Luxury Watch Market Analysis | Industry Forecast, Size & Report Insights

Dataset updated: Jun 27, 2024

Dataset authored and provided by: Mordor Intelligence

License: https://www.mordorintelligence.com/privacy-policy

Time period covered: 2019 - 2029

Area covered: Global

Variables measured: CAGR, Market size, Market share analysis, Global trends, Industry forecast

Description: The Luxury Watch Market size is estimated at USD 51.31 billion in 2024, and is expected to reach USD 68.17 billion by 2029, growing at a CAGR of 5.84% during the forecast period (2024-2029)

Quantitative Units: Revenue in USD Billion, Volumes in Units, Pricing in USD

Regions and Countries Covered (from Scope of Report):

• North America: United States, Canada, Mexico, Rest of North America
• Europe: Germany, United Kingdom, France, Italy, Russia, Spain, Rest of Europe
• Asia-Pacific: India, China, Australia, Japan, Rest of Asia-Pacific
• South America: Brazil, Argentina, Rest of South America
• Middle East & Africa: United Arab Emirates, South Africa, Rest of Middle East & Africa

Industry Segmentation Covered (from Scope of Report):

Type: Quartz or Mechanical Watch, Digital Watch

End User: Women, Men, Unisex

Distribution Channel: Online Retail Stores, Offline Retail Stores

Market Players Covered: Rolex SA, The Swatch Group Ltd, Compagnie Financiere Richemont SA, Patek Philippe SA, and Audemars Piguet.

Market Estimates and Report Statistics

Report Attribute	Key Statistics
Study Period	2019-2029
Market Size (2024)	USD 51.31 Billion
Market Size (2029)	USD 68.17 Billion
CAGR (2024 - 2029)	5.84%
Fastest Growing Market	South America
Largest Market	Asia Pacific

By Product Type

Product Type	Market Size Data Available from	CAGR % (2024-2029), Revenue in USD Million
Quartz/ Mechanical Luxury Watches	2019 to 2029	x%
Digital Luxury Watches	2019 to 2029	x%
Total	2019 to 2029	5.84%

By End User

End User	Market Size Data Available from	CAGR % (2024-2029), Revenue in USD Million
Men’s Luxury Watches	2019-2029	x%
Women’s Luxury Watches	2019-2029	x%
Unisex Luxury Watches	2019-2029	6.90%
Total	2019-2029	x%

By Distribution Channel

Distribution Channel	Market Size Data Available from	CAGR % (2024-2029), Revenue in USD Million
Offline Retail Stores	2019-2029	4.13%
Online Retail Stores	2019-2029	x%
Total	2019-2029	x%

Luxury Watch Sales by Region

Region	Study Period	CAGR % (2024-2029), Revenue in USD Million
North America	2019-2029	x%
Europe	2019-2029	x%
Asia Pacific	2019-2029	x%
South America	2019-2029	x%
Middle East & Africa	2019-2029	x%
Total	2019-2029	5.84%

The revenue of the worldwide the second-hand luxury watches market was estimated to be worth approximately 2.7 million U.S. dollars in 2023. According to Statista estimates, this market is set to see a steep increase, reaching over 3.7 billion U.S. dollars by 2028.

Explore the projected growth of the Global Luxury Watch Market from USD 44.2 billion in 2023 to USD 63.2 billion by 2030. Discover key drivers, trends, and market segmentation insights in our comprehensive analysis for 2024-30.

The revenue of the second-hand market for luxury watches was the highest in Asia, with an estimated value of about 1.14 billion U.S. dollars in 2022. According to Statista estimates, Europe followed Asia, with a market revenue worth 415 million U.S. dollars for pre-owned luxury watches.

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The luxury watch market research report identifies product premiumization and innovation as one of the primary drivers propelling the growth of the market. This driver is expected to create several growth opportunities and entice market vendors to make significant investments.

The luxury watch market research report offers several other key information including:

CAGR of the market during the forecast period 2020-2024
Detailed information on factors that will drive luxury watch market growth during the next five years
Precise estimation of the luxury watch market size and its contribution to the parent market
Accurate predictions on upcoming trends and changes in consumer behavior
The growth of the luxury watch market industry across North America, APAC, Europe, MEA, and South America
A thorough analysis of the market’s competitive landscape and detailed information on vendors
Comprehensive details of factors that will challenge the growth of luxury watch market vendors

Richard Mille watches were the most exclusive brand of luxury watches in terms of price in 2018. That year, the average retail price of a Richard Mille luxury watch was approximately 141,171 U.S. dollars. The second most expensive luxury watch brand was Patrek Philippe, whose watches retailed at an average price of over 54 thousand U.S. dollars. There was a significant gap in the average price of Richard Mille, Patek Philippe and Audemars Piguet watches when compared to the rest of the leading luxury watch brands.

Luxury watches
The global luxury watch market is a multi-billion U.S. dollar industry. Luxury watches are a combination of precision, quality, luxury, design, perfect workmanship and tradition, together with specialist technology. Swiss watches are synonymous with the term luxury, with many of the most famous watch brands in the world coming from Switzerland. A number of watch brands feature in the list of most valuable global luxury brands. Rolex received the highest number of searches of any luxury watch brand in a number of major watch markets in 2018.

The luxury watch market, valued at $37.17 billion in 2025, is projected to experience steady growth, with a compound annual growth rate (CAGR) of 2.08% from 2025 to 2033. This growth is driven by several factors. Increasing disposable incomes in emerging economies, particularly in Asia-Pacific, fuel demand for high-end timepieces as status symbols and investments. The enduring appeal of craftsmanship and heritage associated with luxury brands, coupled with innovative designs and technological advancements in watchmaking, also contribute to market expansion. Furthermore, a growing preference for personalized and bespoke luxury experiences, including customized watch designs and exclusive brand events, enhances consumer engagement and drives sales. However, the market faces challenges, including economic downturns that can impact discretionary spending on luxury goods and the increasing popularity of smartwatches, which offer functionality often exceeding that of traditional luxury watches. The market is segmented by type (mechanical, quartz, smartwatches within luxury segment) and application (men's, women's, unisex). Competition is fierce, with established luxury brands like Rolex, Patek Philippe, and Cartier maintaining market dominance through strong brand recognition, exclusive distribution channels, and loyal customer bases. New entrants and smaller brands focus on niche markets, innovative designs, and direct-to-consumer strategies to compete effectively. The geographical distribution of the luxury watch market reflects established wealth patterns. North America and Europe remain significant markets, with a mature consumer base and high purchasing power. However, the Asia-Pacific region, especially China and India, is exhibiting robust growth potential, fueled by a rising middle class and a growing appreciation for luxury goods. The Middle East and Africa also show promising growth prospects, although market penetration remains relatively lower compared to other regions. The ongoing expansion into new markets and the evolving preferences of the younger generation of luxury consumers will continue to shape the competitive landscape of the luxury watch market. Brands are adapting their strategies to engage digitally savvy consumers through online platforms, social media marketing, and personalized customer experiences.

The Vietnam luxury watch market size is projected to exhibit a growth rate (CAGR) of 2.90% during 2024-2032. The rich heritage and tradition offered by this product, impeccable craftsmanship and quality, exclusivity and rarity of luxury watches, the tendency of appreciation in value over time in the product, significant technological advancements, personalization and customization, and effective marketing and branding represent some of the key factors driving the market.

Report Attribute	Key Statistics
Base Year	2023
Forecast Years	2024-2032
Historical Years	2018-2023
Market Growth Rate (2024-2032)	2.90%

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2024-2032. Our report has categorized the market based on type, end user, and distribution channel.

Explore the Luxury Watch Market trends! Covers key players, growth rate 6.3% CAGR, market size $42.39 Billion, and forecasts to 2034. Get insights now!

The Report Offers Global Watch Market Segmentation & Share by Brand and is Segmented by Product Type (quartz Watch and Digital Watch), End User (women, Men, and Unisex), Price Range (low Range, Mid-Range, and Luxury), Distribution Channel (offline Retail Stores and Online Retail Stores), and Geography (North America, Europe, Asia-Pacific, South America, and the Middle East and Africa). The Report Offers Market Size and Values in (USD) During the Forecasted Years for the Above Segments.

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Watch Market Size 2025-2029

The watch market size is forecast to increase by USD 8.01 billion at a CAGR of 2.1% between 2024 and 2029.

The global watch market is driven by rising demand for premium timepieces and advancements in smartwatch technology. Key factors include a shift in consumer preference toward luxury and functional watches as status symbols, alongside innovations like AI integration that enhance user experience. 
This report offers a detailed look at market size, growth forecasts through 2029, and key segments such as quartz and mechanical watches, providing practical insights for refining business strategies, engaging customers, and optimizing operations. It highlights the trend of connected smartwatches as a growing market driver, while addressing challenges like counterfeit products that threaten brand integrity. For businesses aiming to stay competitive in the global watch market, this report delivers essential data and analysis to navigate emerging opportunities and tackle persistent hurdles effectively.

What will be the Size of the Watch Market During the Forecast Period?

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The market continues to evolve, driven by consumer demand for personalized timepieces and the fusion of craftsmanship with advanced technologies. Brands are enhancing their offerings by integrating smartwatch functionalities, such as notifications, fitness tracking, and smartphone connectivity, catering to health-conscious consumers. The market encompasses high-quality raw materials, production technologies, and a range of price points. Physical retail stores and online retailers, including e-commerce platforms and brand boutiques, serve diverse customer preferences. Vintage designs and sustainable materials are gaining traction, reflecting a growing appreciation for both tradition and environmental consciousness. Watchmakers, celebrities, and fashion brands are collaborating to introduce new products, further expanding the market landscape.
Smartwatches with features like titanium exteriors, monitoring functionalities, music control, walk tracks, heartbeat rates, and body composition monitoring are shaping the future of this dynamic industry.
The market is experiencing significant growth, driven by the increasing popularity of smartwatches and wearable technology. Consumers are increasingly opting for these digital timepieces, which offer features such as GPS, music playback, and app integration, making them functional extensions of smartphones. The market is further propelled by digital transformation, with e-commerce platforms and social media enabling seamless engagement between brands and customers. However, challenges persist, including the presence of counterfeit products and the need for longer battery life. 

How is this Watch Industry segmented and which is the largest segment?

The watch industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.ProductQuartzMechanicalDistribution ChannelOfflineOnlinePrice RangeLow RangeMid-rangeLuxuryLow RangeMid-rangeLuxuryEnd-UserWomenMenUnisexTypeAnalog WatchesDigital WatchesSmartwatchesHybrid WatchesMaterialStainless SteelLeatherRubber/SiliconePrecious Metals (Gold, Platinum)ApplicationFashionSports/FitnessEveryday UseCollectible/InvestmentGeographyAPACAustraliaChinaIndiaJapanSouth KoreaEuropeFranceGermanyUKNorth AmericaUSCanadaMiddle East and AfricaSouth America

By Product Insights

The quartz segment is estimated to witness significant growth during the forecast period. The quartz watch segment is projected to experience continuous expansion In the market. Quartz watches' popularity stems from their affordability compared to mechanical watches. companies such as Casio, Citizen, and Fossil provide a diverse selection of quartz watches, available in both digital and analog formats. The analog quartz watches dominate the market due to their wide availability in various styles, price points, and designs. Fashion trends and rising disposable income levels worldwide will fuel the market's growth. Quartz watches cater to health-conscious consumers with smartwatch features like fitness tracking, notifications, and smartphone integration. High-quality raw materials and advanced production technologies ensure durability and precision.

The market encompasses physical retail stores, online retailers, brand boutiques, e-commerce platforms, and shopping websites. Vintage designs and sustainable materials are gaining traction among consumers, with watchmakers like Breitling using recycled materials and eco-friendly straps. Luxury brands like Rolex and luxury market leaders continue to innovate, offering new products and limited editions. Consumers, particularly affluent millennials, are increasingly investing in health monitoring

The revenue in the 'Luxury Watches & Jewelry' segment of the luxury goods market in Central & Western Europe was forecast to continuously increase between 2024 and 2029 by in total 2.7 billion U.S. dollars (+13.9 percent). After the seventh consecutive increasing year, the revenue is estimated to reach 22.2 billion U.S. dollars and therefore a new peak in 2029. Find more key insights for the revenue in countries like revenue concerning the sub-segment 'prestige fragrances' of the luxury goods market in Indonesia and the revenue concerning the sub-segment 'prestige cosmetics & fragrances' of the luxury goods market in Central & Western Europe.". The Statista Market Insights cover a broad range of additional markets.

According to the latest research report, the South East Asia luxury watch market is projected to grow at a CAGR of 3.40% during 2024-2032. The report provides a comprehensive analysis of key trends across market segments, with detailed forecasts at regional and country levels for the period 2024-2032. It categorizes the market based on product type and distribution channel.

Since mid 2022, market prices of a selected group of most traded luxury watches have consistently declined. As of May 1, 2024, the average price of a luxury watch was worth 26,514 U.S. dollars.

According to Cognitive Market Research, The Global Wrist Watch market size is USD 63.9 billion in 2023 and will grow at a compound annual growth rate (CAGR) of 5.30% from 2023 to 2030.

The demand for wrist watch is rising due to the growing use on sports.
Demand for smart watch remains higher in the wrist watch market.
The online held the highest wrist watch market revenue share in 2023.
North America will continue to lead, whereas the Europe wrist watch market will experience the strongest growth until 2030.

Growing Use of Smartwatches to Provide Viable Market Output

The wristwatch market is where smartwatch technology is always evolving and improving. Smartwatches have become a crucial market as consumers adopt wearables with connectivity, fitness tracking, and health monitoring features. Technological advancements, including blood oxygen level monitoring, ECG monitoring, and smartphone connectivity, pique consumer interest. These gadgets provide multifunctionality that complements contemporary lifestyles and tells the time. Like other wearables, smartwatches are jam-packed with capabilities that let users automate daily tasks. These functions include voice help, calling and messaging, navigation, pairing with other connected devices, and more. Smartwatches' operating system and user interface (UI) have seen significant technological advancements.

For instance, In July 2023, The Epix Pro Series of smartwatches was introduced by Garmin. This watch monitors exercise and health, has a 31-day battery life, an AMOLED crystal-clear display, and three watch designs with an integrated LED for illumination.

(Source: www.garmin.co.in/news/press-release/news-2023-jul-fenix7-epix/)

Fashion and Luxury Appeal to Propel Market Growth

the wristwatch market is the timeless appeal of wristwatches as status symbols and fashion accessories. Not only can luxury and designer watches serve as useful timepieces, but they are also physical representations of an individual's achievement and sense of style. This is why they continue to be popular. Consumers frequently view these watches as investments that increase in value over time. Traditional analog clocks have a timeless charm and meticulous craftsmanship that captivates collectors who value these timepieces' engineering and artistic merits. Watchmakers and high-end fashion businesses working together fosters innovation and consumer interest even more. These collaborations create a unique blend of technology and craftsmanship that appeals to customers looking for originality, sophistication, and a chance to express themselves through watchmaking.

Supermarket and Malls fuels the Market Growth

Market Dynamics of the Wrist Watch

Economic Uncertainty to Hinder Market Growth

The market for wristwatches is severely challenged by economic instability. Variations in the world economy, such as the COVID-19 pandemic's recent effects, can have a big impact on consumers' disposable income and purchasing habits. Demand for wristwatches, particularly in the high-end luxury market, may fall during recessions or other periods of unstable finances as customers prioritize spending on necessities over luxuries. To stay competitive and appeal to a wider range of customers, the market must modify its pricing tactics to overcome these obstacles. To weather economic challenges and preserve market viability, wristwatch makers and retailers must also highlight the value proposition of their products and look into cost-effective manufacturing techniques.

Impact of COVID-19 on the Wrist Watch Market

The COVID-19 pandemic had a major effect on the wristwatch market. The demand for wristwatches, particularly luxury and designer pieces, decreased as social interactions and gatherings were restricted by lockdowns and limitations. As fewer people dressed up and went to gatherings, conventional watches lost their charm. Nonetheless, when people shifted their attention to fitness and distance communication during the pandemic, smartwatches—with their connection and health monitoring features—became more and more popular. Online watch sales increased dramatically when physical stores shuttered, highlighting the market's shift toward digital technology. Introduction of The Wrist Watch Market

The wristwatch market is one of the fastest-growing segments of the global ...

The Pre-owned Luxury Watches Market size was valued at USD 26.52 billion in 2023 and is projected to reach USD 49.11 billion by 2032, exhibiting a CAGR of 9.2 % during the forecasts period. This surge can be attributed to factors such as the rising demand for sustainable fashion, the increasing popularity of online marketplaces, the growing affluence in emerging markets, and the expanding middle class with a taste for luxury goods. In the field of horology, pre-owned luxury watches have a very special mystique, encapsulating both artistry and past events. Every one of them has its own story to tell that it wears on its face having gone through years but still possesses an inherent grace. These watches are symbolic of brand heritage given their iconic Rolex Submariners as well as intricate Patek Philippe complications which make them trendy and worth talking about. For collectors, acquiring a pre-owned luxury watch isn't just about ownership; it's a pursuit of passion and a connection to heritage. This thrill is enhanced when hunting for such exclusive pieces like limited editions or rare models while there is more allure in owning something worn by someone else before you. Moreover, used pre-owned watches are a portal into classics that can be achieved at much less than going for a new one. By carefully selecting and certifying them, enthusiasts would find authentic horological classics abundant in character and appeal peculiar to each individual watch from this plethora.

The Europe luxury watch market reached around USD 6.34 Billion in 2024. The market is projected to grow at a CAGR of 3.40% between 2025 and 2034 to reach nearly USD 8.86 Billion by 2034.

Pre-owned Luxury Watches Market accounted for USD 32.05 Billion in 2032 and is expected to grow at a CAGR of 11.6% over the forecast period 2024-2032

According to Statista estimates, shared luxury watch market in the United States constituted approximately 3.41 percent of the traditional luxury watches market in 2020. Share of this market over traditional market is forecast to increase continuously in the next five years, reaching to about 4.66 percent in 2025.

The global high-end watch market is projected to expand at a compound annual growth rate (CAGR) of 5.9% during the forecast period from 2025 to 2033. The market size in 2025 is estimated at USD 25010 million, and it is expected to reach USD 39910 million by 2033. The increasing disposable income, growing demand for luxury goods, and the increasing popularity of smartwatches are some of the key factors driving the growth of this market. Additionally, the rising demand for high-end watches as an investment is also contributing to the market growth. The market is segmented on the basis of type, application, and region. In terms of type, the market is divided into USD 1000 - 3000, USD 3000 – 5000, USD 5000 - 10000, and Over USD 10000. The USD 1000 - 3000 segment is expected to hold the largest market share during the forecast period. In terms of application, the market is segmented into men and women. The men's segment is expected to hold the larger market share during the forecast period. In terms of region, the market is segmented into North America, South America, Europe, Middle East & Africa, and Asia Pacific. North America is expected to hold the largest market share during the forecast period.