Pre-owned Luxury Watches Market Share Projected to Hit USD 32.05 Billion By 2032, at 11.6% CAGR: Polaris Market Research
The global pre-owned luxury watches market size and share was valued at USD 11.94 billion in 2023 and is anticipated to generate an estimated revenue of USD 32.05 billion by 2032, with a CAGR of 11.6% from 2024 to 2032.
New York, NY, March 13, 2024 (GLOBE NEWSWIRE) -- The global pre-owned luxury watches market size and share was valued at USD 11.94 billion in 2023 and is anticipated to generate an estimated revenue of USD 32.05 billion by 2032, with a CAGR of 11.6% from 2024 to 2032.
Market Overview
A watch 20-25 years old would generally be contemplated as a vintage watch. A watch contemporary than that would be contemplated pre-owned if it is not pristine from a dealer. Luxury brand pre-owned timepieces are also obtainable in the secondary market. This permits watch acquirers to buy pre-owned timepieces from legal sources. The rapidly rising demand of pre-owned luxury watches market can be attributed to the advantages including pronounced condition, inclusion of paperwork, and pronounced for acquirers. While purchasing pre-owned luxury watches, one must contemplate their authenticity. One must sanction that the watch and the constituents are genuine to sanction that one is disbursing the accurate cost.
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Pre-owned Luxury Watches Market Key Market Companies:
Bob's Watches
Chrono24
Crown & Caliber
eBay Inc.
Govberg
The Watch Club
TrueFacet, LLC
WatchBox
Watches of Switzerland
Watchfinder & Co
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Pre-owned Luxury Watches Market Details
Report Attributes | Details |
Market value in 2024 | USD 13.30 billion |
Market value in 2032 | USD 32.05 billion |
CAGR | 11.6% from 2024-2032 |
Base year | 2023 |
Historical data | 2019-2022 |
Forecast period | 2024-2032 |
Key Takeaways from the Report:
The classic fascination of these brands and the endowment and distinction associated with them is pushing toward market expansion.
The market is proliferating due to cost-effectiveness, instant obtainability, and the singularity of specific models.
The market is primarily segmented based on type, distribution channel, and region.
The North American region defeated the market with the biggest market share in 2023.
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Market Dynamics
Growth Drivers:
The market topography has sustained an intense move with a speedy surge in e-commerce and online marketplaces. The pre-owned luxury watches market size is expanding as the digital spaces have not only eased flawless interrelatedness between buyers and sellers but have also augmented the market's worldwide outreach. The ease of perusing, juxtaposing, and purchasing pre-owned luxury watches has been considerably improved by accepted validation and confirmation procedures.
In this digital period, the influence of social media and superstar approval cannot be exaggerated. The pre-owned luxury watches market sales are soaring as superstars, watch fanatics, and specialists capitalize on these platforms to display their pre-owned luxury timepieces, initiating elevated attentiveness and appeal among followers. The power of these approvals plays a notable role in casting consumer partiality and pushing market trends.
Trends:
The robust fiscal presentation portrayed by pre-owned luxury timepieces has captivated the attention of contemporary purchasers, causing the market to expand. The pre-owned luxury watches market growth can be credited to affluent investors who are increasingly traversing unusual investment scope to change their portfolios and insure against inflation.
Restraints:
The market is vulnerable to problems connected to forged commodities and duplicates. Sustaining the genuineness of pre-owned luxury watches becomes patronizing, and examples of forged commodities can erode consumer trust. Brands and sellers must fund strong authentication procedures to fight this problem.
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Regional Analysis
The North American region's rise in e-commerce and online marketplaces has notably eased consumer entrance to and access to pre-owned luxury watches. The pre-owned luxury watches market demand is on the rise as online platforms now provide an appropriate and safe avenue for both purchasing and disbursing these precious items, thus improving market availability.
Moreover, in Asia Pacific, the opulence of the region's creamy consumers has escalated, igniting an escalating demand for luxury commodities, including exclusive timepieces. The pre-owned luxury watches market trends include the cash flows in the region persisting to surge, and there is a detectable trend of persons looking to fund luxury watches.
Browse the Detail Report “Pre-owned Luxury Watches Market Share, Size, Trends, Industry Analysis Report, By Type (Automatic, Manual), By Distribution Channel (Online, Offline), By Region, And Segment Forecasts, 2024- 2032” with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/pre-owned-luxury-watches-market
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Polaris Market Research has segmented the Pre-owned Luxury Watches market report based on type, distribution channel, and region:
By Type Outlook
Automatic
Manual
By Distribution Channel Outlook
Online
Offline
By Region Outlook
North America (U.S., Canada)
Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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