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.

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

By Product Type

By End User

By Distribution Channel

Luxury Watch Sales by Region

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 luxury watch market size was valued at USD 46.05 billion in 2024 and is set to exceed USD 87.92 billion by 2037, expanding at over 5.1% CAGR during the forecast period i.e., between 2025-2037. North America industry is poised to dominate majority revenue share by 2037, owing to presence of major companies in the region, coupled with high per capita income and expanding status of upper middle class.

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.

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 ...

In 2024, the luxury watches market was valued at around 51 billion euros. This was significantly more than the value of the luxury jewelry market that year, which amounted to 31 billion euros worldwide.

According to Cognitive Market Research, the global Watch And Clocks market size will be USD 54251.6 million in 2024. It will expand at a compound annual growth rate (CAGR) of 6.00% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 21700.64 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.2% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 16275.48 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 12477.87 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.0% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 2712.58 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.4% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 1085.03 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.7% from 2024 to 2031.
The Sport Watches Type held the highest Watch And Clocks market revenue share in 2024.

Market Dynamics of Watch And Clocks Market

Key Drivers for Watch And Clocks Market

Rising Disposable Incomes to Increase the Demand Globally

Rising disposable incomes are a significant driver of the Watch and Clocks Market as they enable consumers to spend more on non-essential and luxury items. Increased financial stability allows individuals to invest in high-quality, stylish, and technologically advanced timepieces. This trend is particularly evident in emerging markets where growing middle-class populations are seeking premium and fashion-forward watches. Higher disposable incomes also fuel demand for smartwatches, which combine functionality with luxury. As consumers’ purchasing power increases, they are more likely to invest in both traditional and innovative timekeeping devices, contributing to the market’s overall growth. Additionally, this financial empowerment supports spending on brand-name watches and exclusive collections, further driving market expansion.

Expanding urban areas to Propel Market Growth

Expanding urban areas globally are driving the Watch and Clocks Market due to increased consumer access and changing lifestyles. Urbanization brings higher population densities, leading to greater demand for both traditional and smart timepieces. As cities grow, they often feature enhanced retail infrastructures, including more high-end and specialty stores, making watches more accessible to a broader audience. Urban areas also foster higher disposable incomes and diverse consumer preferences, stimulating demand for fashionable and technologically advanced watches. Additionally, urban dwellers are often more inclined to invest in luxury items and innovative gadgets, contributing to market growth. The urban trend of adopting new technologies and fashion trends further drives the market as consumers seek to stay updated with contemporary timekeeping solutions.

Restraint Factor for the Watch And Clocks Market

Economic instability can reduce consumer spending to Limit the Sales

Economic instability can significantly reduce consumer spending, thereby restraining the Watch and Clocks Market. During periods of economic downturn, individuals and households often face financial uncertainties, leading to tightened budgets and prioritization of essential expenses over luxury items. Watches, especially high-end and luxury timepieces, are often considered non-essential and are therefore more vulnerable to cuts in discretionary spending. Reduced consumer confidence and lower disposable incomes can lead to decreased demand for both traditional and smart watches. Additionally, businesses may experience slower sales and reduced profitability, affecting their ability to invest in new product lines and marketing strategies. Overall, economic instability creates a challenging environment for the watch market, impacting both consumer purchasing behavior and market growth.

Impact of Covid-19 on the Watch And Clocks Market

The COVID-19 pandemic significantly impacted the Watch and Clocks Market by disrupting global supply chains and reducing consumer spending. Lockdowns and restrictions led to temporary store closures and delays in productio...

The Report Covers Global Digital Watches Market Growth & Manufacturers and it is Segmented by Product Type (Smart Watch and Sports Watch), by End User (Men, Women and Unisex), by Category (Mass and Luxury), by Distribution Channel (Online Retail Stores and Offline Retail Stores), and by Geography (North America, Europe, Asia-Pacific, South America, and Middle East and Africa). The market size and forecasts are provided in terms of value (USD million) for the above segments.

According to Cognitive Market Research, the global Dress Watches market size is USD XX million in 2024 and will expand at a compound annual growth rate (CAGR) of 5.00% from 2024 to 2031.

North America held the major market of more than 40% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.2% from 2024 to 2031.
Europe accounted for a share of over 30% of the global market size of USD XX million.
Asia Pacific held the market of around 23% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.0% from 2024 to 2031.
Latin America market of more than 5% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.4% from 2024 to 2031.
Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.7% from 2024 to 2031.
The platinum dress watches held the highest Dress Watches market revenue share in 2024

Market Dynamics of Dress Watches Market

Key Drivers for Dress Watches Market

Fashion and Style Trends to Propel the Market Revenue Growth

Watches serve as practical timepieces as well as fashionable accessories that express individual preferences and styles. The need for timepieces that complement contemporary fashion aesthetics—whether they be classic, minimalist, sporty, or trendy—drives a large portion of consumer demand for watches. The fashion icons, celebrities, and influencers have the power to shape watch trends. Prestige and status are associated with luxury timepieces, especially those made by well-known manufacturers. Customers looking for a symbol of exclusivity and social standing will find that a high-end luxury watch is frequently associated with riches, success, and a luxurious lifestyle. The development of the smartwatch market has been fueled by the incorporation of cutting-edge technologies into timepieces. Beyond simply displaying time, smartwatches can track fitness, connect to smartphones, check health, and integrate apps. The market for watches is predicted to be driven by the custom of giving timepieces as gifts, particularly for important occasions. Furthermore, aficionados and collectors who regard watches as collectible objects are drawn to commemorative and limited-edition timepieces. Thus, this is expected to propel the market growth over the forecast period.

Rising Disposable Income of Population to Propel Market Growth

The market for Dress Watches is expanding as a result of increased levels of disposable income and prosperity in emerging economies. People are more likely to invest in new watches according to their apparel as their purchasing power increases. For instance, according to secondary analysis, the United States' per capita disposable personal income is currently $61579.00, up from $61449.00 in the previous month and $59439.00 in the previous year. This represents a 3.60% change from a year ago and a change of 0.21% from last month.

Source: ycharts.com/indicators/us_disposable_personal_income_per_capita

Restraint Factor for the Dress Watches Market

Counterfeit product Limit the Expansion of the Market

The dress watch sector faces challenges from the spread of fake goods and the existence of the black market. While genuine watches sold outside of approved channels can have an adverse effect on brand integrity and revenue, counterfeit dress watches damage the prestige and exclusivity of genuine luxury brands. Thus, the availability of counterfeit product might be a major challenging factor for the market growth.

Impact of Covid-19 on the Dress Watches Market

The COVID-19 pandemic has had a significant impact on the global economy, including the luxury goods sector and, consequently, the dress watch market. The pandemic disrupted global supply chains, causing manufacturing delays, factory closures, and logistical challenges. This led to interruptions in the production and distribution of dress watches, affecting inventory levels and availability for consumers. Additionally, the pandemic accelerated existing trends towards casualization and comfort in fashion and lifestyle choices. With remote work becoming more prevalent and formal events being canceled or postponed, there was a reduced nee...

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 Jewelry And Watch Stores Market trends! Covers key players, growth rate 4.7% CAGR, market size $229.62 Billion, and forecasts to 2034. Get insights now!

Asia Pacific held the major market of more than 38% of the global revenue with a market size of USD 16.57 billion in 2023 and will grow at a compound annual growth rate (CAGR) of 6.8% from 2023 to 2030

The watch straps, bands, and bracelets market has emerged as a dynamic sector within the broader wristwear industry, driven by the increasing demand for personalized accessories and advancements in material technology. This niche market caters to a diverse range of consumers-from luxury watch aficionados seeking pre

According to Cognitive Market Research, The worldwide sports watches market estimation is USD 25.9 billion in 2023 and will grow and expand at a compound annual growth rate (CAGR) of 8.3% from 2023 to 2030.

The demand for Sports Watches is rising due to the growing emphasis on Sports Watches providing unparalleled Biofeedback.
Demand for mechanical sports watches remains higher in the Sports Watches market.
The men's category held the highest Sports Watches market revenue share in 2023.
Europe will continue to lead, whereas the Asia Pacific Sports Watches market will experience the strongest growth until 2030.

Sports Watches Provide Unparalleled Biofeedback to Provide Viable Market Output

Sports watches that go above and beyond the norm can provide the user with seamless biofeedback, information that is crucial for athletic development. Instantaneous data on speed, heart rate, and heart rate variability effectively offer a full picture of the present training condition when supplemented with information on the weather and oxygen levels.

Data from the World Bank show that India's GDP per person reached USD 2,277 in 2021, a rise of 17.81% from 2020. These elements will likely cause the Indian watch market to expand in the next years.

The biofeedback data a watch gives enables a seamless link between information and real-time performance conditions, something a phone cannot claim.

Users Are Encouraged To Pause And Take A Breath to Propel Market Growth

Sports timepieces come with built-in functionality that may alert wearers when it's time to take a break. Some of these apps allow users to personalize their watch's daily reminders to take a breather. In contrast, others include guided breathing exercises that may last anywhere between one and five minutes and are meant to help individuals relax.

For instance, Rohit Sharma, the captain of the Indian cricket team, was featured in print advertisements for TAGG, an Indian watch company, in July 2022 while using a TAGG smartwatch. Similarly to this, the well-known Indian firm "Boat" uses cricketers like K L Rahul and others to advertise its wearable products, including the smartwatches it sells.

Whether people are conscious of their predisposition to lose it in difficult situations or generally remain composed, small reminders throughout the day to maintain breathing in the back of the head can help to lessen overall stress levels.

Technological Advancements Fuels the Market Growth

Market Dynamics of Sports Watches

Unaffordable and Inaccurate Data to Hinder Market Growth

The accuracy of a smartwatch's heart rate sensor and steps counter needs to be better established. Hopefully, the manufacturers will review the information and enhance sensor feedback. Luxury items are quite expensive. That concept is familiar and revolutionary. However, purchasing an Andy Warhol artwork or a Ferrari results in a price tag that most people are content to accept — seller, buyer, and the general market - comparable items from the world of watches are sometimes criticized for being "too expensive." Not that spending the same amount on a watch as a sports vehicle is a smart move.

COVID–19 Impact on the Sports Watches Market

With the aid of sports watches, pre-symptomatic carriers are unlikely to be identified using existing testing methodologies because the majority of illnesses are only found after symptoms appear, making it difficult to deploy early-stage treatments that minimize transmission. In order to accelerate the expansion of the sports watch industry, there is a vital need for simple, affordable solutions for the early, real-time detection of COVID-19. Introduction of Sports Watches

Sports watches are known for being very durable, functional, and usually water-resistant. A sports watch has to have a clear display, be somewhat shockproof, and be incredibly resistant to bumps and scratches. Usually, this has a stopwatch and a timer for running or other physical activity. Although some wristwatches with the name "chronograph" also include a stopwatch feature, digital sports watches like G-Shocks are more likely to have one.

Due to an increase in COVID-19 cases, COVID-19 increased awareness of fitness. As a result of an increase in the sale of health-tracking products, businesses like Apple and Garmin have seen a 20% ...

Middle East and Africa held the major market of more than 1.00% of the global revenue with a market size of USD 0.44 billion in 2023 and will grow at a compound yearly growth rate (CAGR) of 5.3% from 2023 to 2030

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Hypercar Market Size 2025-2029

The hypercar market size is forecast to increase by USD 84.28 billion at a CAGR of 31% between 2024 and 2029.

The market is experiencing significant growth, driven by several key factors. One major trend is the increase in racing events, which has fueled the demand for high-performance vehicles. Another trend is the introduction of new hypercars, featuring advanced technologies and design innovations that cater to those seeking luxury cars. Combining advanced aerodynamics, automotive carbon fiber components, and cutting-edge automotive engineering, these high-performance vehicles are reshaping the luxury automotive market. However, the market also faces challenges, including the high costs associated with manufacturing and ownership. These costs are a result of the extensive research and development required to produce these high-performance vehicles, as well as the use of premium materials and components. Despite these challenges, the market is expected to continue its growth trajectory, driven by the desire for speed, luxury, and innovation among consumers.

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

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The market, also known as the high-performance luxury vehicle sector, is experiencing significant growth and innovation. These vehicles offer a unique blend of power, comfort, and exclusivity, appealing to affluent consumers seeking both thrilling driving experiences and advanced technologies. Hypercars boast powerful engines with high horsepower and torque, delivering impressive acceleration and top speeds. Their low-drag bodies and ultra-lightweight components ensure high efficiency and minimal environmental impact, making them increasingly sustainable and environmentally friendly.



Sophisticated technologies, such as satellite radio, intelligent remote entry, and adaptive cruise control, enhance the driving experience. The latest advancements in materials science, including carbon fiber and advanced composites, contribute to both performance and comfort. While some hypercars remain ice-based, the industry is increasingly exploring electric powertrains to further reduce emissions and improve overall efficiency. With limited production runs, owning a hypercar remains an exclusive and desirable status symbol. The rising automotive industry continues to push the boundaries of what is possible in vehicle design and performance, making the market an exciting and dynamic space to watch.

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

The hypercar 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.

Powertrain Type

  Gasoline
  Hybrid/electric


Application

  Private
  Racing


Geography

  North America

    Canada
    US


  APAC

    China
    India
    Japan
    South Korea


  Europe

    Germany
    UK
    France
    Italy


  Middle East and Africa



  South America

By Powertrain Type Insights

The gasoline segment is estimated to witness significant growth during the forecast period.

The market is experiencing notable growth due to the increasing production of luxurious, powerful vehicles with high efficiency and sustainability. These vehicles boast superior speed, enhanced performance, and advanced engine technology. Some hypercars are all-terrain capable, while others are electric or hybrid electric. Hydrogen fuel is also gaining traction in this sector. The vehicles are characterized by ultralight, aerodynamic designs, higher top speeds, and coveted status among car enthusiasts. Advanced features such as active airbrakes, four-wheel steering, and brake steering are common.

Furthermore, the market is witnessing a shift towards electrification of fleets, with limited production, ICE-based hypercars continuing to command high power output, acceleration, and torque. Stringent emission mandates and the rising automotive industry are driving the demand for fuel-efficient, limited-run models. Automotive technologies like powertrains, automotive chassis, suspension systems, safety or comfort, and convenience systems help to generate maximum speed within as little time as possible and make them ideal for racing events.

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The gasoline segment was valued at USD 9.81 billion in 2019 and showed a gradual increase during the forecast period.

Regional Analysis

North America is estimated to contribute 31% to the growth of the global market during the forecast period.

Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

For more insights on

Global Watch, Clock, Measuring Device Market to hit USD 171.62B by 2029 growing at 9.2% CAGR. Explore trends, drivers, and competition for strategic insights with The Business Research Company.