Luxury Watch Global Market Report 2024

The luxury watch market size has grown strongly in recent years. It will grow from $30.5 billion in 2023 to $32.22 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The expansion observed in the historical period can be attributed to strong economic growth in emerging markets, the flourishing e-commerce industry, an increase in the proportion of women with high incomes, and the growing international trade activities.

The luxury watch market size is expected to see strong growth in the next few years. It will grow to $40.19 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The anticipated growth in the forecast period can be attributed to increasing urbanization, the rising use of the internet and social media platforms, and the increasing export of Swiss watches. Key trends expected in the forecast period involve technological advancements, the introduction of luxury smartwatches, the integration of artificial intelligence (AI), product innovations, and strategic partnerships and collaborations.

The luxury watch market is anticipated to experience significant growth, driven by the increasing consumer preference for high-quality premium watches within the luxury goods industry. Consumer preferences in this market are subjective and are gauged by individual satisfaction and utility derived from their purchases. The surge in the luxury watch market is fueled by the growing inclination towards high-end watches, propelled by rising disposable income and the desire among adults to make a social statement through the conspicuous display of expensive luxury watches, particularly in developing countries. In 2021, as reported by the Swiss watch industry federation, the Swiss watch market witnessed its best year, with a total trade value of CHF 22.3 billion ($24.36 billion), surpassing the previous record of CHF 22.25 billion ($24.30 billion). This record-breaking performance indicates a notable increase in consumer preference for luxury watches. Thus, the heightened consumer preference for high-quality premium watches in the luxury goods industry is a driving force behind the growth of the luxury watch market.

The trajectory of the luxury watch market is expected to be positively influenced by the increasing use of the internet and social media platforms. Social media platforms, which operate through the internet, provide a means for users to engage in conversations, share information, and create content. Leveraging social media platforms effectively becomes a powerful strategy for showcasing the aesthetic appeal of luxury watches. Through digital advertising, luxury watch brands can dominate the market without geographical constraints. For instance, data from Meltwater, a Netherlands-based software company, indicates a growth of 224 thousand internet users in the UK between 2022 and 2023, reaching a total of 66.11 million internet users. Additionally, there are 35 million LinkedIn members and 28.75 million Instagram users in the UK. LinkedIn's potential ad reach in the UK increased by 2.9% between 2022 and 2023. Hence, the increasing use of the internet and social media platforms is expected to drive the growth of the luxury watch market.

A prominent trend in the luxury watch market is the emphasis on product innovations by major companies seeking to meet customer demands. Notable among these innovations is the unveiling of the Jaeger-Le Coultre Reverso Hybris Mechanical Calibre 185 during the Watch & Wonders event in April 2021. Priced at a staggering $1.6 million, this Swiss luxury watch is the world's first quadriptych, featuring four dials and 11 complications, three of which are patented features exclusive to this timepiece.

Leading companies in the luxury watch market are actively adopting new technologies and creating innovative product solutions to enhance their market position. In January 2023, Omega, a Switzerland-based luxury watch manufacturer, introduced the Spirate System, a technology promising 0/+2 second accuracy per day. This innovation includes a novel hairspring allowing precise control and features a fine tuner on top of the entire balancing bridge, facilitating easy adjustment in increments of 0.01 seconds. The Speed Master Super Racing, showcasing this groundbreaking mechanism, is a new addition to Omega's watch collection.

In June 2021, Seiko Holdings Corporation, a Japanese luxury watchmaker, collaborated with Rowing Blazers, an American clothing and accessories brand, resulting in two limited editions and one special edition timepiece inspired by sport, nostalgia, and travel. Such collaborations contribute to the continuous evolution of product offerings in the luxury watch market.

Major companies operating in the luxury watch market report are Rolex SA, Apple Inc., Compagnie Financiere Richemont SA, The Swatch Group Ltd., LVMH, Kering Group, Fossil Group Inc., Citizen Watch Co. Ltd., Hermes International SA, Movado Group Inc., Corum, Jaeger-LeCoultre, IWC, Seagull watch, Beijing, Shanghai, FIYTA, Memorigin, Peacock Watches, Longio watches, Tian Wang, Montres NORQAIN SA, Audemars Piguet Holding SA, Bell and Ross, Ethos Watches, Girard-Perregaux SA, Ulysse Nardin SA, Watches of Switzerland, LVMH Moët Hennessy Louis Vuitton, Copernicus Watch SP, Polpora Manufaktura, Tiffany & Co., Vortic, DuFrane, Weiss Watch Company, RGM, VAER, Shinola, Pelton, Kobold, Lange Söhne, International Time Group S. A., SEIKO Watch of America LLC, Audemars Piguet, Omega, Vacheron Constantin, Cartier, Chopard, Hublot, Breitling, Breguet, Franck Muller, Patek Philippe.

Western Europe was the largest region in the luxury watch market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the luxury watch market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the luxury watch market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The main types of luxury watches are digital watches and analog watches. A digital watch displays the time in numerical digits rather than using hands on a dial. Various distribution channels, including online platforms, single-brand stores, and multi-brand stores, cater to men, women, and unisex consumers.

The luxury watches market research report is one of a series of new reports that provides luxury watches market statistics, including luxury watches industry global market size, regional shares, competitors with luxury watches market share, detailed luxury watches market segments, market trends, and opportunities, and any further data you may need to thrive in the luxury watches industry. This luxury watches market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The luxury watch market consists of sales of smart watches, dress watches, quartz watches, field watches, chronograph watches and Swiss watches. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.