Last Updated on December 28, 2023 by Ch David
This research article delves into the watch industry revenue, growth, key players, customer demography, global presence and more.
The watch industry’s revenue varied from $76 billion in 2023 to $56 billion in 2020, with relatively stable figures between $66 to $73 billion from 2018 to 2022.
| Year | Watch Industry Revenue |
|---|---|
| 2023 | $76 billion |
| 2022 | $66 billion |
| 2021 | $66 billion |
| 2020 | $56 billion |
| 2019 | $73 billion |
| 2018 | $73 billion |
| 2017 | $71 billion |
| 2016 | $69 billion |
| 2015 | $69 billion |
| 2014 | $72 billion |
| 2013 | $71 billion |
Source: Statista
Watch industry revenues vary by country. China consistently leads with revenues ranging from $13.96 billion to $17.80 billion (2020-2023), followed by the United States with figures of $9.73 billion to $12.44 billion. Other countries like Japan, the United Kingdom, France, India, Italy, Germany, Mexico, and South Korea also contribute within this billion-dollar range.
| Country | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|---|
| China | $16.54 billion | $17.02 billion | $17.08 billion | $13.96 billion | $15.84 billion | $15.77 billion | $17.80 billion |
| United States | $12.04 billion | $12.20 billion | $12.34 billion | $9.73 billion | $11.10 billion | $11.10 billion | $12.44 billion |
| Japan | $7.30 billion | $7.51 billion | $7.66 billion | $6.60 billion | $7.37 billion | $6.99 billion | $8.09 billion |
| United Kingdom | $2.02 billion | $2.18 billion | $2.15 billion | $1.57 billion | $2.15 billion | $2.12 billion | $2.48 billion |
| France | $2.08 billion | $2.22 billion | $2.15 billion | $1.59 billion | $2.11 billion | $1.93 billion | $2.34 billion |
| India | $1.81 billion | $1.78 billion | $1.90 billion | $1.19 billion | $1.49 billion | $1.67 billion | $1.84 billion |
| Italy | $1.63 billion | $1.71 billion | $1.63 billion | $1.17 billion | $1.54 billion | $1.40 billion | $1.69 billion |
| Germany | $1.52 billion | $1.61 billion | $1.55 billion | $1.20 billion | $1.54 billion | $1.39 billion | $1.68 billion |
| Mexico | $1.52 billion | $1.58 billion | $1.64 billion | $937 million | $1.19 billion | $1.33 billion | $1.46 billion |
| South Korea | $1.49 billion | $1.56 billion | $1.48 billion | $1.12 billion | $1.32 billion | $1.32 billion | $1.47 billion |
Source: Statista
The luxury watch industry’s revenue is projected to be $48 billion in 2023, compared to $44 billion in 2022, $42 billion in 2021, and $35 billion in 2020.
Similarly, revenues were $44 billion in 2019 and $41 billion in 2018.
| Year | Luxury Watch Revenue |
|---|---|
| 2023 | $48 billion |
| 2022 | $44 billion |
| 2021 | $42 billion |
| 2020 | $35 billion |
| 2019 | $44 billion |
| 2018 | $41 billion |
Source: Statista
The smartwatch industry’s revenue is expected to reach a peak of $61.69 billion in 2027.
In 2023, the revenue is projected to be $44.91 billion, following $38.6 billion in 2022, $38.05 billion in 2021, $32.05 billion in 2020, $23.74 billion in 2019, and $18.46 billion in 2018.
| Year | Smartwatch Revenue |
|---|---|
| 2023 | 44.91 billion |
| 2022 | 38.6 billion |
| 2021 | 38.05 billion |
| 2020 | 32.05 billion |
| 2019 | 23.74 billion |
| 2018 | 18.46 billion |
Source: Statista
In 2023, luxury watches make up 40%, while non-luxury watches contribute 60% of the share.
This pattern has remained steady, indicating a balanced distribution between the two segments.
| Year | Luxury Watches | Non-Luxury Watches |
|---|---|---|
| 2023 | 40% | 60% |
| 2022 | 44% | 56% |
| 2021 | 40% | 60% |
| 2020 | 42% | 58% |
| 2019 | 41% | 59% |
| 2018 | 39% | 61% |
| 2017 | 39% | 61% |
| 2016 | 40% | 60% |
| 2015 | 40% | 60% |
| 2014 | 38% | 62% |
| 2013 | 37% | 63% |
Source: Statista
The second-hand luxury watches market generated around $786 million in revenue in 2021. It’s projected to grow significantly, reaching over $2 billion by 2027.
This market has shown consistent growth in recent years.
| Year | Second-hand Watch Industry Revenue |
|---|---|
| 2023 | $1.32 billion |
| 2022 | $1.12 billion |
| 2021 | $786 million |
| 2020 | $590 million |
| 2019 | $603 million |
| 2018 | $473 million |
| 2017 | $365 million |
Source: Statista
In 2023, the watch industry’s revenue per person is approximately $9.86. Over the years, this figure has shown variations, ranging from $7.5 to $10.29 in 2014.
| Year | Watch Industry Revenue per Person |
|---|---|
| 2023 | $9.86 |
| 2022 | $8.68 |
| 2021 | $8.8 |
| 2020 | $7.5 |
| 2019 | $9.91 |
| 2018 | $9.94 |
| 2017 | $9.75 |
| 2016 | $9.63 |
| 2015 | $9.68 |
| 2014 | $10.29 |
| 2013 | $10.22 |
Source: Statista
In 2019, key players in the watch industry were Apple (15% market share), Richemont, Rolex, and the Swatch Group (each with 5% market share), with other brands making up the remaining 70%.
| Top Watch Brands | Watch Industry Market Share |
|---|---|
| Apple | 15% |
| Richemont | 5% |
| Rolex | 5% |
| Swatch Group | 5% |
| Other | 70% |
Source: Statista
Rolex watches can retain around 50% of their original retail price, making them strong investments. Timex and Rolex have the highest resale values, with average premiums of 49.3% and 47.5%, respectively.
Omega and IWC also show positive resale values, while brands like Shinola, Tag Heuer, and Apple have negative resale values.
| Watch Brands | Average Premium/Resale Value |
|---|---|
| Timex | 49.3% |
| Rolex | 47.5% |
| Omega | 19.5% |
| IWC | 17% |
| Casio | 9.5% |
| Seiko | 9% |
| Tudor | -3.5% |
| Apple | -21.8% |
| Breitling | -29.3% |
| Tag Heuer | -32.8% |
| Shinola | -73% |
Source: Statista
The worldwide watch market was valued at US$ 71.1 Billion in 2022. IMARC Group predicts it to grow to US$ 98.6 Billion by 2028, with a 5% CAGR from 2023 to 2028.
Source: IMARC
In 2022, Rolex dominated the Swiss watch market with a 30.9% share, followed by Swatch at 19.8%.
Other major players included Richemont at 19.5%, LVMH at 6.3%, and Patek Philippe at 5.1%.
| Swiss Watch Brand | Swiss Watch Market Share |
|---|---|
| Rolex | 30.9% |
| Swatch | 19.8% |
| Richemont | 19.5% |
| LVMH | 6.3% |
| Patek Philippe | 5.1% |
| Audemars Piguet | 4.7% |
| Richard Mille | 2.7% |
| Breitling | 2.6% |
| Others | 2.6% |
Source: Statista
In 2022, Apple dominated the smartwatch market with a 30% share, followed by Samsung at 10.1%. Huawei and Noise held 6.9% and 5.8% shares, respectively.
Other significant players included Amazfit, Garmin, and boAt.
| Smartwatch Brands | 2022 | 2021 | 2020 |
|---|---|---|---|
| Apple | 30% | 32.60% | 32.90% |
| Samsung | 10.10% | 9.80% | 8.90% |
| Huawei | 6.90% | 7.40% | 10.70% |
| Imoo | – | 5% | 6.40% |
| Amazfit | 4.10% | 4.90% | 5% |
| Garmin | 4.10% | 4.60% | 4.30% |
| Fitbit | – | 3.60% | 5.70% |
| Mi | – | 3.50% | 1.50% |
| Noise | 5.80% | – | – |
| Fossil | – | – | 2.20% |
| Fire-Boltt | 5.70% | – | – |
| boAt | 3.90% | – | – |
| Others | 29.40% | 28.60% | 22.40% |
Source: Statista
In 2018, Richard Mille was the priciest luxury watch brand with an average price of around $141,171. Patek Philippe followed with an average of over $54,000.
This set them apart from brands like Rolex, Longines, Omega, Cartier, and Tissot, which had lower average prices.
| Top Luxury watches | Average Price of top Luxury watches |
|---|---|
| Richard Mille | $141,171.18 |
| Patek Philippe | $54,132.55 |
| Audemars Piguet | $50,781 |
| Rolex (Rolex) | $12,390.56 |
| Longines (Swatch Group) | $6,296.84 |
| Omega (Swatch Group) | $5,992.16 |
| Cartier Montres (Richemont) | $1,624.99 |
| Tissot (Swatch Group) | $761.72 |
Source: Statista
In the US, Apple tops as the most recognized watch brand (85%), followed closely by Rolex (84%) and Timex (70%). The study measured awareness using logo and name recognition.
Other notable brands include Casio, Cartier, Seiko, Fossil, and Citizen, each with varying recognition levels.
| Leading Watch brands in the US | Share of respondents |
|---|---|
| Apple | 85% |
| Rolex | 84% |
| Timex | 70% |
| Casio | 69% |
| Cartier | 63% |
| Seiko | 61% |
| Fossil | 57% |
| Citizen | 54% |
| Omega | 52% |
| TAG Heuer | 34% |
| Longines | 31% |
| Tissot | 30% |
| Patek Philippe | 28% |
| Rotary | 28% |
| Richard Mille | 25% |
| Audemars Piguet | 24% |
| IWC | 22% |
Source: Statista
In the UK, Rolex stands as the most recognized watch brand (94%), followed by Apple (90%) and Casio (85%). This Swiss brand has a strong presence with 94 percent awareness among online consumers.
Other prominent brands include Hugo Boss, Cartier, Omega, and Seiko, each holding varying recognition levels.
The survey employed aided brand recognition, utilizing both logo and written brand name.
| Leading Watch brands in the UK | Share of respondents |
|---|---|
| Rolex | 94% |
| Apple | 90% |
| Casio | 85% |
| Hugo Boss | 83% |
| Cartier | 80% |
| Omega | 77% |
| Seiko | 77% |
| Rotary | 69% |
| Citizen | 68% |
| Timex | 66% |
| Fossil | 57% |
| Tissot | 54% |
| Longines | 42% |
| Patek Philippe | 30% |
| Richard Mille | 24% |
| Audemars Piguet | 20% |
| IWC | 20% |
Source: Statista
In 2023, 59.9% of watch sales occurred offline, while 40.1% were made online. This marks a shift towards online sales, which have steadily grown from 20% in 2017.
| Year | Watches Offline Sales Channel | Watches Online Sales Channel |
|---|---|---|
| 2023 | 59.9% | 40.1% |
| 2022 | 61.6% | 38.4% |
| 2021 | 62.8% | 37.2% |
| 2020 | 64.6% | 35.4% |
| 2019 | 75.9% | 24.1% |
| 2018 | 78% | 22% |
| 2017 | 80% | 20% |
Source: Statista
China led wristwatch exports globally in 2022, with 540.5 million watches shipped. Hong Kong followed with 137.3 million, and other countries like Germany, Switzerland, and the United States also played significant roles.
| Country | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|
| China | 644.3 million | 361.1 million | 427.9 million | 540.5 million |
| Hong Kong | 197.8 million | 138.3 million | 160.1 million | 137.3 million |
| Germany | 16.9 million | 13.1 million | 13.6 million | 16.5 million |
| Switzerland | 20.6 million | 13.8 million | 15.7 million | 15.8 million |
| United States | 11.3 million | 8.2 million | 8.8 million | 9.6 million |
Source: Statista
In 2022, the United States ranked second in wristwatch imports, with a value of $6.6 billion. Hong Kong led with $7.6 billion, followed by China, Switzerland, and France.
| Country | Watch Import value |
|---|---|
| Hong Kong | $7.6 billion |
| United States | $6.6 billion |
| China | $4.4 billion |
| Switzerland | $3.7 billion |
| France | $3.3 billion |
Source: Statista
The global watch market was valued at US$ 71.1 billion in 2022. The industry’s annual revenue for 2022 is around $66 billion and is projected to reach $76 billion in 2023.
The watch industry is valued at approximately $76 billion in 2023 and is projected to have a compound annual growth rate (CAGR) of 4.44% from 2023 to 2026.
China leads in revenue generation with $17.8 billion, and the revenue per person is around $9.86.
The industry is divided between luxury and non-luxury segments, with 60% attributed to non-luxury watches in 2023.
Additionally, the smartwatch segment is expected to reach $61.69 billion by 2027, showing significant growth.
The biggest market for watches is China, which generates the largest revenue in the global watch industry. In 2023, China’s watch market is estimated to be worth $17.8 billion, making it a significant player in the industry.
The watch industry is worth billions of dollars. In 2023, the watch industry’s revenue is estimated to be around $76 billion. This demonstrates the substantial economic value of the industry on a global scale.
The luxury watch industry refers to the segment of the watch market that focuses on high-end, prestigious timepieces. These watches are often crafted with exceptional craftsmanship, quality materials, and intricate design.
Luxury watches include renowned brands like Rolex, Patek Philippe, Audemars Piguet, Jaeger-LeCoultre, Cartier, Omega, Hublot, and Richard Mille.
The United States is one of the largest markets for watches, consistently ranking as one of the top countries in terms of watch consumption. Its sizable population, diverse consumer preferences, and strong economy contribute to its significant watch-buying activity.
Switzerland is renowned worldwide for its watchmaking industry. The country has a long history of producing high-quality watches and is often associated with precision, craftsmanship, and luxury in the watch industry.
