Watch Industry Statistics

Once a symbol of punctuality, the luxury watch has quietly become a digitally driven, scarcity-fueled alternative asset: the secondary market has grown from $22 billion in 2021 toward a projected $35 billion by 2026, younger buyers and social media now steer demand while CPO programs, Chrono24 and eBay have legitimized trade and auctions have exploded, collectors chase models that are largely out of production and can command eye‑watering premiums even as a 22.9% correction reminds everyone of the risks, meaning buying a watch today is as much about portfolio signaling, sustainability and insurance as it is about telling time.

Like a well-made wristwatch, the global watch industry is precisely calibrated for profit: valued at about USD 101.05 billion in 2023 and forecast to grow at roughly 5.0% annually through 2030 with volume hitting an estimated 1.3 billion units by 2027, it combines mass-market scale—where the watches segment earned USD 75.75 billion and quartz models still capture over 65% of revenue while China and the US generated roughly USD 15.38 billion and USD 12.5 billion respectively—with a USD 42.21 billion luxury engine concentrated in the hands of LVMH, Richemont and Swatch Group which together command more than half the industry's revenue; Asia Pacific leads with over 40% share as India eyes a 6.92% CAGR and online sales already represent about 58% of its market, specialist retailers still account for over 65% of global distribution, Japan's exports rose 16.3% in 2022, and regional opportunities from the Middle East and Africa (projected to reach USD 6.5 billion by 2028) to Germany (USD 2.4 billion by 2025), Brazil (forecast at a 4.5% CAGR through 2027) and the UK (about £1.4 billion annually) persist even as the mid-range segment priced between USD 200 and USD 1000 lost 4% market share in 2022.

The Swiss watch industry, which employs about 65,000 people and saw mechanical watch production rise 4.5% in 2023 even as export volumes dropped from 30 million units in 2000 to 15 million today, is a paradox of resilience and exposure: steel accounted for over half of export volume in 2022 while precious metals still generate roughly 33% of export value, 93% of movements are produced by automated lines with Swatch Group’s ETA supplying about 75% of its brands’ movements and makers like Sellita producing around 1.5 million mechanical movements a year, yet Switzerland imports roughly 4 billion CHF of components with Hong Kong a major re-export hub and Miyota turning out over 100 million movements globally, all as energy costs rose about 25% in 2022 and sapphire crystal production consumes some 30% of component-manufacturing energy while lead times stretched from 3 to 9 months, more than half the workforce is concentrated in the vulnerable Jura arc and 85% of executives cite skilled labour shortages despite a 6% uptick in apprenticeships, and nascent sustainability wins such as Chopard’s 90% ethically sourced gold and Panerai’s 95% recycled steel for eSteel show the sector trying to marry heritage craftsmanship with modern economic and environmental realities within the 60% Swiss Made cost rule.

The smartwatch market looks like a crowded wristfight: Apple towers with 36.1% of global revenues and over 90% retention among iPhone users, overall shipments slipped 4% in 2023 amid inflation and China lockdowns, India exploded 294% to become the second-largest market as local brands like Fire-Boltt and Noise surged past legacy players, Samsung sits near 10% while Huawei holds around 7%, basic smartwatches rose 23% and hybrids are forecast to grow at an 11% CAGR, standalone cellular models account for 30% of shipments, fitness wearables still pull big dollars with Garmin at $1.1 billion and Fitbit over 120 million users, 80% of owners check steps daily, North America made up 29% of shipments and roughly 30% of U.S. broadband households own a smartwatch, and with the global wearable market near $61.3 billion the picture is clear: premium smartwatches wobble but mass-market and fitness-focused devices keep the industry ticking.

Swiss watchmaking now resembles a gilded pyramid, with record exports of 26.7 billion CHF in 2023 overwhelmingly mined by a tiny summit, Rolex alone topped 10 billion CHF and holds about 30.3% of retail sales while the Big Four command over 43% of sales, and yet beneath that summit mass-market triumphs like Swatch's 5.8 million MoonSwatches, rising independents and privately owned houses outpacing public groups, plus booming US demand up 35.6%, show there is still room for volume and growth.