Middle East & Africa Luxury Watch Market Size & Outlook
Middle East & Africa luxury watch market, 2018-2030 (US$M)
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MEA luxury watch market highlights
- The MEA luxury watch market generated a revenue of USD 1,199.3 million in 2023.
- The market is expected to grow at a CAGR of 3.5% from 2024 to 2030.
- In terms of segment, electronic was the largest revenue generating product in 2023.
- Mechanical is the most lucrative product segment registering the fastest growth during the forecast period.
- Country-wise, Turkey is expected to register the highest CAGR from 2024 to 2030.
MEA data book summary
| Market revenue in 2023 | USD 1,199.3 million |
| Market revenue in 2030 | USD 1,525.2 million |
| Growth rate | 3.5% (CAGR from 2023 to 2030) |
| Largest segment | Electronic |
| Fastest growing segment | Mechanical |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Electronic, Mechanical |
| Key market players worldwide | Apple Inc, The Swatch Group AG, Fossil Group Inc, Citizen Watch Co Ltd, Compagnie Financiere Richemont SA ADR, Lvmh Moet Hennessy Louis Vuitton SE, Movado Group Inc, Ralph Lauren Corp Class A, Emperor Watch & Jewellery Ltd, Seiko |
Other key industry trends
- In terms of revenue, MEA region accounted for 2.7% of the global luxury watch market in 2023.
- Globally, Asia Pacific is projected to lead the regional market in terms of revenue in 2030.
- North America is the fastest growing regional market and is projected to reach USD 7,414.3 million by 2030.
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Luxury Watch Market Scope
Luxury Watch Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|
Middle East & Africa luxury watch market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to luxury watch market will help companies and investors design strategic landscapes.
Electronic was the largest segment with a revenue share of 61.05% in 2023. Horizon Databook has segmented the Middle East & Africa luxury watch market based on electronic, mechanical covering the revenue growth of each sub-segment from 2018 to 2030.
According to a report published in the ‘Arab News’, an English language newspaper in Saudi Arabia, in September 2017, the number of millionaires in the Middle East has grown by 4.8% as compared to the previous year.
These trends in the wealth is propelling the demand for the luxury watches. Moreover, the rising number of foreign tourists and their huge spending towards leisure and luxury good is fueling the demand for the product.
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Target buyers of Middle East & Africa luxury watch market databook
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Our clientele includes a mix of luxury watch market companies, investment firms, advisory firms & academic institutions.
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30% of our revenue is generated working with investment firms and helping them identify viable opportunity areas.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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The rest of the revenue is generated working with academic and research not-for-profit institutes. We do our bit of pro-bono by working with these institutions at subsidized rates.
Horizon Databook provides a detailed overview of continent-level data and insights on the Middle East & Africa luxury watch market , including forecasts for subscribers. This continent databook contains high-level insights into Middle East & Africa luxury watch market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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MEA luxury watch market size, by country, 2018-2030 (US$M)
Middle East & Africa Luxury Watch Market Outlook Share, 2023 & 2030 (US$M)
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