October 22, 2020

New Luxury Watch Market Research Highlights Recovery Path for Businesses from COVID-19 Based on End-Users- Men and Women | Technavio

LONDON–(BUSINESS WIRE)–The new Luxury Watch Market Research from Technavio indicates Negative and Inferior growth in the short term as the business impact of COVID-19 spreads.

“One of the primary growth drivers for this market is the product Premiumization and Innovation,” says a senior analyst for Consumer Discretionary at Technavio. The manufacturers are offering watches with advanced capabilities such as the use of robots, hi-tech coatings, and advanced materials such as ceramics and titanium. The demand for Swiss watches is increasing owing to their quality, design, craftsmanship, and technological sophistication. The increase in brand awareness and western influences as well as the inherent need for exclusivity are some of the factors increasing the demand for luxury watches. As the markets recover Technavio expects the luxury watch market size to grow by USD 1.64 billion during the period 2020-2024.

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Luxury Watch Segment Highlights for 2020

  • The luxury watch market is expected to post a year-over-year growth rate of -3.65%.
  • Men segment dominated the market in 2019.
  • The vendors in the market are offerings customized and personalized products, which will also help propel market growth.
  • The manufacturers are targeting customers in the affordable luxury segment to increase their revenue share. Such factors will propel the demand for luxury watches.

Regional Analysis

  • 43% of the growth will originate from the APAC region.
  • Factors such as the increasing population and rising disposable income will significantly drive luxury watch market growth in this region over the forecast period.
  • China and India are the key markets for luxury watches in APAC. Market growth in this region will be faster than the growth of the market in other regions.

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Notes:

  • The luxury watch market size is expected to accelerate at a CAGR of almost 1% during the forecast period.
  • The luxury watch market is segmented by end-user (men and women), distribution channel (offline and online), and geography (North America, APAC, Europe, MEA, and South America).
  • The market is fragmented due to the presence of many established vendors holding significant market share.
  • The research report offers information on several market vendors, including CASIO Computer Co. Ltd., Citizen Watch Co. Ltd., Compagnie Financière Richemont SA, Fossil Group Inc., LVMH Moet Hennessy – Louis Vuitton, Movado Group Inc., Ralph Lauren Corp., Rolex SA, Seiko Holdings Corp., and The Swatch Group Ltd.

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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Coverage

Regions Covered

Worldwide

Topics Covered

COVID-19, Luxury Watch, Watch

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