The global and United States luxury watch market is anticipated to grow at significant CAGR during the forecast period (2018 to 2025), according to a report available on Radiant Insights, Inc. Growing requirement for exclusive items to wear among men and women as status symbol is anticipated to propel demand for luxury watches.
Growing preference among consumers for brands offering luxury watches is estimated to fuel growth of market. Rising adoption of marketing strategies by manufacturing companies to gain traction among consumers can fuel market growth in the forthcoming years. Manufacturers are expected to understand importance of social media as promotional tool. Increasing use of visual merchandising in hypermarkets and supermarkets to garb consumer’s attention can augment demand for luxury watches. Continual development of digital channels by manufacturers to reach maximum consumers and sell their luxury watches can spur market growth during the forecast period (2018 to 2025).
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To cater to rising demand, most companies are focusing on R&D to design luxury watches and marketing strategies that can impress consumers. For instance, Hublot recently partnered with FIFA world cup and launched its first luxury smartwatch for use by referees. The watch is likely to be designed at special request from organizers of this huge sports event. Named Big Bang Referee 2018, this watch is expected to allow referees to connect to video referees during match. In addition, soccer fans can also use this watch to send notifications 15 minutes before specific match, keep track of goals, displaying statistics, and yellow & red cards throughout match.
The luxury watch market can be segregated on the basis of product, end-users, and region. Based on product, the market can be categorized into quartz watch, electronic watch, and automatic watch. Growing penetration of international brands such as Tudor and Omega offering wide range of products can fuel growth of market in the region.
Based on end-users, the market can be bifurcated into male and female. Female segment dominated the market and accounted for largest in recent years owing to inclination of females towards fashion and luxury. Male segment is expected to grow at phenomenal rate during the forecast period owing to rising trend of fashion among males.
Regional segmentation includes North America, Europe, Asia Pacific, United States, South America, and Middle East & Africa. In recent years, Europe dominated the market and accounted for largest market share attributed to high demand for premium quality watches among consumers in countries such as Germany, France, Switzerland, and United Kingdom. Among all these European countries, Switzerland contributed maximum to overall revenue generated by this region owing to prevalence of major market player, Rolex. It is estimated to be most valuable watch brand of Switzerland.
Full Research Report On Global Luxury Watch Market Analysis available at: https://www.radiantinsights.com/research/2018-2025-luxury-watch-report
In Asia Pacific, the market is anticipated to witness fast growth during the forecast period. China compared to other countries in this region such as India, Australia, and Japan can account for largest market share attributed to presence of large number of manufacturers.
In United States, the market is expected to grow well during the forecast period attributed to presence of renowned companies such as Ralph Lauren, Niall, and Devon in the region.
Some of the leading companies offering luxury watches are Tag Heuer, Rolex, Omega, Hublot, and Montblanc. The market is expected to be competitive in nature attributed to presence of multiple companies offering high-end products. Companies are likely to design luxurious watches equipped with advanced technologies to gain competitive edge against others. In addition, companies can focus on consumer’s requirement and offer products accordingly to gain traction among them and increase revenue.
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