Key Insights
Essential data points from our research
The global watch market was valued at approximately USD 92.4 billion in 2022
The watch market is projected to reach USD 124 billion by 2027
Switzerland exported CHF 24.8 billion worth of watches in 2023
Rolex was the leading Swiss watch brand in 2022 with a 29% market share
Asia is the largest market for Swiss watch exports, accounting for over 50% of total exports in 2023
Mechanical watches accounted for nearly 81% of the value of Swiss watch exports in 2023
In 2023, more than 16.9 million Swiss watches were exported worldwide
Smartwatches accounted for about 60% of all watch sales in the U.S. in 2023
Apple holds approximately 30% of the global smartwatch market as of 2023
Garmin and Samsung are the second and third biggest players in the smartwatch market in 2023
The average price of a Swiss exported watch was CHF 1,473 in 2023
Seiko Epson produced over 1.1 million watch movements in 2022
The mechanical watch movement market is projected to grow at a CAGR of 5.2% from 2023 to 2028
Brands and Market Leadership
- Rolex was the leading Swiss watch brand in 2022 with a 29% market share
- Apple holds approximately 30% of the global smartwatch market as of 2023
- Garmin and Samsung are the second and third biggest players in the smartwatch market in 2023
- Seiko Epson produced over 1.1 million watch movements in 2022
- Omega holds roughly 8% of the Swiss watch market share in 2023
- WatchBox raised over USD 165 million in Series D funding in 2021
- Omega Speedmaster is one of the best-selling chronograph watches of all time
- The U.S. accounts for 25% of Apple Watch sales globally
- The Swiss city of Geneva is home to more than 200 watchmaking companies
- Cartier sold nearly 620,000 watches in 2023
- Breitling aims to reach carbon neutrality by 2025
- Longines ranks among the top 5 Swiss watch brands by volume
- The largest smartwatch market region is North America with over 35% share
- Google’s Wear OS owns about 10% of the smartwatch operating system market in 2023
- The most expensive watch ever sold is the Patek Philippe Grandmaster Chime at USD 31 million
- Tissot offers over 400 models globally
- Vacheron Constantin has been continuously operating since 1755
- Richemont Group owns 11 high-end watch maisons
- Panerai opened 35 new stores globally in 2023
- IWC Schaffhausen operates over 80 boutiques internationally
- Citizen Group sells over 20 million watches annually
- Movado reports annual revenue of over USD 700 million
- Audemars Piguet produces around 40,000 watches annually
Interpretation
In a world where Apple times your jog and Rolex times your legacy, the global watch industry ticks to a dual beat of tech dominance and timeless prestige—proof that whether measured in microchips or moonphases, time is still big business.
Consumer Behavior and Preferences
- Smartwatches accounted for about 60% of all watch sales in the U.S. in 2023
- Chrono24, a leading online watch marketplace, serves more than 9 million users monthly
- Over 60% of consumers aged 25–34 own at least one smartwatch
- Millennials are the primary demographic for luxury watch purchases online
- The average Swiss watch buyer owns 3 to 5 watches
- Over 75% of watch consumers still value in-person retail experience
- Digital watches make up less than 5% of luxury watch sales
- The majority of smartwatches sold fall in the USD 150–300 price range
- Women accounted for 35% of Swiss mechanical watch purchases in 2023
- The average cost of servicing a luxury watch is around USD 500–1,000
- Approximately 25% of luxury watch purchases are now made online
- The average repair time for luxury watches is 2 to 6 weeks
- Watch enthusiasts spend an average of 4 hours a week browsing watch content online
- Limited edition watches make up about 10% of mechanical watch sales annually
Interpretation
As smartwatches tick steadily into the mainstream—claiming 60% of U.S. sales and millennials’ wrists—traditional luxury timepieces still hold their vintage charm, commanding high prices, long repair times, and the hearts (and screens) of devoted collectors who spend hours online chasing rare ticks in a digital age.
Market Size and Growth
- The global watch market was valued at approximately USD 92.4 billion in 2022
- The watch market is projected to reach USD 124 billion by 2027
- The mechanical watch movement market is projected to grow at a CAGR of 5.2% from 2023 to 2028
- The global smartwatch market was valued at USD 42.8 billion in 2023
- Over 144 million smartwatches were shipped globally in 2023
- In 2023, the luxury watch sector grew by 8.3%, outpacing the general watch market
- Certified pre-owned watch market was estimated at USD 25 billion in 2023
- eBay sold more than 200,000 luxury watches in 2022
- The smartwatch segment is expected to grow at 12.2% CAGR through 2028
- India saw a 50% growth in smartwatch shipments in 2023
- The U.S. watch market was valued at USD 12.3 billion in 2023
- TAG Heuer saw a 6.5% sales increase in 2023
- The resale value of Rolex watches increased on average by 6% annually over the past 5 years
- WatchTime magazine reaches over 600,000 readers worldwide monthly
- The global vintage watch market is valued at over USD 10 billion
- Smartwatches are predicted to account for over 70% of all watch shipments by 2030
- LVMH watch division grew 12% in revenue in 2023
- Hublot saw double-digit growth in Asia-Pacific in 2023
- Fossil Group saw a 14% decline in smartwatch sales in 2023
- 80% of Swiss watch companies see Asia as a future growth driver
- The connected watch segment within Swiss industry grew 9.2% in 2023
- Online watch sales jumped by 36% during the pandemic in 2020
Interpretation
As timeless craftsmanship courts cutting-edge tech, the watch industry is ticking toward a future where luxury, legacy, and lithium-ion cells power a $124 billion race against obsolescence—one wrist at a time.
Technology and Innovation
- eBay launched a luxury watch authentication service in 2020
- Wristwatches were first mass-produced in the early 20th century during World War I
- The tourbillon, a luxury watch complication, adds approximately 30% to production cost
- Bluetooth is the most common connectivity option in smartwatches, used in over 85% of devices
- Bulgari set a record for the thinnest automatic watch at 3.95mm in 2022
- Over 20 brands now offer blockchain-authenticated digital watch certificates
Interpretation
From battlefield wristwear to blockchain-backed bling, the watch industry has ticked its way from utilitarian timekeeping to a high-tech, high-price badge of authenticity and innovation.
Trade and Exports
- Switzerland exported CHF 24.8 billion worth of watches in 2023
- Asia is the largest market for Swiss watch exports, accounting for over 50% of total exports in 2023
- Mechanical watches accounted for nearly 81% of the value of Swiss watch exports in 2023
- In 2023, more than 16.9 million Swiss watches were exported worldwide
- The average price of a Swiss exported watch was CHF 1,473 in 2023
- Japan imported over CHF 1.5 billion worth of Swiss watches in 2023
- China is the top importer of Swiss watches globally
- Over 40% of Swiss watches exported in 2023 were made of steel
- Watches imported into the EU face a 4.5% customs duty
Interpretation
Swiss watchmakers ticked past CHF 24.8 billion in exports in 2023, proving that even in a world racing toward digital everything, Asia’s luxury lovers still prefer the timeless elegance of steel-clad, mechanical wrist art—just be ready to pay customs if you're in the EU.