Luxury Watch Market Size, Share, Growth Analysis, By Product Outlook(Electrical and Mechanical), By Distribution Channels(Online and Offline), By Region - Industry Forecast 2024-2031

Global Luxury Watch Market size was valued at USD 41.41 billion in 2022 and is poised to grow from USD 43.56 billion in 2023 to USD 65.35 billion by 2031, growing at a CAGR of 5.20% during the forecast period (2024-2031).

One key aspect influencing the sector is the rise in adults' propensity to wear expensive watches as a status symbol. It's expected that introducing new products by major companies like Titan, Sonata, and Rolex will boost the industry's expansion. Also, to boost sales, businesses are selling limited-edition timepieces with a variety of functions and designs. Due to their pricing strategies, businesses target both the wealthy and the middle-class segments of the public. Known luxury brands consistently provide high-quality goods and pay close attention to the opinions of their customers. This helps the brand name to change over time. Also important to the promotion of luxury timepieces is word-of-mouth advertising. In order to work properly, a wristwatch must be associated with a smartphone via a variety of technologies, including Bluetooth and Near-field Communication (NFC). Changing consumer perceptions of luxury products are anticipated to be a major development driver because they greatly increase societal acceptance. More disposable income brought on by better domestic economic indicators in emerging economies like China, India, and Brazil would further boost product demand. Also, considerably rising is the demand for high-end timepieces for ladies. When compared to males, women are more interested in upgrading their timepieces, which motivates businesses to increase their product offerings for the female market. Expanding the consumer base is largely made possible by the trend away from traditional timepieces and towards gold and diamond watches. These products have been seen to be a fierce competitor in the hand jewellery sector.

US Luxury Watch Market  is poised to grow at a sustainable CAGR for the next forecast year.