Watches have been a symbol of status for centuries. They represent precision, elegance, and convenience. Sometimes, people buy them merely for their aesthetic appeal, while at other times, people buy them for their technical features, such as being precise to the last second or even milliseconds. This is what makes watches such a desirable collectible. In some cases, they can even command high sums of money.
The watch market is propelled by factors such as growing economic prosperity, changing fashion and lifestyle trends, significant technological advancements, a rising middle-class population, increasing adoption of premium accessories, strong marketing and branding, and rapid online retail and e-commerce expansion.
Worldwide Watches Sold by Company
- In 2023, Rolex produced 1.24 million watches last year and outshone other top brands like Cartier, Audemars Piguet, Omega, Richard Mille, and Patek Philippe in sales.
- Rolex produced 1.24 million watches last year, outselling other top brands like Cartier, Audemars Piguet, Omega, Richard Mille, and Patek Philippe in 2023.
- Audemars Piguet has announced a slight uptick in sales for the year 2023. The company sold approximately 51,000 watches, which marks a 2% increase from their sales in the previous year, 2022.
- Patek Philippe sold around 70,000 watches in 2023, representing a 3% increase from the previous year.
- Swatch experienced a unique growth trajectory in 2022 thanks to the success of MoonSwatch, which sold over two million pieces and contributed to 73% of the brand's sales.
Country-wise Watches Sold
- Morgan Stanley has recently reported that Chinese buyers have contributed to almost 30% of the worldwide sales of Swiss watches in 2023.
- According to International Data Corporation, the wearable market in India recorded a remarkable growth of 34% in 2023, reaching a record high of 134.2 million units.
- The UAE saw a significant increase in off-plan sales transactions in 2023, with a 99% increase compared to the previous year. The total number of off-plan sales transactions reached 10,151, representing 76% of the total transactions for the year.
- 2023 Malaysia exported manufactured watches, clocks, and parts worth 2.08 Billion Malaysian ringgit.
- A survey conducted in the UK has found that 13% of consumers are considering buying a luxury watch between 2023 and 2025. The percentage rises to 22% for those living in London.
- The Swiss watch industry sold 16.9 million watches in 2023, a 7.7% increase from 2022.
- 2023 French watch industry exports increased by 11.2%, with 83% of total items priced at 200 francs. Watches priced over 3,000 francs saw a 9.4% increase, while the 200-3,000 francs segment saw a marginal rise of 0.9% by value and 1.9% by number of items compared to 2022.
- Swiss watch exports to Canada increased by 11.4% in 2022, with 15.8 million wristwatch items exported, up by 50,000 from the previous year.
China Watch Market
The ever-changing consumer behavior in the Chinese watch market, particularly among the younger generations, is rising yearly. Gen Z and millennials are among the most valuable consumer groups for luxury products. The local familiarity with international luxury brands has also increased, and consumers demand watches that align with their personalized aesthetics, cater to their emotional needs, and exemplify their social status. Swiss watch imports into China have been steadily increasing since September 2023, with an average growth rate of 8.7 percent since 2021, according to open data from the Federation of the Swiss Watch Industry.- The newly launched Huawei Watch four, and Huawei Watch 4 Pro series were popular in August 2023.
- The Xiaomi S2 watch, released in November 2022, is expected to compete with the Apple Watch and Samsung Galaxy Watch 5.
Watch Market Company Analysis
The global watch market comprises significant companies such as Fossil Group Inc., Titan Company Limited, LVMH Group, Apple Inc., Compagnie Financière Richemont S.A, The Swatch Group Ltd, Citizen Watch Co. Ltd., and Seiko Group Corporation.Watch Market Company News
- In November 2023, Titan Watches launched its Stellar collection of space-themed watches, which was unveiled by Wing Commander Rakesh Sharma, India's first astronaut.
- In August 2023, Bucherer, a Swiss retailer that specializes in watches and jewelry, was acquired by Rolex.
- In June 2023, Saint Laurent and Girard-Perregaux collaborated to create the Casquette, a limited-edition digital watch with an LED display and quartz movement technology.
- In May 2023, Timex Group acquired Just Watches, including its physical stores and online platform.
- In March 2023, Rolex introduced nine new models, ranging from a refined dress watch to a surprising timepiece with colorful bubbles on the dial. The collection also includes the latest iteration of a renowned racing clock that's been iconic for six decades.
Type - Market breakup in 3 viewpoints:
1. Quartz Watches2. Electronic Watches
3. Mechanical Watches
Gender - Market breakup in 3 viewpoints:
1. Men2. Women
3. Unisex
Price Range - Market breakup in 2 viewpoints:
1. Luxury2. Non-Luxury
Distribution Channel - Market breakup in 3 viewpoints:
1. Hyper Market/Super Market2. Convenience Stores
3. Online
Country - Market breakup of 25 Countries:
1. North America1.1 United States
1.2 Canada
2. Europe
2.1 France
2.2 Germany
2.3 Italy
2.4 Spain
2.5 United Kingdom
2.6 Belgium
2.7 Netherland
2.8 Turkey
3. Asia Pacific
3.1 China
3.2 Japan
3.3 India
3.4 South Korea
3.5 Thailand
3.6 Malaysia
3.7 Indonesia
3.8 Australia
3.9 New Zealand
4. Latin America
4.1 Brazil
4.2 Mexico
4.3 Argentina
5. Middle East & Africa
5.1 Saudi Arabia
5.2 UAE
5.3 South Africa
All the Key players have been covered from 3 Viewpoints:
- Overview
- Recent Development
- Revenue Analysis
Company Analysis:
1. Fossil Group Inc.2. Titan Company Limited
3. LVMH Group
4. Apple Inc.
5. Compagnie Financière Richemont S.A
6. The Swatch Group Ltd
7. Citizen Watch Co. Ltd.
8. Seiko Group Corporation
Table of Contents
Companies Mentioned
- Fossil Group Inc.
- Titan Company Limited
- LVMH Group
- Apple Inc.
- Compagnie Financière Richemont S.A
- The Swatch Group Ltd
- Citizen Watch Co. Ltd.
- Seiko Group Corporation
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 210 |
| Published | June 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 73.82 Billion |
| Forecasted Market Value ( USD | $ 114.81 Billion |
| Compound Annual Growth Rate | 5.0% |
| Regions Covered | Global |
| No. of Companies Mentioned | 8 |
