In addition, the worldwide Watch Market Size was estimated at USD 51.9 million in 2021. The watch industry is projected to grow from USD 54.2 million in 2022 to USD 73.5 million by 2030, exhibiting a compound annual growth rate (CAGR) of 4.45% during the forecast period (2022–2030). One of the main causes influencing the demand for handcrafted luxury watches worldwide is the rising fast fashion trend and the expanding use of high-end accessories as a status symbol. In addition, the expanding use of smart and connected gadgets, the spread of the internet, and the reliance on smartphones are the key market driver enhancing watch market growth.
Luxury timepieces are high-end, high-priced items handcrafted by expert artisans. They’re composed of precious metals like gold, silver, and platinum, studded with rubies and diamonds. They are worn on the wrist to give people’s style and personalities a refined and exquisite look. They may easily be distinguished from their less expensive equivalents due to their longevity and originality, as they are exclusive, pricey, and not mass-produced. The demand for luxury timepieces is currently being driven by rising living standards and rising disposable incomes worldwide.
One of the primary elements positively affecting demand for handcrafted luxury watches market worldwide is the rising trend of using high fashion as a status symbol. Furthermore, the growing popularity of professional scuba diving is fueling the demand for specialist, high-end timepieces. These timepieces have diver-friendly qualities, including waterproofing and corrosion resistance, to be worn in the ocean.
Aside from that, the increasing complexity of aviation is encouraging the use of custom-made pilot luxury watches to aid with mid-flight aeronautical calculations like wind correction angle and fuel usage. Furthermore, the widespread availability of luxury timepieces in various materials, dial colors, strap designs, and themes is boosting the industry. Aside from that, various market players offer affordable used luxury timepieces through internet sites. This, combined with the growing appeal of pre-owned luxury items, particularly among the young, is propelling watch market expansion due to their affordability and accessibility.
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The global market has been segmented into type, category, distribution channel, end-user, and regional basis. The type section has divided the global market into five sections: analog watches, smart watches, chronograph watches, digital watches, and others. According to the category section, the market is further divided into quartz watches, mechanical watches, and electronic watches. The market is classified into two categories with the distribution channel: store-based and non-store-based. With the end-user section, the global key watch players market is divided into three sections: men, women, and unisex. According to the regional sectors, the market has been divided into five sections: Asia-Pacific, Europe, North America, South America, and Middle East & Africa.
China, Japan, and India contribute significantly to the Asia-Pacific region’s overall watch market value. China is one of the most competitive marketplaces globally, with enormous acquisition and competition potential for luxury watchmakers. China exports more than half of the world’s watches. Increased consumer spending on health monitoring equipment has come from increased consumer health awareness around the world. This has resulted in an upsurge in smartwatch sales. It includes various monitoring features that allow users to control music, notifications, walk tracks, heartbeat rates, and other activities, boosting the market growth. Samsung unveiled a new smartwatch that claims to track a person’s physical health and check blood pressure daily.
Sports and fitness are becoming more popular as a kind of recreational activity among the working population. Young customers, who are more aware of smartphone technology, are driving demand for smartwatches in the digital watch market.
Sports and fitness are becoming more popular as a kind of recreational activity among the working population. Endurance sports have also built a firm ground for enthusiasts to take advantage of the variety in the sports wearable segment, resulting in an increase in smartwatch sales and, as a result, watch sales in the global watch market.
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