Luxury Watches Market Overview:
The Luxury Watches market competitive landscape provides information about rivals. Corporate overview, financials, revenue produced, market potential, investment in research and development, new market initiatives, regional presence, company strengths and weaknesses, product launch, and application domination are all contained in the details. The data points presented above are only relevant to the firms' emphasis on the Luxury Watches market.
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Global Luxury Watches Market size was valued at US$ 24.39 Bn in 2021 and the total revenue is expected to grow at 3.25 % through 2022 to 2029, reaching nearly US$ 31.50 Bn.
Market Scope:
This Luxury Watches market report discusses new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, opportunities in terms of emerging revenue streams, changes in market regulations, strategic market growth analysis, market size, segmented market growth, application niches, and dominance, product approvals, product launches, geographic expansion For more information on the Luxury Watches market, please contact Maximize Market Research for an Analyst Brief; our experts will assist you in making an informed market choice to achieve market growth.
Drivers:
In 2021, the volume and value of shipments of Swiss watches declined by a combined 33%. The trade declined significantly, falling by over 61 percent in the second quarter, after falling by about 9% in February. The pace of export decline slowed as the economy changed. There was a 4% decrease in the final quarter of the year, hardly attributable to the easing of the lockdown measure or other factors.
The main factor driving the market for luxury watches is the growing consumer preference for expensive, high-end watches, which are regarded as fashion accessories everywhere. Consumers prefer products that are made with the most advanced manufacturing techniques, tools, and equipment.
Segmentation:
The market for luxury watches is divided into two categories, Mechanical quartz and Others, based on the product type. In terms of market share, the mechanical quartz segment accounted for 75.4% of all luxury watches sold worldwide in 2021. Luxury mechanical watches are preferred over digital watches because they are more sophisticated and incorporate all of the watchmaker know-how and expertise from the twentieth century. Luxury mechanical watches require countless hours of labour and have a much higher proportion of tiny moving parts. It is a significant mechanical achievement in an analogue world and an engineering marvel. The majority of purchasers of luxury mechanical watches are choosy; as a result, they pay attention to even the most minute details and value tradition and history.
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Key Players: The following are the key players of the Luxury Watches market-
• LVMH
• Richemont
• Swatch Group
• Rolex
• Burberry
• Breitling
• Festina
• Fossil Group
• Seiko Watch
• Patek Philippe
• Chopard International
• CROSEAGIFTS LIMITED
• Minardi
• Nettletons Jewellers
• MERICE COMM.V
• SEKONDA
• MGI LUXURY GROUP S.A.
Regional Analysis:
The region portion of the research also includes individual market affecting elements and changes in legislation in the market that affect present and future market trends. Data points such as downstream and upstream value chain analysis, technological trends, porter's five forces analysis, and case studies are only a few of the indicators utilized to anticipate the market scenario for different nations.
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COVID-19 Impact Analysis on Luxury Watches Market: The report also discusses how COVID-19 affected the Luxury Watches market. The primary goal of this study is to assist the user in understanding the market in terms of definition, segmentation, market potential, significant trends, and the problems that the industry is experiencing across key regions. The research details the overall impact of COVID-19 on the Luxury Watches Market by providing a micro and macroeconomic analysis. The precise study focuses on market share and size, which clearly depicts the impact that the pandemic has had and is anticipated to have on the global Luxury Watches Market in the future years.
Key Questions Answered in the Luxury Watches Market Report are:
- What will be the CAGR of the Luxury Watches market during the forecast period (2021-2027)?
- Which segment emerged as the leading segment in the Luxury Watches market?
- Which are the prominent players in the Luxury Watches market?
- What key trends are likely to emerge in the Luxury Watches market in the forecast period?
- What will be the Luxury Watches market size by 2027?
- Which company held the largest share in the Luxury Watches market in 2020?
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