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TwitterIn 2024, Rolex was the largest player in the global luxury watch market with more than ********* retail market share in the luxury watch industry. Other well-known Swiss brands Cartier and Omega followed Rolex in the ranking with market shares of * percent and * percent, respectively. World capital of luxury watches The concept of luxury watches is almost synonymous with Swiss watches. Renowned for their precision, quality and durability, watches from Switzerland are in high demand all around the globe. The domination of Swiss watches in the luxury watch market, which is a multi-billion-dollar industry, is further attested by the ranking of leading luxury watch brands based on their annual sales. The worldwide success of Swiss watch brands also plays an important role for the economy of Switzerland, as the country generated almost ** billion Swiss francs from the export of luxury watches in 2023. Future of traditional watches Even though Swiss watches are perceived, sold, and owned as luxury goods items, the future of traditional, analog watches may not be as bright as the economic figures indicate. In 2019, Apple Watch alone outperformed the entire Swiss watch industry, which could indicate a shift in consumer choices towards more digital options.
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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
The growing footprint of organized retail outlets such as supermarkets, hypermarkets, and shopping malls is playing a significant role in driving wristwatch sales globally. These retail environments provide greater product visibility, wide-ranging brand options, and a more personalized shopping experience, allowing consumers to physically examine watch features, materials, and aesthetics before purchase. Malls, in particular, serve as high-traffic hubs that combine luxury watch boutiques and mid-range brand kiosks, thereby catering to diverse income segments in a single location. Additionally, in emerging economies, the increasing presence of modern retail chains has improved access to branded wristwatches in tier-2 and tier-3 cities, further accelerating market penetration. Promotions, festive discounts, and in-store brand activations in these venues also influence impulse purchases, boosting overall sales volume.
Market Dynamics of the Wrist Watch
Restrains of the Wrist Watch Market
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...
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TwitterThis statistic shows the market share of the leading Swiss watch companies worldwide in 2024. In 2024, Rolex had the largest share of the luxury watch market, with a **** percent share of the global market. Swatch was the second biggest Swiss watch company, holding a **** percent share of the market that year.
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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
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.
| 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 |
| 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% |
| 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% |
| 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% |
| 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% |
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The Watch Market Report is Segmented by Product Type (Quartz/Mechanical and Digital Watch), Category (Mass and Premium), End User (Men, Women, and Unisex), Distribution Channel (Supermarkets/Hypermarkets, Specialty Stores and More), and Geography (North America, Europe, Asia-Pacific, South America, and Middle East and Africa). The Market Forecasts are Provided in Terms of Value (USD).
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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.
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Discover the latest trends in the $37.17 billion luxury watch market. This comprehensive analysis reveals a steady growth trajectory (CAGR 2.08%), driven by emerging markets and brand innovation. Explore regional market shares, leading brands, and future projections (2025-2033).
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According to Cognitive Market Research, the global Watches and Clocks Market size is USD 48510.6 million in 2024. It will expand at a compound annual growth rate (CAGR) of 6.50% 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 19404.24 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.7% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 14553.18 million in 2024.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 11157.44 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.5% from 2024 to 2031.
Latin America had a market share of around 5% of the global revenue with a market size of USD 2425.53 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.9% 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 970.21 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.2% from 2024 to 2031.
Luxury Watches has the highest Watches and Clocks Market revenue share in 2024.
Market Dynamics of Watches and Clocks Market
Key Drivers for the Watches and Clocks Market
Expanding E-commerce And Online Retail Channels To Drive Market Growth
The growth of e-commerce and online retail channels is significantly driving the expansion of the Watches and Clocks Market. With the increasing penetration of the internet and the widespread adoption of smartphones, consumers now have unparalleled access to a vast array of watch brands and styles at their fingertips. Online platforms offer a convenient and efficient shopping experience, enabling customers to browse, compare, and purchase products from the comfort of their homes. Additionally, e-commerce allows brands to reach a global audience, breaking down geographical barriers and expanding their customer base. The availability of detailed product descriptions, customer reviews, and virtual try-on features enhances the online shopping experience, instilling confidence in consumers. Furthermore, the rise of social media and digital marketing strategies has amplified brand visibility and engagement, driving traffic to online stores. As a result, the continued expansion of e-commerce and online retail channels is poised to play a pivotal role in the sustained growth of the Watches and Clocks Market.
Advancements in Smartwatch Technology Are Attracting Tech-savvy Consumers to Boost Market Expansion
Advancements in smartwatch technology are significantly attracting tech-savvy consumers, propelling the growth of the Watches and Clocks Market. Modern smartwatches now offer a plethora of features that go beyond just timekeeping. These devices incorporate health and fitness tracking, GPS navigation, mobile notifications, and even contactless payment capabilities, making them indispensable tools for daily life. The integration of advanced sensors and improved battery life has enhanced their functionality and user experience. Moreover, the development of customizable watch faces and interchangeable bands allows consumers to personalize their devices, aligning them with their style and preferences. Continuous innovation in wearable technology, such as the incorporation of AI-driven features and seamless connectivity with other smart devices, further enhances their appeal. As a result, the rapid advancements in smartwatch technology are attracting a growing base of tech-savvy consumers, driving market growth and expanding the horizon for the Watches and Clocks Market.
Restraint Factor for the Watches and Clocks Market
High Cost Of Luxury And Premium Watches to Hinder Market Expansion
The high cost of luxury and premium watches is a significant factor restraining the growth of the Watches and Clocks Market. Luxury timepieces, often crafted with exquisite materials and intricate designs, come with substantial price tags that place them out of reach for many consumers. These high costs can deter potential buyers, particularly in price-sensitive markets or during economic downturns when discretionary spending is limited. Additionally, the premium pricing of luxury watches can lead to a narrower customer base, primarily appealing to affluent individuals and collectors, thus limiting mass-market appeal. This...
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TwitterThe statistic presents the results of an online survey conducted in 2016 about the distribution of luxury wrist watches owned by consumers in Japan, broken down by brand. The survey revealed that with ** percent the majority of respondents owned Rolex watches.
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Affordable Watch Market size was valued at USD 1.5 Billion in 2023 and is estimated to reach USD 6.2 Billion by 2031, growing at a CAGR of 24.6% from 2024 to 2031.
Global Affordable Watch Market Drivers
The market drivers for the Affordable Watch Market can be influenced by various factors. These may include:
Growing Middle-Class: As the middle class grows, especially in emerging economies, there is more demand for stylish watches that are also affordable.
Changing Consumer Preferences: More and more, people want stylish, high-quality watches that are also reasonable, which is driving interest in cheap options.
Global Affordable Watch Market Restraints
Several factors can act as restraints or challenges for the Affordable Watch Market. These may include:
As a result of the large number: of brands that sell cheap watches, the market is very competitive, which can cause price fights and smaller profit margins.
Price Pressure: It can be hard to keep prices low while keeping quality high when the costs of products and production are always changing.
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TwitterAccording to Statista estimates, shared luxury watch market in the United States constituted approximately **** 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 **** percent in 2025.
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Global Sport Watches market size 2021 was recorded $23947.1 Million whereas by the end of 2025 it will reach $31861.8 Million. According to the author, by 2033 Sport Watches market size will become $56403.3. Sport Watches market will be growing at a CAGR of 7.4% during 2025 to 2033.
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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% ...
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TwitterAccording to Statista estimates, the market for shared luxury watches in Spain accounted for approximately *** percent of the luxury watches market in 2020. The share of this market over traditional market is forecast to increase overall in the next five years, reaching to almost *** percent in 2025.
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According to Cognitive Market Research, The global Luxury Watches market size will be USD 43.6 billion in 2023 and will expand at a compound annual growth rate (CAGR) of 5.50% from 2023 to 2030.
The demand for Luxury Watches is increasing the number of affluent individuals globally.
Demand for High-Quality, Luxurious Watches in the Luxury Watches market.
The Mechanical Quartz and online sales category held the highest Luxury Watches market revenue share in 2023.
Asia Pacific will continue to lead, whereas the European luxury Watches market will experience the most substantial growth until 2030.
Increase in Demand for High-Quality, Luxurious Watches to Provide Viable Market Output
The global luxury watches market is thriving due to an escalating demand for high-quality and opulent timepieces. Consumers' growing appreciation for craftsmanship, precision, and brand exclusivity is fueling the market's robust expansion. Luxury watches are increasingly regarded as status symbols, contributing to their desirability. As a result, renowned watchmakers are focusing on creating exceptional designs and incorporating innovative features to meet the evolving expectations of discerning buyers. This surge in demand for luxurious watches presents a lucrative market landscape, attracting both established brands and emerging players eager to cater to the growing appetite for sophisticated timepieces among consumers globally.
For instance, in November 2020, Alibaba, Richemont, and Farfetch announced a strategic partnership to accelerate the digitization of the global luxury industry and give luxury brands better access to the Chinese market.
Growing Affluent Consumer Base to Propel Market Growth
The luxury watches market is poised for growth, driven by an expanding affluent consumer base worldwide. As global economies prosper, consumers with higher disposable incomes increasingly view luxury watches as prestigious accessories. The market benefits from this elevated demand as luxury timepieces become symbols of status and sophistication. Renowned brands are capitalizing on this trend by offering exclusive designs and innovative features. The growing affinity for luxury watches among the affluent consumer segment positions the market for sustained expansion, with manufacturers focusing on meeting the evolving preferences of discerning buyers seeking both craftsmanship and a statement of luxury.
For instance, in June 2020, Spanish fragrance and fashion firm Puig acquired a majority stake in London-based Charlotte Tilbury Beauty Ltd. to expand its existing portfolio of fashion, beauty, and fragrance businesses.
Market Dynamics of Luxury Watches
Targeting only the wealthy section of the Population to Restrict Market Growth
Targeting only the wealthy segment may limit the potential growth of the luxury watches market. Exclusive pricing strategies may hinder market expansion by alienating a broader consumer base. Diversifying marketing approaches to appeal to aspirational and middle-income consumers, introducing more accessible collections, or implementing strategic partnerships could broaden the market reach. Emphasizing the craftsmanship, heritage, and unique features of luxury watches can create perceived value, fostering interest beyond the affluent demographic. A balanced marketing strategy that combines exclusivity with inclusivity may unlock untapped market potential and foster sustained growth in the luxury watches segment.
Impact of COVID–19 on the Luxury Watches Market
The global luxury watches market experienced a notable impact from COVID-19, with disruptions in production, supply chain challenges, and reduced consumer spending on non-essential items. Temporary store closures and a shift towards online sales characterized the industry during the pandemic. However, as economic conditions stabilize and consumer confidence returns, the luxury watches market is rebounding. Brands are adapting with digital strategies and emphasizing exclusivity and craftsmanship, driving recovery. The pandemic reshaped consumer behavior, accelerating e-commerce trends and emphasizing the importance of brand resili...
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The global sports watches market size is projected to witness substantial growth from USD 28.3 billion in 2023 to an estimated USD 45.9 billion by 2032, registering a compound annual growth rate (CAGR) of 5.6% during the forecast period. This significant growth trajectory is driven by the increasing consumer preference for health and fitness activities, the integration of advanced technologies in sports watches, and the growing trend of wearable technology among fitness enthusiasts. The market is propelled by consumer awareness regarding the importance of leading an active lifestyle, which is fueling the demand for innovative and multifunctional sports watches across various demographics.
A major growth factor in the sports watches market is the increasing consumer inclination towards health and fitness, which has heightened the demand for wearable devices capable of tracking various physiological parameters. Sports watches today are not just about timekeeping; they have evolved into sophisticated devices equipped with features like heart rate monitoring, GPS tracking, calorie counters, and sleep tracking among others. These functionalities cater to the health-conscious and technology-savvy consumers who seek a holistic approach to fitness monitoring. The rise of fitness-conscious individuals, spurred by a global focus on wellness, has created a robust platform for the expansion of the sports watches market.
Technological advancements have been pivotal in driving the sports watches market forward. The integration of cutting-edge technologies such as artificial intelligence, machine learning, and IoT in sports watches has significantly enhanced their appeal. These advancements have not only expanded the functional capabilities of sports watches but have also made them more user-friendly and efficient. The seamless connectivity with smartphones and other devices has made sports watches an indispensable accessory for tech enthusiasts and fitness professionals alike. Furthermore, manufacturers are continuously investing in research and development to introduce innovative products that offer better battery life, more accurate data tracking, and enhanced durability, thereby attracting a broader consumer base.
The changing lifestyle and fashion trends are also contributing to the burgeoning demand for sports watches. Consumers today seek products that are not only functional but also stylish and versatile. This has prompted manufacturers to focus on the aesthetic aspect of sports watches, making them suitable for various occasions beyond sports and fitness activities. The availability of sports watches in various designs, colors, and materials caters to the diverse preferences of consumers, thereby boosting market growth. Additionally, the growing trend of personalization and customization in wearable technology is anticipated to provide further impetus to the sports watches market.
The emergence of the Smart Sports Health Watch has revolutionized the way fitness enthusiasts monitor their health metrics. These watches are equipped with advanced sensors that provide real-time data on heart rate, oxygen levels, and even stress indicators, offering users a comprehensive view of their health. The seamless integration with mobile apps allows users to track their progress over time, set fitness goals, and receive personalized insights. This innovation not only enhances the user experience but also empowers individuals to take proactive steps towards a healthier lifestyle. As technology continues to advance, the Smart Sports Health Watch is expected to incorporate even more sophisticated features, further cementing its place as an essential tool for health-conscious consumers.
From a regional perspective, the sports watches market is witnessing notable growth across several geographic regions. North America remains a dominant market, driven by high consumer spending, early adoption of technology, and a strong sports culture. Meanwhile, the Asia Pacific region is emerging as a significant market due to the rapidly growing middle-class population, rising disposable incomes, and increasing health awareness. The market in Europe is also growing steadily, supported by a well-established retail infrastructure and consumer inclination towards fitness and wellness. Latin America and the Middle East & Africa, although currently trailing in market share, are expected to exhibit potential growth due to increasing urbanization and growing interest in fitness activities.
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Check Market Research Intellect's Luxury Quartz Watches Market Report, pegged at USD 7.5 billion in 2024 and projected to reach USD 12.3 billion by 2033, advancing with a CAGR of 6.3% (2026-2033).Explore factors such as rising applications, technological shifts, and industry leaders.
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The India Watch Market Report is Segmented by Product Type (Quartz/Analog Watches, Digital Watches, Smartwatches), End User (Men, Women, Kids), Category (Premium, Mass), Distribution Channel (Online Retail Stores, Offline Retail Stores). The Market Forecasts are Provided in Terms of Value (USD).
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The Pre-owned Luxury Watches Market will grow from USD 27.84 Billion in 2025 to USD 47.87 Billion by 2031 at a 9.45% CAGR.
| Pages | 185 |
| Market Size | 2025 USD 27.84 Billion |
| Forecast Market Size | USD 47.87 Billion |
| CAGR | 9.45% |
| Fastest Growing Segment | Online |
| Largest Market | North America |
| Key Players | ['Chrono24 GmbH', 'WatchBox Holdings US, Inc.', 'eBay Inc.', 'CME International, LLC dba', 'Crown & Caliber LLC', 'Watchfinder.co.uk Limited', 'TrueFacet, LLC', 'Govberg LLC', 'The Watch Club Limited', 'Watches of Switzerland Group'] |
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Global Automatic Watches market size 2021 was recorded $4769.06 Million whereas by the end of 2025 it will reach $5790.2 Million. According to the author, by 2033 Automatic Watches market size will become $8535.23. Automatic Watches market will be growing at a CAGR of 4.97% during 2025 to 2033.
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TwitterIn 2024, Rolex was the largest player in the global luxury watch market with more than ********* retail market share in the luxury watch industry. Other well-known Swiss brands Cartier and Omega followed Rolex in the ranking with market shares of * percent and * percent, respectively. World capital of luxury watches The concept of luxury watches is almost synonymous with Swiss watches. Renowned for their precision, quality and durability, watches from Switzerland are in high demand all around the globe. The domination of Swiss watches in the luxury watch market, which is a multi-billion-dollar industry, is further attested by the ranking of leading luxury watch brands based on their annual sales. The worldwide success of Swiss watch brands also plays an important role for the economy of Switzerland, as the country generated almost ** billion Swiss francs from the export of luxury watches in 2023. Future of traditional watches Even though Swiss watches are perceived, sold, and owned as luxury goods items, the future of traditional, analog watches may not be as bright as the economic figures indicate. In 2019, Apple Watch alone outperformed the entire Swiss watch industry, which could indicate a shift in consumer choices towards more digital options.