (Switzerland)
• Chopard (Switzerland)
• Seiko (Japan)
• Grand Seiko (Singapore).

REPORT COVERAGE

The report is an analysis of all market aspects for the forecast period. It also shows the evaluation of opportunities, trends, market share, product innovations, technology innovations, driving factors, restraints and others that contribute towards the market growth. This report covers a comprehensive backdrop analysis, an assessment of the parent market, intensive study in the market dynamics. Past historical, current, and projected size of the market from the point of both value and volume. Researching of recent industry developments,  deep study on market share and strategies of major players and the emerging niche segments and regional market areas are covered in the report.