Luxury Watch Statistics By Revenue, Country, Region And Market Share

Introduction

Luxury Watch Statistics: The luxury watch industry has witnessed significant development in recent years. For the most part, this industry focuses on incorporating the luxurious properties of Swiss watches and is regarded as a prominent export-driven sector. It is essential to go through the Luxury Watch Statistics to get a comprehensive idea of this lucrative industry.

By garnering essential information about the luxury watch industry, one can gain important insights about this field. By going through the information about the luxury watch industry, one can get essential growth factors that can make people aware of this industry.

Editor’s Choice

• The Luxury Watch statistics reveal that the luxury watch industry’s market revenue is expected to be USD 85 billion by the end of 2028.
• The revenue from second-hand luxury watches increased from USD 2.65 million in 2022 to USD 436.87 million in 2014.
• The import value of luxury watches peaked in 2022 at USD 56.9 billion.
• Hong Kong is the top importer of luxury watches, with USD 7.6 billion.
• Louis Vuitton is the top-rated luxury brand watch with USD 129.9 billion as of 2023.

Market Revenue Of The Luxury Watch Industry

(Reference: Statista.com)

• The luxury watch statistics show that the revenue of the luxury watch industry is growing consistently.
• In 2018, the luxury watch industry generated revenue of $62,566.26 million.
• By the end of 2023, the luxury watch industry generated revenue of around $75,000.
• Revenue from the luxury watch industry is predicted to reach approximately $85k by the end of 2028.

Revenue Of The Luxury Watch Industry In Central And Western Europe

(Reference: Statista.com)

• Luxury watch statistics showcase that they have generated substantial revenue in recent years.
• In 2018, the luxury watch industry generated revenue of $9,920.29 billion.
• By the end of 2023, there was $11,480.34 billion in revenue.
• The luxury watch industry’s revenue is predicted to be $12,752.72 billion by the end of 2028.

Luxury Watch Industry In Asia Pacific Region

(Reference: Statista.com)

• The luxury watch industry showcases that China is the highest revenue region with revenue of $24,502.41 million in 2023.
• It is followed by Hong Kong with $9,442.38 million, Japan with $4,157.21 million, Singapore with $2,349.22 million, India with $2,235.82 million, South Korea with $2,154.81 million, Australia with $762.82 million, Thailand with $441.68 million, Malaysia with $371.25 million, Vietnam with $142.35 million, Philippines with $116.89 million, New Zealand with $93.93 million, Indonesia with $76.83 million, Pakistan with $11.54 million.

Revenue Of Second Land Luxury Watches

(Reference: Statista.com)

• The luxury watch statistics even showcase that the revenue of second-hand luxury watches is increasing consistently.
• In 2014, the revenue of second-hand luxury watches was $436.87 million.
• By the end of 2023, the revenue of second-hand luxury watches was $2,651.81 billion.
• It is predicted that by the end of 2028, the revenue of the luxury watch industry will be $3,668.29 million.

Luxury Watch Industry Revenue  Growth On YOY Basis

(Reference: Statista.com)

• The luxury watch industry has witnessed variable growth in recent years.
• The luxury watch statistics show that in 2021, the US had a 49% growth rate. Europe has a 25% growth rate and China’s 40% growth rate.
• It is predicted that by the end of 2024, the luxury watch industry will grow by around 4% in Europe, 3% in the US and 5% in China.

Merage And Acquisition Deals Involving Luxury Watch Companies

(Reference: Statista.com)

• Luxury watch statistics showcase that merger and acquisition deals were highest during 2021 at $1,096 million.
• By the end of 2022, the deal involving luxury watches deal was $5,62 million.

Import Value Of Luxury Watches And Clocks Worldwide

(Reference: Statista.com)

• Luxury watch statistics reveal that the import value of watches and clocks has fluctuated over the past 19 years.
• In 2003, the import value of luxury watches was $21.6 billion.
• By the end of 2022, the import value of luxury watches was $56.9 billion, which was the highest since 2003.
• Between the period (2003 – 2022), the lowest import value was $28.9 billion in 2009.

Export Value Of Watches And Clocks Worldwide

(Reference: Statista.com)

• The luxury watch statistics show that the export value increases consistently over time, with fluctuations in some instances.
• In 2003, the export value was $21.4 billion.
• By the end of 2022, the export value of watches and clocks was $56.7 billion.
• The lowest export value between the period (2003 and 2022 ) was $29.3 billion in 2009.

Leading Luxury Watch-Importing Countries

(Reference: Statista.com)

• The luxury watch statistics showcase that Hong Kong is the leading watch-importing country, with an import value of $7.6 billion.
• It is followed by the United States with $6.6 billion, China with $4.4 billion, Switzerland with $3.7 billion, and France with $3.3 billion of imports in 2022.

Leading Watch Export Countries

(Reference: Statista.com)

• The Luxury watch statistics show that Switzerland is the largest exporting country with a $24.4 billion export value.
• It is followed by Hong Kong with $7.7 billion, China with $4.7 billion, France with $2.5 billion, and Germany with $2 billion in exports.

Leading Wrist Watches Export Countries

(Reference: Statista.com)

• The luxury watch statistics showcase that there is a demand among customers for wristwatches worldwide.
• China was the leader in the wristwatch exporting countries, with exports accounting for $540.5 billion by the end of 2022.
• It is followed by Hong Kong with $137.3 billion.
• Finally, there are Germany, Switzerland, and the United States that amounting to $16.5 billion, $15.8 billion, and $9.6 billion by the end of 2022.

Switzerland Watch Exports Worldwide By Country

(Reference: Statista.com)

• Switzerland is the leader in watch exports worldwide. Hence, it is essential to learn about the countries in which it exports.
• The Luxury watch statistics showcase that as of 2023, Switzerland had the highest export in the United States, with export values of 4.16 billion Swiss Francs.
• China and Hong Kong are the 2nd and 3rd highest export regions, with 2.76 billion Swiss francs and 2.36 billion Swiss francs.

Swiss Watch Export By Materials

(Reference: Statista.com)

• The luxury watch statistics showcase that steel is easily the highest exported material worldwide between the period (2016 – 2023).
• As of 2023, 9008k units of Stell have been exported, followed by 4,983k units of other material, 1,398k units of other metals, 1,176k units of bimetallic, and 446k units of precious metals.

Global Export Of Electronic And Mechanical Swiss Watch Exports

(Reference: Statista.com)

• The luxury watch statistics showcase that the export value of the watches’ electronic components is consistently increasing.
• As of 2023, there have been 10,638k units of electronic components exports vs 6,285k mechanical components.

Most Valuable Luxury Brand Worldwide

(Reference: Statista.com)

• The luxury watch statistics reveal that Louis Vuitton is the most valued luxury brand worldwide, with a brand value of $129,857 million.
• It is followed by Hermes with $93,676 million, Chanel with $60,152 million, Gucci with $23,820 million, Dior with $11,982 million, Cartier with $10,514 million, Rolex with $9,099 million, Saint Laurent with $6,505 million, Tiffany and Co with $6,202 million and Prada with $5,125 million brand value.

Sales Of Leading Luxury Watches

(Reference: Statista.com)

• Luxury watch statistics reveal that Rolex is the highest-selling luxury watch brand as of 2022, with $9,747.33 million in revenue.
• It is followed by Cartier WWatches with $2,882.28 million, Omega with $2,558.81 million, Audemars with $2,106.68 million, Pratek with $1,886.58 million, Richard with $1,362.53 million, Longines with $1,226.1 million, IWC with $951.67 million, Breitling with $901.37 million and Vacheron with $864.68 million.

Market Share Of Luxury Watch Brands

(Reference: Statista.com)

• As per the luxury watch statistics, Rolex has the highest market share at 29.2%.
• It is followed by Cartier WWatches with a 7% share, Omega with a 7.7% share, Audemars with a 7% share, Pratek with a 5.1% share, Richard with a 2.7% market share, Longines with a 3.9% market share, IWC with a 2.6% share, Breitling with a 2.6% share and Vacheron with a 2.2% market share.

Luxury Watch Industry Overview

The luxury watch market has experienced notable growth in recent years, driven by increasing consumer demand for premium products and the growing appeal of high-end timepieces as status symbols. As a market researcher, it is essential to analyze the current trends and forecast the future of this lucrative market. In this report, we will delve into the Luxury Watch Statistics for 2023 and 2024, highlighting key data points and insights.

• Market Size and Growth

In 2023, the global luxury watch market was valued at approximately 40 billion US dollars. This marked a significant increase from the previous year, showcasing a steady growth rate of around 5%. The primary drivers behind this growth were rising disposable incomes, the increasing popularity of luxury brands, and a strong rebound in consumer spending post-pandemic. Furthermore, the market benefited from a surge in demand for vintage and limited-edition timepieces, which appeal to collectors and enthusiasts alike.

Looking ahead to 2024, the luxury watch market is projected to reach 42 billion US dollars, continuing its upward trajectory with an estimated growth rate of 5% per year. This consistent growth is fueled by expanding consumer bases in emerging markets such as China and India, where the appetite for luxury goods is on the rise. Additionally, the trend of online sales has become increasingly prominent, providing consumers with easier access to luxury watches and driving further market expansion.

• Consumer Preferences and Trends

Luxury Watch Statistics reveal that consumer preferences are evolving, with a growing emphasis on sustainability and craftsmanship. In 2023, approximately 30% of luxury watch buyers indicated a preference for brands that emphasize sustainable practices, such as using recycled materials or reducing their carbon footprint. This trend is expected to continue in 2024, with more brands focusing on eco-friendly initiatives to attract environmentally conscious consumers.

Another key trend highlighted by Luxury Watch Statistics is the increasing demand for smart luxury watches, which combine traditional craftsmanship with modern technology. In 2023, smart luxury watches accounted for nearly 10% of the market, a figure that is expected to rise to 12% by 2024. This growth can be attributed to the desire for connectivity and convenience, as well as the appeal of high-end smartwatches that do not compromise on luxury aesthetics.

• Key Market Players and Competitive Landscape

The luxury watch market is dominated by a few major players, including Rolex, Patek Philippe, Omega, and Audemars Piguet. In 2023, these brands collectively held more than 50% of the market share. Rolex, in particular, remains the leader, with an estimated 30% share of the luxury watch market. The brand’s strong reputation for quality, exclusivity, and timeless design continues to drive its success.

In 2024, the competitive landscape is expected to remain largely unchanged, with these key players maintaining their dominance. However, emerging brands are making strides by offering innovative designs that appeal to younger consumers who are looking for distinctive and unique timepieces. This shift is likely to create more competition in the market, pushing established brands to innovate and adapt to changing consumer tastes.

• Regional Insights

The luxury watch market in 2023 was heavily concentrated in Europe, accounting for around 35% of global sales, followed by North America at 25%, and Asia-Pacific at 20%. The US remained the largest individual market, generating approximately 10 billion US dollars in sales. In 2024, Asia-Pacific is expected to see the most significant growth, driven by rising wealth in countries like China, which could account for up to 25% of global sales by the end of the year.

Conclusion

The luxury watch industry has witnessed consistent growth driven by rising disposable incomes and rising demand for premium products among consumers. As of 2023, the global luxury watch market was valued at approximately $40 billion, with a growth rate of about 5%.

The aspects based sustainability, craftmanship and smart designs involving watches have emerged as the key driving factors for the increase in customer preference for luxury watches. Going by the luxury watch statistics, it is safe to say that this industry will continue to grow at a consistent pace.

Saisuman Revankar

Saisuman is a skilled content writer with a passion for mobile technology, law, and science. She creates featured articles for websites and newsletters and conducts thorough research for medical professionals and researchers. Fluent in five languages, Saisuman's love for reading and languages sparked her writing career. She holds a Master's degree in Business Administration with a focus on Human Resources and has experience working in a Human Resources firm. Saisuman has also worked with a French international company. In her spare time, she enjoys traveling and singing classical songs. Now at Smartphone Thoughts, Saisuman specializes in reviewing smartphones and analyzing app statistics, making complex information easy to understand for readers.

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