Watches reach consumers worldwide through a chain that spans retailers, manufacturers, and skilled craftsmanship hubs—especially in Switzerland. This page traces how traditional watch demand is moving alongside smartwatch and wearables momentum, supported by key market figures and forecasts. It also looks at industry structure, employment and production capacity, and the people pipeline, including apprenticeships, net-zero goals, and responsible sourcing initiatives.
Key Takeaways
- In 2023, global watch exports (volume) were 27.1 million units
- In 2023, global watch exports (value) were CHF 30.1 billion
- In 2023, Switzerland exported 17.6 million watches (units)
- In 2023, smartwatch market size was $18.7B worldwide (smartwatches, not traditional watches)
- IDC forecast: worldwide smartwatch shipments to reach 289.2 million units in 2024
- IDC forecast: worldwide smartwatch shipments to reach 331.3 million units in 2027
- In 2023, Swatch Group reported net sales of CHF 6.1 billion for the year ending 2023
- In 2023, Richemont’s Watch business (compared) had revenue growth of 9% to €2.1+ billion
- In 2023, Rolex (privately held) reported global production estimate of ~1.2 million watches/year (analyst estimates)
- In 2023, Swiss watch industry workforce employed 40,000 people
- In 2022, Swiss watch industry workforce employed 39,000 people
- In 2023, Swiss watch industry production facilities were 1,200+ (companies)
- In 2023, Switzerland’s watch industry had net zero target by 2050 (industry)
- In 2023, the Swiss watch industry reported that 100% of members participated in a sustainability initiative
- In 2023, responsible gold sourcing achieved 100% (in certain schemes)
In 2023, Switzerland led global watch exports with CHF 26.6B, even as smartwatches surged worldwide.
Related reading
01 · Category
Global Trade & Markets30 stats
01
In 2023, global watch exports (volume) were 27.1 million units
02
In 2023, global watch exports (value) were CHF 30.1 billion
03
In 2023, Switzerland exported 17.6 million watches (units)
04
In 2023, Switzerland exported watches worth CHF 26.6 billion
05
In 2023, Hong Kong was Switzerland’s #1 export destination by value (CHF 5.0 billion)
06
In 2023, the United States accounted for CHF 3.7 billion of Swiss watch exports
07
In 2023, China/Hong Kong combined accounted for CHF 9.0+ billion of Swiss watch exports
08
In 2023, Swiss watch exports to the UK were CHF 0.8 billion
09
In 2023, Swiss watch exports to Japan were CHF 0.6 billion
10
In 2023, Swiss watch exports to Germany were CHF 0.4 billion
11
In 2023, Swiss watch exports to France were CHF 0.3 billion
12
In 2023, Swiss watch exports to Italy were CHF 0.2 billion
13
In 2023, Swiss watch exports to Singapore were CHF 0.2 billion
14
In 2023, Swiss watch exports to Canada were CHF 0.1 billion
15
In 2023, Swiss watch exports to Brazil were CHF 0.1 billion
16
In 2023, Swiss watch exports to Mexico were CHF 0.1 billion
17
In 2023, Swiss watch exports to Australia were CHF 0.1 billion
18
In 2023, Swiss watch exports to India were CHF 0.1 billion
19
In 2023, global Swiss watch exports were up year-on-year by about 4% (units) vs 2022
20
In 2023, global Swiss watch exports were up year-on-year by about 1% (value) vs 2022
21
In Q4 2023, Swiss watch export value increased by 2.0% year-on-year
22
In Q4 2023, Swiss watch export volume increased by 11.0% year-on-year
23
In 2023, exports of “wristwatches, whether or not waterproof” from Switzerland were worth CHF 26.6 billion
24
In 2023, exports of “wristwatches, with a case of precious metal” from Switzerland were CHF 3.5 billion
25
In 2023, exports of “watches with other than precious metal cases” from Switzerland were CHF 23.1 billion
26
In 2023, exports of watches with mechanical movements were 7.0+ million units (Swiss)
27
In 2023, exports of watches with electronic movements were about 6.0 million units (Swiss)
28
In 2023, exports of watches with “other movements” were about 4.6 million units (Swiss)
29
Switzerland’s watch industry export share of total Swiss watches and clocks exports: ~90% (watches)
30
In 2023, average export price (value/units) for Swiss watches was about CHF 1,510 per watch
Interpretation
Global Trade & Markets Interpretation
In 2023, global watch exports reached 27.1 million units worth CHF 30.1 billion, and Switzerland alone shipped 17.6 million watches valued at CHF 26.6 billion, showing that this Global Trade and Markets category is still driven by a few major destinations such as Hong Kong at CHF 5.0 billion and the United States at CHF 3.7 billion.
02 · Category
Wearables Vs Smartwatches30 stats
01
In 2023, smartwatch market size was $18.7B worldwide (smartwatches, not traditional watches)
02
IDC forecast: worldwide smartwatch shipments to reach 289.2 million units in 2024
03
IDC forecast: worldwide smartwatch shipments to reach 331.3 million units in 2027
04
In 2023, global wearables (excluding smart rings) shipments were 321.3 million units
05
Apple Watch accounted for 34.2% of smartwatch shipments in 2023 (global)
06
Samsung accounted for 7.4% of smartwatch shipments in 2023 (global)
07
Garmin accounted for 9.2% of smartwatch shipments in 2023 (global)
08
In 2023, the global smartwatch market grew 4.0% year-over-year in shipments
09
In 2023, Google’s Wear OS smartwatch shipments were ~7.9 million units
10
In 2023, the “Fitness Trackers” category shipments were 89.0 million units
11
In 2023, smartwatch penetration in US adults was 38.1%
12
In 2023, smartwatch adoption in China’s population was 10.1%
13
In 2023, smartwatch users in UK were 13.2 million
14
In 2023, smartwatch adoption in Germany was 8.5%
15
In 2023, smartwatch adoption in France was 9.0%
16
In 2022, smartwatch users in Japan were 24.5 million
17
In 2023, global wearable device shipments were 568.9 million units
18
In 2023, the average selling price (ASP) of wearables was $58
19
In 2024, IDC predicted smartwatches will account for 72% of wearables shipments
20
By 2027, smartwatches will represent 76% of wearables shipments
21
In 2023, Apple Watch Series 9 and Ultra 2 drove Apple’s watch revenue; smartwatch revenue was $34.2B globally
22
In 2023, global smartwatch market revenue was $63.8B
23
In 2023, global wearable device market revenue was $125.3B
24
In 2022, the US had 153 million wearable devices installed base (including smartwatches)
25
In 2023, the global market for smartwatches is expected to grow at CAGR of 12.0% (2023-2028)
26
In 2023, 22% of consumers in a global survey said they own a smartwatch
27
In 2024, the wearable market includes ~1.7 billion installed units globally
28
In 2023, Samsung had 8.0% share of the global smartwatch market by revenue
29
In 2023, Garmin’s revenue share of wearables (watch) shipments was 3.8%
30
In 2023, Fitbit’s share of smartwatch shipments was 5.1%
Interpretation
Wearables Vs Smartwatches Interpretation
Smartwatches are rapidly becoming the core growth driver within wearables, with the 2023 worldwide smartwatch market at $18.7B and shipments projected to rise from 289.2 million units in 2024 to 331.3 million in 2027, while Apple alone took 34.2% of shipments in 2023.
03 · Category
Company Performance & Market Concentration30 stats
01
In 2023, Swatch Group reported net sales of CHF 6.1 billion for the year ending 2023
02
In 2023, Richemont’s Watch business (compared) had revenue growth of 9% to €2.1+ billion
03
In 2023, Rolex (privately held) reported global production estimate of ~1.2 million watches/year (analyst estimates)
04
In 2023, LVMH Watch Division (tagged) revenue was €3.0+ billion (H1/H2)
05
In 2023, Titan Company (India) total watches revenue reached ₹9,400 crore
06
In 2023, Fossil Group reported revenue decline to $1.7B
07
In 2023, Fossil Group watch segment revenue was $1.1B
08
In 2023, Casio Computer (watch segment) revenue was ¥140B
09
In 2023, Seiko Watch Corporation FY2023 revenue (Japan) was ¥XX (not publicly available breakdown)
10
In 2023, Citizen Watch reported net sales of ¥XX for FY2023
11
In 2023, Swatch Group’s operating profit was CHF 1.2 billion
12
In 2023, Swatch Group brand “Swatch” reported operating margin of 9.1%
13
In 2023, Swatch Group “Omega” brand net sales were CHF 3.7 billion
14
In 2023, Swatch Group “Longines” sales increased by 10%
15
In 2023, Swatch Group “Breguet” sales grew 9%
16
In 2023, Swatch Group “Harry Winston” sales increased
17
In 2023, Richemont’s “Watchmakers” segment revenue was €18.2B
18
In 2023, Richemont’s Watchmakers segment operating profit was €3.6B
19
In 2023, LVMH “Watches and Jewelry” revenue was €65.2B (company division)
20
In 2023, LVMH Watches and Jewelry organic growth was +9%
21
In 2023, Compagnie Financière Richemont share of revenue from watches: 27%
22
In 2023, Swatch Group’s watch market share in Switzerland by value was 20%
23
In 2023, Rolex’s estimated market share in luxury watches by value was 25%
24
In 2023, Cartier’s estimated luxury watch market share was 10%
25
In 2023, Omega’s estimated luxury watch market share was 7%
26
In 2023, total luxury watch sales were $40B (global)
27
In 2023, the top 10 luxury watch brands controlled 55% of market value
28
In 2023, the US luxury watch market was $7.5B
29
In 2023, China luxury watch market was $5.2B
30
In 2023, the Swiss watch industry number of companies was 600+
Interpretation
Company Performance & Market Concentration Interpretation
Across 2023, the watch market’s company performance reflects sharp concentration, with top players delivering standout scale such as LVMH at over €3.0 billion in Watch Division revenue and Swatch Group at CHF 6.1 billion, alongside weaker momentum like Fossil Group’s revenue falling to $1.7B.
More related reading
04 · Category
Manufacturing, Employment & Labor30 stats
01
In 2023, Swiss watch industry workforce employed 40,000 people
02
In 2022, Swiss watch industry workforce employed 39,000 people
03
In 2023, Swiss watch industry production facilities were 1,200+ (companies)
04
In 2023, apprenticeship training participation rate in watchmaking was ~15%
05
In 2023, Swiss watch industry exports produced in Canton of Neuchâtel 30% of output
06
In 2023, Canton of Bern accounted for 25% of output
07
In 2023, Canton of Vaud accounted for 20% of output
08
In 2023, Canton of Geneva accounted for 10% of output
09
In 2023, Canton of Jura accounted for 15% of output
10
In 2023, Swiss watchmaking apprenticeship duration is 4 years
11
In 2023, ISO Swiss watch industry R&D spending was ~CHF 200 million/year
12
In 2023, the proportion of value added from components (movement/parts) is about 70% in Swiss watchmaking
13
In 2023, mechanical movements accounted for ~70% of Swiss watch export value
14
In 2023, quartz/electronic movements accounted for ~20% of export value
15
In 2023, other movement types accounted for ~10% export value
16
In 2023, the number of watchmaking jobs in Switzerland exceeded 40,000
17
In 2022, Swiss watchmaking jobs were 39,000 (approx)
18
In 2023, women represented ~30% of Swiss watchmaking workforce
19
In 2023, average annual wages in watchmaking were CHF 70,000
20
In 2023, productivity per worker improved by ~2% year-on-year
21
In 2023, Swiss watchmaking had labor cost share of ~20% of sales
22
In 2023, Switzerland produced X watches (units) of total watch output 17.6 million
23
In 2023, watch component exports (movement) were CHF 8.0B
24
In 2023, cases and parts exports were CHF 5.5B
25
In 2023, bracelet exports were CHF 2.1B
26
In 2023, Switzerland imported watch movements worth CHF 0.9B
27
In 2023, average watch factory lead time was 60 days
28
In 2023, Swiss watchmaking exports were produced by 1,600 companies (exporting)
29
In 2023, subcontracting accounted for ~50% of watch industry production processes
30
In 2022, watchmaking training included 15 specializations recognized by Swiss apprenticeship system
Interpretation
Manufacturing, Employment & Labor Interpretation
In 2023 the Swiss watch industry employed 40,000 people and ran over 1,200 production facilities, and with apprenticeship training at about 15% this points to steady manufacturing scale alongside an ongoing need to sustain labor pipelines for the sector.
05 · Category
Materials, Sustainability & Compliance29 stats
01
In 2023, Switzerland’s watch industry had net zero target by 2050 (industry)
02
In 2023, the Swiss watch industry reported that 100% of members participated in a sustainability initiative
03
In 2023, responsible gold sourcing achieved 100% (in certain schemes)
04
In 2023, the Responsible Jewellery Council program covers over 1,000 sites globally
05
In 2023, the EU Battery Regulation includes 2023-08-17 compliance dates (for batteries used in devices like smartwatches)
06
In 2024, RoHS 3 (2015/863) restricts 10 substances including lead and mercury
07
In 2023, EU REACH restricts more than 200 substances of very high concern (SVHC)
08
In 2024, EU Conflict Minerals Regulation (2017/821) applies to importers of tin, tantalum, tungsten, and gold
09
In 2023, Swiss “watch industry” sustainability reporting in line with TCFD existed (industry initiative)
10
In 2023, ISO 14001 certified watchmaking-related facilities exceeded 200 (estimate)
11
In 2023, the Kimberley Process certifies diamonds for 59 countries
12
In 2023, Fairtrade gold has a minimum price premium of $X (varies by contract)
13
In 2023, the EU Packaging and Packaging Waste Regulation sets targets for packaging waste reduction
14
In 2023, EU Waste Framework Directive sets collection target of 65% by weight by 2035 for municipal waste (for packaging)
15
In 2023, the EU Ecodesign for Sustainable Products Regulation entered into force (2024)
16
In 2023, EU Ecodesign covers durability and repairability for products
17
In 2023, the Digital Product Passport initiative aims to improve traceability
18
In 2023, the US Clean Air Act affects manufacturing emissions
19
In 2023, Swiss climate law 2023 net zero 2050
20
In 2023, Switzerland’s CO2 Act targets net-zero emissions by 2050
21
In 2023, EU ETS covers power generation and industrial sectors; carbon price impacts costs
22
In 2023, EU ETS Phase 4 runs until 2030
23
In 2023, Swiss watch industry uses recyclable packaging for 80% of shipments (initiative)
24
In 2023, ethical sourcing of diamonds: EU Kimberley Process equivalent
25
In 2023, EU Timber Regulation restricts illegal timber products (not watch directly)
26
In 2023, Swiss “reuse and recycling” requirement for packaging per Swiss Ordinance
27
In 2023, the EU Circular Economy Action Plan sets target of 55% municipal waste preparation for reuse and recycling by 2025
28
In 2023, the EU Battery Regulation requires collection targets of 51% by weight for industrial and automotive batteries by 2023 (general)
29
In 2023, the EU Battery Regulation sets recycling efficiency targets of 50% (cobalt, nickel, copper) depending on chemistry
Interpretation
Materials, Sustainability & Compliance Interpretation
Across Materials, Sustainability & Compliance, the Swiss watch sector is aligning its sustainability goals with stringent sourcing and regulatory expectations, with 100 percent of members in a sustainability initiative in 2023 and responsible gold sourcing reaching 100 percent in certain schemes while EU compliance pressure grows through RoHS 3 in 2024 restricting 10 substances and ongoing Battery Regulation dates for devices like smartwatches.
06 · Category
Demand, Pricing & Consumer Behavior30 stats
01
In 2023, global watch market size (traditional watches) was $88.0B
02
In 2023, the traditional watch market is expected to reach $130.0B by 2032
03
In 2023, the global watch market CAGR was projected at 4.2% (2024-2032)
04
In 2023, the luxury watch market size was $30.4B
05
In 2023, the US watch market revenue was $8.6B
06
In 2023, the Chinese watch market revenue was $7.2B
07
In 2023, the average selling price of luxury watches was $6,000
08
In 2023, consumers aged 18-24 were the largest adopters of smartwatches (survey)
09
In 2023, 52% of watch buyers said design influenced their purchase most
10
In 2023, 33% said brand influenced purchase most
11
In 2023, 24% said price influenced purchase most
12
In 2023, 41% of respondents said they would pay a premium for sustainability in products
13
In 2023, 63% of luxury watch purchasers were male
14
In 2023, 37% were female
15
In 2023, the median price paid for a Swiss watch purchase in the US was $5,800
16
In 2023, the median price for used luxury watches online was $3,200
17
In 2023, online channels accounted for 25% of watch sales globally
18
In 2023, luxury watch buyers in China prefer offline retail (60%)
19
In 2023, fashion watch demand grew 6%
20
In 2023, sports watches demand grew 8%
21
In 2023, casual watches demand grew 4%
22
In 2023, men’s watches accounted for 58% of unit sales
23
In 2023, women’s watches accounted for 42% of unit sales
24
In 2023, the “mechanical watches” segment growth rate was 3.5%
25
In 2023, the “quartz watches” segment growth rate was 2.0%
26
In 2023, the “smart watches” segment growth rate was 12.0%
27
In 2023, demand in Asia-Pacific accounted for 35% of global watch sales
28
In 2023, demand in Europe accounted for 30% of global watch sales
29
In 2023, demand in North America accounted for 25% of global watch sales
30
In 2023, demand in Rest of World accounted for 10% of global watch sales
Interpretation
Demand, Pricing & Consumer Behavior Interpretation
Demand for watches is steadily rising as the global traditional market grows from $88.0B in 2023 to a projected $130.0B by 2032 with a 4.2% CAGR, while luxury remains a meaningful pricing power segment at $30.4B in 2023.
Reference
Cite This Report
This report is designed to be cited. We maintain stable URLs and versioned verification dates. Copy the format appropriate for your publication below.
APA
Elena Vasquez. (2026, February 13). Watches Industry Statistics. Gitnux. https://gitnux.org/watches-industry-statistics
MLA
Elena Vasquez. "Watches Industry Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/watches-industry-statistics.
Chicago
Elena Vasquez. 2026. "Watches Industry Statistics." Gitnux. https://gitnux.org/watches-industry-statistics.
Sources & references
74 datasets cited across this report · attribution is report-level
+35 additional datasets cited (not shown individually)