The Asia Pacific Luxury Watch Market would witness market growth of 5.5% CAGR during the forecast period (2022-2028).
The demand for specialist, expensive watches is being driven by the rise in the number of people participating in professional scuba diving. Diver-friendly qualities like waterproofness and corrosion resistance that work in ocean water are incorporated into the design of these timepieces. In addition, the complexity of aviation is driving the use of luxury timepieces developed specifically for pilots to help with mid-flight aeronautical computations like fuel usage and wind correction angle.
Additionally, the accessibility of luxury timepieces in distinctive materials, strap designs, dial colors, and themes is also increasing. Nowadays, some industry participants are selling used luxury watches through internet retailers at a discount. This has also promoted the growth of used luxury watches or pre-owned luxury watches along with the increased appeal of used luxury goods, particularly among young people due to their accessibility and affordability.
To draw in a sizable customer base, major players also spend money on promotional initiatives like celebrity endorsements. Some of today's customers are utilizing the money that has risen in value in recent years through investing in crypto, meme stocks, NFTs, and other rapid money makers. Customers frequently bring up cryptocurrency windfalls when they make a purchase.
China is among the most demanding markets in the world because of its enormous potential for luxury watch manufacturers to compete and acquire. As the rate of participation in sports and the fashion trend rose, the demand for luxury sports watches also increased significantly. Similarly, in India, the antique Swiss timepiece brand Mugnier was introduced in February 2021 by the online direct sales company QNet in response to market needs and growth. Since then, QNet has offered three new categories under the restored Mugnier brand to the Indian market, namely Mode (fashion), Semper (classic), and Invictus (sports).
The China market dominated the Asia Pacific Luxury Watch Market by Country in 2021; thereby, achieving a market value of $6.7 Billion by 2028. The Japan market is registering a CAGR of 4.9% during (2022 - 2028). Additionally, The India market would showcase a CAGR of 6.2% during (2022 - 2028).
Based on Product, the market is segmented into Electronic and Mechanical. Based on Distribution Channel, the market is segmented into Offline and Online. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Luxury Watch Market is Projected to reach USD 53.5 Billion by 2028, at a CAGR of 5.3%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Apple, Inc., Fossil Group, Inc., LVMH SE, Ralph Lauren Corporation, Rolex SA, Citizen Watch Co., Ltd., Seiko Watch Corporation, Compagnie Financiere Richemont SA, Movado Group, Inc. and The Swatch Group Ltd.
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