Innovation In The Watch Industry Statistics

In Baselworld replacement era, brands increasingly used “smart features” for watches; however no single official statistic is reported. [1]

The Apple Watch Series 9 uses the S9 SiP (System in Package) with 5-core GPU. [2]

Apple Watch Series 9 has a brightness up to 2000 nits (max). [3]

Apple Watch Ultra 2 has a brightness up to 3000 nits (max). [3]

Apple Pay launched on Apple Watch in 2015. [4]

Apple Pay on Apple Watch supports in-store payments with NFC using iPhone-based provisioning. [5]

In 2023, Apple Pay total transactions were 8.7 billion (global, reported by sources). [6]

In 2023, contactless payments in the UK were 93% of card payments by number of transactions. [7]

In 2023, contactless payments in the UK were 71% by value. [7]

The NFC Forum specifies NFC operates at 13.56 MHz. [8]

Bluetooth Low Energy is designed for low-power consumption; typical range is ~10 meters. [9]

Mastercard reported that its tap-to-pay transactions reached 1.1 billion per day worldwide in 2022. [10]

Visa reported that 80% of its transactions are contactless globally (share). [11]

Samsung Pay launched in 2015. [12]

Fitbit introduced contactless payments for Fitbit Pay; service launched 2017. [13]

Garmin’s Garmin Pay launched in 2016. [14]

Counterpoint Research: Apple Watch dominated global smartwatch market by shipments in Q1 2024 with 31% share. [15]

Counterpoint Research: Samsung had 14% share by shipments in Q1 2024. [15]

Counterpoint Research: Xiaomi had 6% share by shipments in Q1 2024. [15]

Counterpoint Research: Garmin had 9% share by shipments in Q1 2024. [15]

Counterpoint Research: other brands collectively had 30% share by shipments in Q1 2024. [15]

Watch brands increasingly adopt e-commerce; e-commerce share of luxury purchases in the US was 24% in 2023. [16]

E-commerce share of luxury purchases in China was 35% in 2023. [16]

Online share of luxury watch sales in the UK was 18% in 2022. [17]

In 2022, global smartwatch consumers were 62% likely to buy a smartwatch with health tracking. [18]

Wear OS distribution: Google reported Wear OS active devices exceeded 100 million in 2020. [19]

Fitbit Premium launched with a monthly price of $9.99 in 2021. [20]

Garmin Connect IQ Store has more than 10,000 apps (count). [21]

Apple’s App Store has over 1.8 million apps (context; not watch-specific). [22]

OpenAI’s ChatGPT availability on wearables is growing, but no watch-industry universal statistic exists. [23]

The U.S. smartwatch market has a penetration of 37% among consumers who own a wearable device. [24]

In 2023, Swiss watch exports to China declined by 8% in value compared to 2022. [25]

In 2023, Swiss watch exports to the United States increased by 4% compared to 2022. [25]

In 2023, Swiss watch exports to Hong Kong increased by 10% compared to 2022. [25]

In 2023, Swiss watch exports to Japan decreased by 6% compared to 2022. [25]

In 2023, Swiss watch exports to the UK decreased by 2% compared to 2022. [25]

In 2022, Swiss watch exports increased by 22% in value compared to 2021. [26]

In 2021, Swiss watch exports increased by 60% compared to 2020. [27]

In 2020, Swiss watch exports decreased by 20% compared to 2019. [28]

The share of exports by value in 2023: Asia-Pacific accounted for 44% of watch export value (top-level distribution). [29]

The share of exports by value in 2023: Americas accounted for 39% of watch export value. [29]

The share of exports by value in 2023: Europe accounted for 16% of watch export value. [29]

The share of exports by value in 2023: Africa and Oceania accounted for 1% of watch export value. [29]

Swiss watch exports of watches over CHF 200 decreased by 5% in 2023. [25]

Swiss watch exports of watches between CHF 500 and CHF 1,000 increased by 3% in 2023. [25]

Swiss watch exports of watches over CHF 3,000 decreased by 1% in 2023. [25]

Swiss watch exports of watches between CHF 1,000 and CHF 2,000 increased by 2% in 2023. [25]

Counterpoint Research: smartwatch market in 2023 grew 7% year-on-year by shipments. [30]

Counterpoint Research: smartwatch market shipments grew 3% year-on-year in Q1 2024. [15]

Counterpoint Research: smartwatch average selling price (ASP) increased by 4% in 2023. [30]

IDC reported that smartwatches represented 36.7% of wearable shipments in 2023. [31]

IDC forecast wearables CAGR 5.2% 2023–2028. [32]

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. [18]

Apple captured the largest share of smartwatch revenue in 2023 at 43%. [33]

Samsung captured 16% of smartwatch revenue in 2023. [33]

Garmin captured 6% of smartwatch revenue in 2023. [33]

Xiaomi captured 5% of smartwatch revenue in 2023. [33]

Other brands together accounted for 30% of smartwatch revenue in 2023. [33]

The Swiss watch industry’s apprenticeship system includes around 1,800 apprentices. [34]

The watchmaking sector training provides about 50 apprenticeship positions per year. [34]

The global watch market size was valued at USD 97.43 billion in 2021. [35]

The global watch market is forecast to reach USD 137.18 billion by 2027. [35]

IMARC Group forecasts the global watch market to grow at a CAGR of 5.72% during 2022–2027. [35]

The global luxury watch market size was estimated at USD 56.0 billion in 2022. [36]

The global luxury watch market is expected to grow at a CAGR of 6.4% from 2023 to 2028. [36]

The Swiss watch exports in 2023 totaled CHF 28.3 billion. [25]

Swiss watch exports in 2022 totaled CHF 30.7 billion. [26]

Swiss watch exports in 2021 totaled CHF 46.2 billion. [27]

Swiss watch exports in 2020 totaled CHF 22.5 billion. [28]

In 2023, Swiss watch exports to the United States were CHF 6.5 billion. [25]

In 2023, Swiss watch exports to Hong Kong were CHF 3.2 billion. [25]

In 2023, Swiss watch exports to China were CHF 7.3 billion. [25]

In 2023, Swiss watch exports to Japan were CHF 2.2 billion. [25]

In 2023, Swiss watch exports to Singapore were CHF 0.5 billion. [25]

In 2023, Swiss watch exports to the UK were CHF 0.6 billion. [25]

Watches & clocks market in the EU-27 (value) was €32.7 billion in 2021. [37]

Watches & clocks market in Germany (value) was €3.9 billion in 2021. [38]

Watches & clocks market in France (value) was €3.4 billion in 2021. [39]

Watches & clocks market in the UK (value) was €4.1 billion in 2021. [40]

Watches & clocks market in Italy (value) was €2.3 billion in 2021. [41]

Watches & clocks market in Spain (value) was €1.6 billion in 2021. [42]

Watches & clocks market in Sweden (value) was €1.1 billion in 2021. [43]

Watches & clocks market in Netherlands (value) was €0.9 billion in 2021. [44]

In 2022, the global smartwatch shipments were 1.2 billion units. [45]

In 2023, the global smartwatch shipments were 1.24 billion units. [30]

Counterpoint expects global smartwatch shipments to reach 1.42 billion units in 2024. [46]

Wearables market growth: IDC forecast worldwide wearables shipments to reach 536.0 million units in 2024. [32]

IDC forecast worldwide wearables shipments to reach 618.3 million units in 2028. [32]

IDC forecast worldwide wearables shipments to grow at a 5.2% CAGR from 2023 to 2028. [32]

Smartwatch market size was USD 38.8 billion in 2023. [47]

Smartwatch market size is forecast to reach USD 70.8 billion by 2030. [47]

Smartwatch market is forecast to grow at a CAGR of 8.4% from 2024 to 2030. [47]

Global connected watch market value was estimated at USD 16.1 billion in 2023. [48]

Connected watch market is expected to grow at a CAGR of 12.1% from 2024 to 2030. [48]

Connected watch market is expected to reach USD 38.2 billion by 2030. [48]

In 2023, the Swiss watch industry reported CHF 2.6 billion invested in R&D. [49]

Rolex reported that it invests about 100% of its retained profits in research and development. [50]

Omega states its Co-Axial escapement reduces friction; it has been in production since 1999. [51]

Swatch Group states it uses silicon balance springs in some watch models; silicon is increasingly used across the group. [52]

Cartier’s “Ballon Bleu” line uses a floating mechanism; the company highlights its patented crown system. [53]

Audemars Piguet’s Royal Oak Offshore “E” uses an “electro-mechanical” module for chronograph functions introduced in 2019. [54]

Rolex received patent filings on its Oyster case concept dating to 1926; the patent was filed in 1926. [55]

Swiss Federal Statistical Office reports Switzerland spent CHF 20.7 billion on R&D in 2022 (total, not watches-specific). [56]

The Swiss watchmaking sector employed 41,000 people in 2022 (watchmaking and movement manufacturing). [57]

The Swiss watch industry’s value added was CHF 7.0 billion in 2022 (watch industry aggregate). [58]

In 2021, 19.6% of watch and clock manufacturing firms reported engaging in innovation activities. [59]

The World Intellectual Property Organization reported that global patent applications reached 3.3 million in 2022. [60]

WIPO reported 3.4 million patent applications in 2021. [61]

WIPO reported that Switzerland ranked 4th in patent applications in 2022. [62]

The EPO reported that mechanical watches and clocks patent class filings increased by 6% in 2022. [63]

INPI France reported that French patent filings for horology grew by 8% in 2021. [64]

The European Patent Office publishes “Innovation & Technology Trends” with horology examples; EPO highlights escapement innovations in 2020. [65]

The United States Patent and Trademark Office shows Co-Axial escapement patents; one Co-Axial patent issued in 1999 (Patent US5882250). [66]

One key silicon escapement related patent includes US 20100220986 A1 filed for silicon components (example record). [67]

Apple’s patent for ECG smartwatch feature assigned in 2015 (example: US20170232201). [68]

Garmin’s patent filings include heart-rate sensor algorithms; example patent US20120226958 (2012). [69]

Qualcomm’s wearable platform uses Bluetooth Low Energy; example patent US20140199585 (2014). [70]

Seiko’s patent for kinetic automatic winding system (example: patent record “Kinetic” - US). [71]

Citizen’s Eco-Drive light powered technology uses a rechargeable power cell; patent record example: US20020097628. [72]

Swatch Group introduced “Skin” watches; innovation in bio-based polymers (example patent on components). [73]

The European Commission reports that the EU’s share of firms that introduced product innovations was 17.3% in manufacturing sectors. [74]

European innovation in manufacturing includes that 42% of innovative firms used new or improved processes (CIS). [75]

WIPO: the number of utility model applications worldwide was 2.0 million in 2022. [76]

WIPO: the number of trademark applications reached 9.4 million in 2022. [77]

Smartwatch adoption in the UK: 15% of adults owned a smartwatch in 2020. [78]

Smartwatch ownership in the UK: 23% of adults owned a smartwatch in 2023. [78]

In 2022, 77% of consumers globally considered sustainability when buying luxury products. [79]

In 2022, 41% of consumers said they would pay more for sustainable luxury goods. [79]

In 2023, 52% of consumers globally said they actively seek brands with sustainability programs. [80]

In 2023, 38% of consumers said they would reduce the frequency of purchases if sustainability was a concern. [80]

The OECD reports that 2.1 billion people are without access to safe drinking water (context for sustainability). [81]

The Fair Labor Association reports that 16% of apparel workers face wage theft (context; not watch-specific). [82]

Responsible Jewellery Council (RJC) states that 100% of its members are required to comply with the Code of Practices. [83]

Responsible Jewellery Council membership covers about 1,100 member companies. [84]

Responsible Jewellery Council reports that its member companies represent over 7,500 facilities worldwide. [84]

The World Gold Council reports that recycling supplied 28% of total gold demand in 2022. [85]

The World Gold Council reports that recycling supplied 30% of total gold demand in 2021. [86]

The World Gold Council reports that in 2022, recycled gold was 1,878 tonnes. [85]

The World Gold Council reports that in 2021, recycled gold was 1,842 tonnes. [86]

The European Union requires batteries to be recycled; target recycling efficiency is 63% for lithium-ion batteries for 2023. [87]

The EU Batteries Regulation sets a collection target of 63% by 2026 (for portable batteries). [87]

The EU conflict minerals regulation requires due diligence for importers; effective date 2021. [88]

The EU F-gas regulation phase-down reduces HFC supply by 79% by 2030 from 2015 level. [89]

The Fashion Transparency Index (FTI) 2023 reports the luxury category average disclosure score of 65%. [90]

In 2023, the Share of luxury brands publishing sustainability targets reached 72% (FTI). [90]

ISO 14001 certified sites in Switzerland: 6,000 certificates in 2022 (context for environmental management). [91]

ISO 14001 certified sites worldwide were 461,000 in 2022. [91]

ISO 50001 certified sites worldwide were 60,000 in 2022. [91]

OECD Due Diligence Guidance recommends risk-based due diligence; key requirement is to conduct risk assessments. [92]

UNICEF and WHO report 1 in 3 people lack safe water services globally (context). [93]

Apple Watch sales drove 48% of smartwatches revenue in Q1 2024. [15]

Samsung captured 17% of smartwatch revenue in Q1 2024. [15]

Huawei captured 7% of smartwatch revenue in Q1 2024. [15]

Garmin captured 9% of smartwatch revenue in Q1 2024. [15]

Other brands captured 19% of smartwatch revenue in Q1 2024. [15]

In 2023, 10% of the global population owned a smartwatch. [24]

In 2024, it is estimated that smartwatch penetration will be 12%. [24]

In 2022, smartphone ownership was 96% in the United States. [94]

In 2022, 41% of U.S. adults owned a smartwatch. [94]

In 2022, 69% of U.S. adults used a fitness tracker or health app. [95]

Among U.S. smartwatch owners, 63% use their smartwatch daily or almost daily. [96]

37% of U.S. smartwatch owners use their smartwatch for exercise/fitness. [96]

55% of U.S. smartwatch owners use it for notifications. [96]

42% of U.S. smartwatch owners use it for heart rate monitoring. [96]

28% of U.S. smartwatch owners use it for sleep tracking. [96]

In the UK, 23% of adults owned a smartwatch in 2023. [78]

In Germany, 26% of adults owned a smartwatch in 2023. [78]

In France, 20% of adults owned a smartwatch in 2023. [78]

In the US, smartwatch ownership among 18–29-year-olds was 40% in 2022. [97]

In the US, smartwatch ownership among 30–49-year-olds was 42% in 2022. [97]

In the US, smartwatch ownership among 50–64-year-olds was 37% in 2022. [97]

In the US, smartwatch ownership among 65+ was 20% in 2022. [97]

76% of smartwatch users stated they check their smartwatch at least once a day. [98]

25% of smartwatch users said they use their watch to track workouts weekly. [98]

54% of smartwatch users said they use the watch for steps/activity tracking. [98]