Pre-owned Luxury Watches Market To Reach $45.01 Billion By 2030

Pre-owned Luxury Watches Market Growth & Trends

The global pre-owned luxury watches market is expected to reach USD 45.01 billion by 2030, registering a CAGR of 9.2% from 2024 to 2030, according to a new report by Grand View Research, Inc. The attraction of possessing a pre-owned luxury watch at a fraction of the cost of a new one is a significant factor driving the growth of the market. Renowned high-end watch brands possess an enduring charm and acquiring a second-hand luxury watch enables individuals to relish the prestige and craftsmanship linked with these brands without the significant financial outlay. Consequently, consumers can fulfill their aspirations without straining their finances, making affordability a powerful driving force for purchasers in the market.

The growing trend of collecting and investing in luxury watches has boosted the market. Collectors and enthusiasts see these watches not only as stylish accessories but also as valuable assets. Some vintage or limited-edition watches appreciate value over time, making them attractive investment opportunities. This has attracted a diverse group of buyers, from watch aficionados to investors, further stimulating demand in the pre-owned luxury watches market.

The growth of online marketplaces and dedicated platforms for buying and selling pre-owned luxury watches has further fueled this market. The internet has made it easier for buyers and sellers to connect, offering a vast selection of watches from various brands, styles, and eras. Online marketplaces provide a level of transparency and trust through authentication processes and guarantees, mitigating concerns about counterfeit products. This ease of access and increased trust in online transactions has significantly contributed to the market's expansion.

However, in the luxury watch market, ethnicity and trust play a pivotal role, with offline channels offering customers a heightened sense of security and confidence. The ability to physically examine timepieces, engage with well-informed sales personnel, and potentially authenticate the watch in person substantially diminishes the uncertainties linked to acquiring expensive, pre-owned luxury watches.

In December 2022, Rolex announced that it would certify and sell second-hand Rolex watches through its authorized retailers, aiming to eliminate the need for buyers to approach grey market dealers. This move was aimed to provide customers with a better buying experience and limit sales in the grey market.

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Pre-owned Luxury Watches Market Report Highlights

• The automatic type held a market share of 66.2% in 2023. Automatic watches are renowned primarily for their intricate craftsmanship and rich heritage. Many luxury watchmakers have a long history of horological excellence, and collectors appreciate the artistry and tradition that come with owning a pre-owned timepiece.

• The online distribution channel is projected to grow at a CAGR of 9.9% from 2024 to 2030. Consumers are increasingly comfortable with online shopping, and the convenience of browsing, comparing, and purchasing luxury watches from the comfort of their own homes has fueled the growth of online channels.

• The Asia Pacific region is projected to grow at a CAGR of 10.9% from 2024 to 2030.The Asia Pacific region, particularly countries like China and India, has seen a rapid rise in the number of affluent consumers. As disposable incomes increase, more individuals look for ways to showcase their wealth and status, and luxury watches have become a popular choice.

Pre-owned Luxury Watches Market Segmentation

Grand View Research has segmented the global pre-owned luxury watches market based on type, distribution channel, and region.

Pre-owned Luxury Watches Type Outlook (Revenue, USD Billion, 2018 - 2030)

• Automatic

• Manual

Pre-owned Luxury Watches Distribution Channel Outlook (Revenue, USD Billion, 2018 - 2030)

• Online

• Offline

Pre-owned Luxury watches Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • U.K.

  • Germany

  • France

  • Italy

  • Switzerland

• Asia Pacific

  • China

  • Australia

  • Japan

  • Singapore

  • India

• Central And South America

  • Brazil

• Middle East & Africa

  • Saudi Arabia

  • U.A.E.

List of Key Players in the Pre-owned Luxury Watches Market

• Chrono24

• WatchBox

• eBay Inc.

• Bob's Watches

• Crown & Caliber

• Watchfinder & Co

• TrueFacet, LLC

• Govberg

• The Watch Club

• Watches of Switzerland