The competition among vendors is moderate in terms of product differentiation, portfolio, and pricing. Vendors are promoting their products through celebrity endorsements and fashion events. The global luxury watches market is fragmented due to the presence of several global players. In addition, other factors such as the growing inclination toward fashion trends and the strong brand positioning and branding to influence the purchase decisions of customers will have an accelerating effect on the growth of the market. The growth of the market is majorly driven by factors such as premiumization through product design and innovation. Technavio expects the global luxury watch market to witness an incremental growth of USD 1.78 billion between 20 and expand at a CAGR of 1% during the forecast period.
Get more highlights on regional market share, current market scenario, and future growth opportunities. Besides, the high growth potential in the region is attracting many international luxury watch manufacturers to enter the regional market.
Factors such as the growing HNWI population, expanding middle class, and rising consumer inclination toward luxury products are creating significant demand for luxury watches.
The report identifies APAC as the key market in terms of revenue generation and the region is expected to offer significant growth opportunities for market players during the forecast period. NEW YORK, /PRNewswire/ - " Luxury Watch Market by End-user, Distribution Channel, and Geography - Forecast and Analysis 2021-2025" report has been added to Technavio's offering.
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