Luxury Watch Market Size

Luxury Watch Market Analysis

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).

• Consumers worldwide are inclined toward quality products made with highly advanced production technologies, materials, and methods. Premium materials such as steel, bi-metallics, and precious metals are often associated with luxury and high-end products and can add perceived value to a watch. Moreover, these materials offer benefits such as durability, scratch resistance, and corrosion resistance, which can further enhance the attractiveness of the product. Thus, the growing consumer preference for high-quality, premium watches, perceived as status symbols, is the major driving factor for the luxury watches market.
• In addition, the innovation of luxury smartwatches with advanced features to monitor health conditions such as heart rate, blood and oxygen levels, sleep, and physical activity tracking is another significant factor strengthening the market growth. As a result, manufacturers are introducing new luxury smartwatches in the global market.
• For instance, in October 2022, luxury smartwatch maker Garmin released its latest collection of luxury smartwatches, the MARQ series. The new Garmin MARQ collection of luxury smartwatches comes with pricing on the high end of the spectrum and a titanium exterior. As per the company’s statement, the model is developed with health and wellness features, including heart rate monitoring, sleep monitoring, respiration, stress tracking, and body battery energy monitoring.
• The adoption of various advertising and marketing strategies by market players has also augmented the market growth. However, the extensive distribution of counterfeited luxury goods in the marketplace has become a significant threat to luxury watch manufacturers.