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LONDON, July 7, 2023 /PRNewswire/ — As per The Business Research Company’s Luxury Watch Global Market Report 2023, the global luxury watch market value will grow from $30.5 billion in 2022 to $34.1 billion in 2023 at a compound annual growth rate (CAGR) of more than 11%. The luxury watch industry revenue is then expected to grow to $49.6 billion in 2027 at a CAGR of more than 9%. Going forward, the increasing urbanization, the rising use of internet and social media platforms and the increasing export of Swiss watches will drive the luxury watch industry growth rate.
The increasing export of Swiss watches is expected to propel the luxury watch market growth going forward. For instance, according to the Federation of the Swiss Watch Industry (FH), a Switzerland-based non-profit Swiss watch industry trade association, Swiss watch exports increased by 11.4% in 2022 to reach CHF24.8 billion ($27.4 billion), outpacing their performance in 2021. The quantity of wristwatch items increased by 50,000 (+0.3%) from the prior year to 15.8 million. Therefore, the increasing export of Swiss watches is driving the growth of the luxury watch market.
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As per the luxury watch market outlook, Swiss watch companies are focusing on new technologies and developing new product solutions to strengthen their position in the market. For example, in January 2023, Omega, a Switzerland-based luxury watch manufacturer, launched the new Spirate System, a technology that promises 0/+2 second accuracy per day. It introduces a novel hairspring that is capable of extremely precise 0/+2 control. This technology features a fine tuner on top of the whole balancing bridge that, using a special tool developed by Omega, can be adjusted very easily by Omega watchmakers even in boutiques in increments of.01 seconds. The Speed master Super Racing is a new watch that features this innovative mechanism.
In addition, in March 2022, Tag Heuer, a Swiss luxury watchmaker, introduced the revolutionary Carrera Plasma, a luxury watch featuring innovative Diamant D’avant-Garde technology and a unique design. TAG Heuer expands the creative potential and potential diamond shapes, as well as the use of various design techniques employing lab-grown diamonds, by incorporating the cutting-edge nature of lab-grown diamonds into its product universe. Additionally, it provides customers with a product that is truly unique to them and makes cutting-edge use of revolutionary technologies.
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The Business Research Company in its luxury watch industry overview recommends players to adopt strategies such as enhancing business operations in the luxury watch market by expanding partnership with major competitions and athletes, launching new and advanced products. The business research company also recommends players to implement advanced technologies to satisfy customers and clients.
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