As per the Federation of the Swiss watch industry (FH), Switzerland crafts approximately 15 to 20 million watches annually — a modest volume accounting for merely 2% of global timepiece production. Yet, this disparity highlights a dedication to excellence over quantity. Despite its diminutive size, Switzerland dominates the luxury watch sector, commanding over 50% of the industry's value and producing more than 95% of timepieces priced at CHF 1,000 or higher. In essence, Switzerland emerges as a powerhouse in luxury watches. The allure of Swiss craftsmanship is revered by watch connoisseurs worldwide, solidifying the nation's supremacy in crafting exquisite timepieces. Delve into the elite realm of luxury watches by exploring the top 8 renowned brands that reign within this prestigious domain.
What Are The Top 8 Luxury Watch Brands – The Numbers in Brief
The following are the top eight luxury watch brands:
To identify the top 8 luxury watch brands, we avoided simply listing famous high-end watchmakers or personal favorites. Our selection process involved analyzing data, including the latest insights from Morgan Stanley and LuxeConsult on the Swiss watch industry and monthly figures from the CHF. It's important to note that the detailed report co-authored by Morgan Stanley and LuxeConsult was released in 2023. Additionally, some watch brands are private entities that keep their financial information confidential, leading to specific data being approximated.
With that in mind, here's a table of the top ten luxury watch brands according to the turnover numbers as reported by Morgan Stanley and LuxeConsult, which are all in Swiss Francs (CHF), but we used the average 2024 exchange rate (CHF to USD: 1.13) to make it more understandable for our American readers.
| Brand | Estimated Sales | Estimated Units Sold | Implied Retail Market Share | Implied Average Price Per Watch |
|---|---|---|---|---|
| Rolex | CHF 10.1 billion (USD 11.38 billion) | 1,240,000 | 30% | CHF 12,218 (USD 13,762) |
| Cartier | CHF 3.1 billion (USD 3.49 billion) | 660,000 | 8% | CHF 5,712 (USD 6,433) |
| Omega | CHF 2.6 billion (USD 2.93 billion) | 570,000 | 7% | CHF 6,573 (USD 7,404) |
| Audemars Piguet | CHF 2.35 billion (USD 2.65 billion) | 51,000 | 5% | CHF 48,456 (USD 54,578) |
| Patek Philippe | CHF 2.05 billion (USD 2.31 billion) | 70,000 | 6% | CHF 39,990 (USD 45,042) |
| Richard Mille | CHF 1.5 billion (USD 1.69 billion) | 5,600 | 3% | CHF 275,000 (USD 309,746) |
| Breitling | CHF 870 million (USD 980 million) | 178,000 | 2% | CHF 6,769 (USD 7,624) |
| IWC | CHF 726 million (USD 817.8 million) | 137,000 | 2% | CHF 7,019 (USD 7,906) |
Rolex: The Top Luxury Watch Brand
There are no surprises here. Rolex reigns as the premier luxury watch brand worldwide, commanding about 30% of the Swiss watch market amidst approximately 300 other Swiss watch brands. In 2023, they sold an estimated 1.24 million timepieces, generating over $10.1 billion in sales. The average retail price for a Rolex watch stands at approximately CHF 12,218 (USD 13,762).
The retail sector boasts impressive numbers, and that's not even factoring in Rolex's strong presence in the secondary market! Renowned for iconic watches like the Day-Date, Datejust, Submariner, Daytona, GMT-Master II, and more.
Cartier
Cartier comes second, holding approximately 8% of the market share, with sales reaching nearly $3.1 billion in 2023. Cartier is believed to have sold around 660,000 watches in the same year at an average retail price of approximately CHF 5,712 (USD 6,433) each.
During the mid-2000s, Cartier delved into experimental watch designs and intricate timepieces. However, in recent years, the brand has shifted back to its origins, presenting refreshed iterations of its iconic watches, such as the Tank, Santos, Panthere, Pasha, Ballon Bleu, and more.
Omega
For many years, Omega held the second spot among the world's leading luxury watch brands but has recently slipped to third place, trailing behind Cartier. Despite this, Omega remains a strong contender, with sales reaching nearly $2.6 billion in 2023 from selling 570,000 watches, capturing a 7% market share. On average, an Omega watch is priced at CHF 6,573 (USD 7,404).
Omega's Speedmaster and Seamaster watches are highly renowned in the American market, while the Constellation serves as a cornerstone in specific markets.
Audemars Piguet
Over the past decade, Audemars Piguet has surged in the luxury watch industry rankings. Despite selling an estimated 51,000 watches in 2023, the brand generated sales of approximately $2.3 billion, capturing a 5% market share. The average retail price of an Audemars Piguet watch in 2023 was roughly CHF 48,456 (USD 54,578).
The Royal Oak continues to be Audemars Piguet's premier watch collection, commemorating its 50th anniversary in 2023. We also have the more athletic Royal Oak Offshore and the recently introduced Code 11.59. Despite a challenging beginning, Code 11.59 is now establishing its place within AP's lineup.
Patek Philippe
For many watch enthusiasts, Patek Philippe stands out as a top luxury watch brand globally. Let's delve into the numbers: In 2023, Patek Philippe sold around 70,000 watches, generating sales of about $2.05 billion and holding a market share of approximately 6%. The average retail price for a Patek Philippe watch in 2023 was roughly $39,990, surprisingly lower than AP by about CHF 39,990 (USD 45,042).
Patek Philippe's Nautilus and Aquanaut sports watches remain highly popular, but true enthusiasts and collectors prize the brand's grand complications above all.
Richard Mille: The Most Expensive of the Top Luxury Watch Brands
Richard Mille stands out among the top luxury watch brands with intriguing figures. Despite selling the fewest watches in 2023 at just 5,600 units, Richard Mille achieved nearly $1.5 billion in sales, securing a 3% market share. This remarkable success can be attributed to the remarkably high average retail price of approximately CHF 275,000 (USD 309,746) for its watches. Such is the demand that prices in the gray market exceed even this substantial figure.
Richard Mille stands out not just as a leading luxury watch brand globally in terms of sales but also for its reputation of crafting some of the most expensive timepieces in the world. While many Richard Mille watches are highly sought after, notable fan favorites include the RM 11, RM 67, RM 55, and more.
Breitling
Breitling faced challenges in the early 2000s, but the brand has regained its stride under George Kern's leadership since 2017. Breitling has reclaimed its position as a premier luxury watchmaker with a mix of timeless classics, refreshed favorites, and fresh designs. Recording $870 million in sales from 178,000 watches sold, Breitling captured a market share of 2%. The average retail price of a Breitling watch in 2023 stood at approximately CHF 6,769 (USD 7,624).
Breitling boasts remarkable collections such as the Navitimer, Chronomat, Avenger, SuperOcean, and Premier.
IWC
IWC still needs to become a member of the billionaire's club, but with its current trajectory, it is poised to join soon. In 2023, IWC sold 137,000 watches with an average retail price of approximately CHF 7,019 (USD 7,906), resulting in $726 million in sales and capturing a 2% market share.
While IWC is widely recognized for its Pilot's Watches and Big Pilot's Watches, the Portugieser and Ingenieur collections boast dedicated followers. Let's remember the extensive range of complications IWC offers, including perpetual calendars.
The Finest High-End Watch Companies
The top 8 luxury watch brands globally are revealed through the numbers. We present various brands, from entry-level luxury to ultra-exclusive, with plenty in between.
Moreover, these Eight brands collectively present a splendid array of watch styles, offering many designs, features, complications, and materials to cater to a wide range of watch enthusiasts.
Experience the luxury and sophistication of the world's top luxury watch brands at Luxurious Time in Miami, FL. Visit our showroom and let our knowledgeable staff assist you in finding the perfect timepiece to complement your style and elevate your collection.
