LONDON, July 19, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the luxury watch market, the growing consumer preference for high-quality, premium watches in the luxury goods industry is expected to propel the growth of the luxury watch market. Growing consumer preference in the luxury watch market is characterized by the abstract preferences of individual buyers, estimated by their fulfillment with those things after they've bought them. This satisfaction is often indicated as utility. Purchaser value is not entirely set in stone by how buyer utility thinks about various things. The surge in the luxury watch market is driven by people's preference for high-end watches, an increase in disposable income, and an urge among adults to wear expensive luxury watches as a social statement, especially in developing countries.
For instance, according to the Swiss watch industry federation, 2021 was the best year for the Swiss watch market. The all-out trade worth of Swiss watches for 2021 was CHF 22.3 billion, beating the past record-breaking record of CHF 22.25 billion, which in turn indicates growing consumer preference. Therefore, the growing consumer preference for high-quality, premium watches in the luxury goods industry drives the luxury watch market.
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The global luxury watch market share is expected to grow from $27.19 billion in 2021 to $28.43 billion in 2022 at a compound annual growth rate (CAGR) of 4.6%. The luxury watch market growth is expected to grow to $33.07 billion in 2026 at a CAGR of 3.9%.
Product innovations are gaining popularity among the luxury watch market trends. Major companies operating in the luxury watch market are focused on developing innovations to meet customer demand. For instance, in April 2021, during the watch & wonders event, Jaeger-Le Coultre, a Swiss-based luxury watch company, unveiled the Reverso Hybris Mechanical Calibre 185 for the first time, known as the quadriptych, it is the first and only watch in the world to be made with four dials priced at a staggering 1.6 million dollars. There are a staggering 11 complications that go into this epic timepiece of surprisingly wearable proportions, three of which are patented features found only in this watch.
Major players in the luxury watch market are Seiko Holdings, Citizen Watch Company of America Inc., LVMH Moet Hennessy -Louis Vuitton, Compagnie Financiere Richemont SA, The Swatch Group Ltd, Audemars Piguet, Richard Mille, CASIO, Computer Co. Ltd, Patek Philippe SA, Bernard Watch Co., Apple Inc., A. Lange & Söhne, Movado Group Inc. and Richard Mille.
The global luxury watch industry analysis is segmented By Type into Digital Watch, Analog Watch; By Distribution Channel into Internet Retailing, Departmental Stores, Specialist Retailers, Exclusive Showrooms, Others; By End-User into Men, Women, Unisex.
Western Europe was the largest region in the luxury watch market in 2021. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the luxury watches market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Luxury Watch Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide luxury watch market overviews, luxury watch market analyze and forecast market size and growth for the whole market, luxury watch market segments and geographies, luxury watch market trends, luxury watch market drivers, luxury watch market restraints, luxury watch market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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