Luxury Watches Market report provides the latest market data along with industry future trends, which keeps tracking of users driving revenue growth rate of Luxury Watches Market by gender (men’s watches, women’s watches), by distribution channel (departmental stores, exclusive branded showrooms, online retailing, specialist retailers), by product type (mechanical, quartz) market status and outlook of global and major regions, from manufacturers, and end industries. As this report is expected to help key players among the Luxury Watches Market it includes the five years Industry analysis and the 6 years annual forecast from 2017 to 2023. Some of the prominent participants in the Global Luxury Watches Market are Hennessy Louis Vuitton SA, LVMH Moet, Movado, PatekPhillipe Richard Mille , RolexSA and Swatch Group Ltd.
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Blending Tradition with Modern Smart Technology by Some Manufacturers is expected to enhance the Growth of the Global Luxury Watches in the Near Future
Rolex SA, Swatch Group Ltd, CieFianciereRichemont SA and LVMH Moet Hennessy Louis Vuitton SA dominate the global luxury watches market. Excess inventory and sliding sales characterizes the current scenario of the market. The emerging fashion trends, rising per capita income in various countries and expansion of online retailing are the major factors that are anticipated to drive the growth of the global luxury watches market. New products with smart technology introduced for women are expected to drive the growth of the market during the forecast period. High end smart watches are anticipated to become mainstream luxury watches in near future. Men’s luxury watch segment dominates the global luxury watches market as the share of the women’s segment came down significantly in the recent past and due to the economic downturn, the growth of the women’s segment is moderate. Moreover, women moving away from smaller watches to bigger dialed watches, unisex watches, and smart watches and seeing it less as jewelry are some other factors that are influencing the moderate growth. Brexit, uncertainties in European Union, elections in major countries, fluctuation in exchange rates, and change in migration policies are some factors that affected global luxury watches market. Sluggish economic growth in major economies affected the purchasing capacity of consumers and it hindered the sales of luxury watches. Significant slide in the tourists’ arrivals in Europe and other major countries hindered the growth of the global luxury watches market. Emergence of new technologies and emergence of alternative in smart watches are expected to be major restraints for the global luxury watches market. Over production and excess inventory in Switzerland are major factors that restrain the growth of the market, as most of the top luxury watch manufacturers are based there. The high cost of the watches and presence of counterfeit watches are major challenges of the global luxury watches market. Emerging markets are expected to provide opportunities for the major players in the global luxury watches market to export, to cater the untapped markets with economic prosperity.
Segments Covered in this Premium Report
The report covers the analysis of global as well as regional markets of luxury watches market. Moreover, the global luxury watches market is segmented by gender, by distribution channel, and by product type. The global luxury watches market by gender covers men’s watches and women’s watches. On the basis of distribution channel the market is segmented as departmental stores, exclusive branded showrooms, and online retailing and specialist retailers. Based on product type, the market is segmented as mechanical, quartz and others.
Asia Pacific is a Major Growing Luxury Watches Market due to the Presence of China, the Largest Manufacturing Nation of Luxury Watches
The global luxury watches market covers the analysis of geographies such as North America, Europe, Asia-Pacific and RoW. In this section, the key trends and market size for each region is provided over the period of 2017 – 2023.Among geographies, Europe is the largest luxury watches market and it is followed by North America. Presence of major luxury watch manufacturers in Switzerland drives the European Market. The tourists from other regions are the major consumers of luxury watches, and hence the slide in arrival of tourists and political uncertainties in European Union over elections and Brexit affected the sales. Moreover, the presence of excessive inventory is hindering the growth of the European luxury watches market. North American luxury watches market was hindered by the election in USA. The change in tax on imported goods and change in visa as well as immigration policies for various nations are expected to impact the North American market. The reduction in Chinese visitors to Hong Kong affected the sales of luxury watches, as Hong Kong is the base for all major luxury watch makers in Asia-Pacific region.
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Major Key Players Mentioned in this Premium Report
The companies covered in the report include manufacturers of global luxury watches market include AudemarsPiguet , CieFianciereRichemont SA, Citizen, Dinh Van, Dolce &Gabbana, Giorgio Armani, Hennessy Louis Vuitton SA, LVMH Moet, Movado, PatekPhillipe Richard Mille , RolexSA and Swatch Group Ltd.