Watch Industry Revenue and Growth Statistics (2024)

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Ch Daniel
Watch Industry Revenue and Growth
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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.

Amazing Facts About the Watch Industry

  • Watches segment revenue: $76 billion in 2023, with a 4.44% annual growth.
  • Highest revenue source: China, generating $17.8 billion in 2023.
  • Per person revenues: $9.86 globally in 2023.
  • Non-Luxury share: By 2023, 60% of watch segment sales will be non-luxury.

Luxury Watch Industry

  • Luxury Watches revenue: $48 billion in 2023, growing at 2.38% annually.
  • Leading revenue source: China, with $10.89 billion in 2023.
  • Per person revenues: $6.30 globally in 2023.

Smartwatch Industry

  • Smartwatches revenue: Projected to be $44.91 billion in 2023.
  • Projected growth: Annual growth rate of 8.26% (CAGR 2023-2027), reaching $61.69 billion by 2027.
  • User penetration: Expected to be 2.74% in 2023, rising to 2.89% by 2027.
  • Average revenue per user (ARPU): Estimated at $213.70.
  • Top revenue contributor: China, with projected revenue of $17.82 billion in 2023.

Watch Industry Revenue

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.

YearWatch 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 Revenue by Country

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.

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

Luxury Watch Industry Revenue

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.

YearLuxury Watch Revenue
2023$48 billion
2022$44 billion
2021$42 billion
2020$35 billion
2019$44 billion
2018$41 billion

Source: Statista

Smartwatch Industry Revenue

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.

YearSmartwatch Revenue
202344.91 billion
202238.6 billion
202138.05 billion
202032.05 billion
201923.74 billion
201818.46 billion

Source: Statista

Watch Industry Revenue Share (Luxury or Non-luxury)

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.

YearLuxury WatchesNon-Luxury Watches

Source: Statista

Second-hand Watch Industry Revenue

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.

YearSecond-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

Customers’ Impact on the Watch Industry Revenue

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.

YearWatch Industry Revenue per Person

Source: Statista

Who are the Key Players in the Watch Industry?

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 BrandsWatch Industry Market Share
Swatch Group5%

Source: Statista

What are the Most Profitable Watch Brands? (Resale Value)

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 BrandsAverage Premium/Resale Value
Tag Heuer-32.8%

Source: Statista

What is the size of the Watch Industry Market?

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

Luxury Watch Market Share (Swiss)

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 BrandSwiss Watch Market Share
Patek Philippe5.1%
Audemars Piguet4.7%
Richard Mille2.7%

Source: Statista

Smartwatch Market Share

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 Brands202220212020

Source: Statista

What is the Average Price of Top Luxury Watches?

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 watchesAverage 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

Top watch brands ranked by brand awareness

What are the top Watch Brands in the United States?

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 USShare of respondents
TAG Heuer34%
Patek Philippe28%
Richard Mille25%
Audemars Piguet24%

Source: Statista

What are the top Watch Brands in the United Kingdom?

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 UKShare of respondents
Hugo Boss83%
Patek Philippe30%
Richard Mille24%
Audemars Piguet20%

Source: Statista

Overview of the watch industry selling channels

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.

YearWatches Offline Sales ChannelWatches Online Sales Channel

Source: Statista

What Country Exports the Most Wristwatches?

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.

China644.3 million361.1 million427.9 million540.5 million
Hong Kong197.8 million138.3 million160.1 million137.3 million
Germany16.9 million13.1 million13.6 million16.5 million
Switzerland20.6 million13.8 million15.7 million15.8 million
United States11.3 million8.2 million8.8 million9.6 million

Source: Statista

What Country Imports the Most Wristwatches?

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.

CountryWatch 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

Frequently Asked Questions About the Watch Industry

What are the top 10 watches?

  1. Rolex Submariner
  2. Patek Philippe Nautilus
  3. Audemars Piguet Royal Oak
  4. Omega Speedmaster
  5. Rolex GMT-Master II
  6. A. Lange & Söhne Lange 1
  7. Jaeger-LeCoultre Reverso
  8. IWC Big Pilot’s Watch
  9. Breguet Classique Complications
  10. Richard Mille RM 011

How big is the watch industry?

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.

What is the market analysis of the watch industry?

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.

What is the biggest market for watches?

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.

How much money is in the watch 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.

What is the luxury watch industry?

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.

What country buys the most watches?

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.

Which country is famous for watches?

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.

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About the Author

Ch Daniel is the co-founder and co-CEO of Legit Check By Ch, one of the world's leading companies in product authentications. Daniel's experience: 8+ years in the luxury industry, 7+ years in the authentication industry, 10+ years of business development. Currently, Daniel is overseeing the development of new products of Legit Check By Ch.
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