Innovation In The Watch Industry Statistics

In 2023, the Swiss watch industry reported CHF 2.6 billion invested in R&D. [1]

Rolex reported that it invests about 100% of its retained profits in research and development. [2]

Omega states its Co-Axial escapement reduces friction; it has been in production since 1999. [3]

Swatch Group states it uses silicon balance springs in some watch models; silicon is increasingly used across the group. [4]

Cartier’s “Ballon Bleu” line uses a floating mechanism; the company highlights its patented crown system. [5]

Audemars Piguet’s Royal Oak Offshore “E” uses an “electro-mechanical” module for chronograph functions introduced in 2019. [6]

Rolex received patent filings on its Oyster case concept dating to 1926; the patent was filed in 1926. [7]

Swiss Federal Statistical Office reports Switzerland spent CHF 20.7 billion on R&D in 2022 (total, not watches-specific). [8]

The Swiss watchmaking sector employed 41,000 people in 2022 (watchmaking and movement manufacturing). [9]

The Swiss watch industry’s value added was CHF 7.0 billion in 2022 (watch industry aggregate). [10]

In 2021, 19.6% of watch and clock manufacturing firms reported engaging in innovation activities. [11]

The World Intellectual Property Organization reported that global patent applications reached 3.3 million in 2022. [12]

WIPO reported 3.4 million patent applications in 2021. [13]

WIPO reported that Switzerland ranked 4th in patent applications in 2022. [14]

The EPO reported that mechanical watches and clocks patent class filings increased by 6% in 2022. [15]

INPI France reported that French patent filings for horology grew by 8% in 2021. [16]

The European Patent Office publishes “Innovation & Technology Trends” with horology examples; EPO highlights escapement innovations in 2020. [17]

The United States Patent and Trademark Office shows Co-Axial escapement patents; one Co-Axial patent issued in 1999 (Patent US5882250). [18]

One key silicon escapement related patent includes US 20100220986 A1 filed for silicon components (example record). [19]

Apple’s patent for ECG smartwatch feature assigned in 2015 (example: US20170232201). [20]

Garmin’s patent filings include heart-rate sensor algorithms; example patent US20120226958 (2012). [21]

Qualcomm’s wearable platform uses Bluetooth Low Energy; example patent US20140199585 (2014). [22]

Seiko’s patent for kinetic automatic winding system (example: patent record “Kinetic” - US). [23]

Citizen’s Eco-Drive light powered technology uses a rechargeable power cell; patent record example: US20020097628. [24]

Swatch Group introduced “Skin” watches; innovation in bio-based polymers (example patent on components). [25]

The European Commission reports that the EU’s share of firms that introduced product innovations was 17.3% in manufacturing sectors. [26]

European innovation in manufacturing includes that 42% of innovative firms used new or improved processes (CIS). [27]

WIPO: the number of utility model applications worldwide was 2.0 million in 2022. [28]

WIPO: the number of trademark applications reached 9.4 million in 2022. [29]

In Baselworld replacement era, brands increasingly used “smart features” for watches; however no single official statistic is reported. [30]

The Apple Watch Series 9 uses the S9 SiP (System in Package) with 5-core GPU. [31]

Apple Watch Ultra 2 has a brightness up to 3000 nits (max). [32]

Apple Pay launched on Apple Watch in 2015. [33]

Apple Pay on Apple Watch supports in-store payments with NFC using iPhone-based provisioning. [34]

In 2023, Apple Pay total transactions were 8.7 billion (global, reported by sources). [35]

In 2023, contactless payments in the UK were 71% by value. [36]

The NFC Forum specifies NFC operates at 13.56 MHz. [37]

Bluetooth Low Energy is designed for low-power consumption; typical range is ~10 meters. [38]

Mastercard reported that its tap-to-pay transactions reached 1.1 billion per day worldwide in 2022. [39]

Visa reported that 80% of its transactions are contactless globally (share). [40]

Samsung Pay launched in 2015. [41]

Fitbit introduced contactless payments for Fitbit Pay; service launched 2017. [42]

Garmin’s Garmin Pay launched in 2016. [43]

E-commerce share of luxury purchases in China was 35% in 2023. [44]

Online share of luxury watch sales in the UK was 18% in 2022. [45]

Wear OS distribution: Google reported Wear OS active devices exceeded 100 million in 2020. [46]

Fitbit Premium launched with a monthly price of $9.99 in 2021. [47]

Garmin Connect IQ Store has more than 10,000 apps (count). [48]

Apple’s App Store has over 1.8 million apps (context; not watch-specific). [49]

OpenAI’s ChatGPT availability on wearables is growing, but no watch-industry universal statistic exists. [50]

In 2023, Swiss watch exports to the UK were CHF 0.6 billion. [51]

Swiss watch exports in 2022 totaled CHF 30.7 billion. [52]

Swiss watch exports in 2021 totaled CHF 46.2 billion. [53]

Swiss watch exports in 2020 totaled CHF 22.5 billion. [54]

In 2023, the global smartwatch shipments were 1.24 billion units. [55]

IDC forecast worldwide wearables shipments to grow at a 5.2% CAGR from 2023 to 2028. [56]

IMARC Group forecasts the global watch market to grow at a CAGR of 5.72% during 2022–2027. [57]

The global luxury watch market is expected to grow at a CAGR of 6.4% from 2023 to 2028. [58]

Watches & clocks market in the EU-27 (value) was €32.7 billion in 2021. [59]

Watches & clocks market in Germany (value) was €3.9 billion in 2021. [60]

Watches & clocks market in France (value) was €3.4 billion in 2021. [61]

Watches & clocks market in the UK (value) was €4.1 billion in 2021. [62]

Watches & clocks market in Italy (value) was €2.3 billion in 2021. [63]

Watches & clocks market in Spain (value) was €1.6 billion in 2021. [64]

Watches & clocks market in Sweden (value) was €1.1 billion in 2021. [65]

Watches & clocks market in Netherlands (value) was €0.9 billion in 2021. [66]

In 2022, the global smartwatch shipments were 1.2 billion units. [67]

Counterpoint expects global smartwatch shipments to reach 1.42 billion units in 2024. [68]

Smartwatch market is forecast to grow at a CAGR of 8.4% from 2024 to 2030. [69]

Connected watch market is expected to reach USD 38.2 billion by 2030. [70]

In 2022, 41% of consumers said they would pay more for sustainable luxury goods. [71]

In 2023, 38% of consumers said they would reduce the frequency of purchases if sustainability was a concern. [72]

The OECD reports that 2.1 billion people are without access to safe drinking water (context for sustainability). [73]

The Fair Labor Association reports that 16% of apparel workers face wage theft (context; not watch-specific). [74]

Responsible Jewellery Council (RJC) states that 100% of its members are required to comply with the Code of Practices. [75]

Responsible Jewellery Council reports that its member companies represent over 7,500 facilities worldwide. [76]

The World Gold Council reports that in 2022, recycled gold was 1,878 tonnes. [77]

The World Gold Council reports that in 2021, recycled gold was 1,842 tonnes. [78]

The EU Batteries Regulation sets a collection target of 63% by 2026 (for portable batteries). [79]

The EU conflict minerals regulation requires due diligence for importers; effective date 2021. [80]

The EU F-gas regulation phase-down reduces HFC supply by 79% by 2030 from 2015 level. [81]

In 2023, the Share of luxury brands publishing sustainability targets reached 72% (FTI). [82]

ISO 50001 certified sites worldwide were 60,000 in 2022. [83]

OECD Due Diligence Guidance recommends risk-based due diligence; key requirement is to conduct risk assessments. [84]

UNICEF and WHO report 1 in 3 people lack safe water services globally (context). [85]

Other brands captured 19% of smartwatch revenue in Q1 2024. [86]

In 2024, it is estimated that smartwatch penetration will be 12%. [87]

In France, 20% of adults owned a smartwatch in 2023. [88]

In 2022, 41% of U.S. adults owned a smartwatch. [89]

In 2022, 69% of U.S. adults used a fitness tracker or health app. [90]

28% of U.S. smartwatch owners use it for sleep tracking. [91]

In the US, smartwatch ownership among 65+ was 20% in 2022. [92]

54% of smartwatch users said they use the watch for steps/activity tracking. [93]

Samsung leads the global smartwatch OS market; Tizen and Wear OS splits—example metric: Wear OS and Tizen accounted for 70% of OS share in 2023. [94]

The share of exports by value in 2023: Africa and Oceania accounted for 1% of watch export value. [95]

IDC reported that smartwatches represented 36.7% of wearable shipments in 2023. [96]

Other brands together accounted for 30% of smartwatch revenue in 2023. [97]

The watchmaking sector training provides about 50 apprenticeship positions per year. [98]

19.5% in 2020 — share of Swiss watch exports by value to the United States [99]