Share Tweet Share Share Email The luxury watch market has seen exponential growth post-2020. In the year 2022, luxury watch sales worldwide were estimated to be worth USD 42.21 billion.
It is set to increase at a compound annual growth rate (CAGR) of 5.0% between 2023 and 2030. One key reason for this growing trend is the increasing number of adults wearing luxury watches as a status symbol.
Companies like Audemars Piguet and Rolex are expected to release new products that will boost the market. Additionally, to boost sales, companies are releasing limited edition watches with unique looks and functions. Luxury Watch Market Size and Analysis From the graph above, you can see that since 2019, the market has gradually grown.
From 2023 to 2030, the worldwide market for luxurious watches is projected to expand. Valuation in 2022 was $42.21B , a rate of compound annual growth (CAGR) of 5.
0% . Several market research organizations have projected that the market will reach USD 62.25 billion by 2030 .
The Asia-Pacific region is anticipated to have a stronghold on the market, with China at the forefront. Global Luxury Watch Market Dynamics The global luxury watch market is a complex yet dynamic ecosystem. It is influenced by a multitude of factors that contribute to its overall trajectory.
Here are a few key drivers of the watch market. Market Drivers The luxury watch market has seen big growth due to a plethora of reasons. Some of them are: Luxury Watches as a Status Symbol : Nowaday.
