In 2024, after three years of recovery following the pandemic crisis, the Swiss watchmaking sector recorded a decline in exports, with a 2,8% decline compared to the previous year. The total value of retail sales reached 50 billion Swiss francs (around 52,9 billion euros). The contraction was particularly evident in China, where exports fell by 23%. In contrast, the US market showed growth of 4%, partially offsetting the slowdown in Asia.
Rolex maintained its leadership position in the sector, with an estimated turnover of 10,6 billion Swiss francs. These figures emerge from the annual analysis of the Swiss watch industry conducted by Morgan Stanley in collaboration with LuxeConsult, which examined the performance of the 50 leading brands.
An Increasingly Polarized Market
The analysis highlights a growing polarization in the sector, with large groups strengthening their position at the expense of mid-range brands. High-end watches, with a price above 50 Swiss francs, accounted for 33,5% of the total value of exports, contributing significantly to the growth of the sector. However, the total number of units sold decreased significantly, from 16 million to around 13 million pieces.
Turnover and Performance of the Main Brands
The data shows a strong disparity between brands: only 11 of the 50 brands analyzed recorded growth in 2024. The overall turnover of the main market players fell from 36,1 billion to 35,3 billion Swiss francs, while the number of units sold fell, confirming an increase in the average price of watches.
The four major independent brands—Rolex, Patek Philippe, Audemars Piguet and Richard Mille—consolidated their leadership, increasing their overall market share to 47%, an increase of 300 basis points compared to 2023. In contrast, the three large listed groups (LVMH, Richemont and Swatch Group) suffered a loss of market share.
Rolex strengthened its position thanks in part to the acquisition of Bucherer, a strategic move that changed the brand's distribution model. However, satellite brand Tudor suffered, with sales dropping by 34%, slipping to 21st place in the ranking of the best performing brands.
Cartier, part of the Richemont group, maintained a market share of 8%, while Omega (Swatch Group) maintained third place with 7%. Swatch Group, however, faced a difficult period, with sales of some of its main brands declining: Longines (-20%), Breguet (-20%) and Tissot (-9%). Overall, the group lost two percentage points of market share, settling at 18,3%.
Group Dynamics and Emerging Trends
Patek Philippe overtook the LVMH Group in terms of market share, reaching 6,5%, while Audemars Piguet continued its growth, with sales of 2,4 billion Swiss francs and an increase of 3%. LVMH recorded a slight contraction in its market share, while Richemont remained essentially stable. The worst performer was Swatch Group, which suffered a 14,6% decline in overall sales.
The analysis also highlights a consolidation of luxury brands, with the four major groups—Rolex (including Tudor), Swatch Group, Richemont and Patek Philippe—accounting for more than 75% of the market. Rolex leads with a 33,2% share, followed by Swatch Group (18,3%), Richemont (17,8%) and Patek Philippe (6,5%). LVMH ranks fifth with 5,7%.
The Outlook for 2025
The Swiss watch industry is undergoing a transformation, with the big brands strengthening and the ultra-luxury segment growing. Meanwhile, mid-range brands are facing increasing competition and declining demand. The global smartwatch market appears to have stabilized, with sales estimated at 75 million units, while Swiss watch exports stand at 15,3 million.
The forecast for 2025 remains uncertain, with the sector facing new economic challenges and changes in consumer purchasing habits. However, the dominance of luxury brands and the increase in the average price of watches suggest a market increasingly oriented towards the premium segment.
Morgan Stanley Ranking 2024
- Rolex
- CARTIER
- Omega
- Audemars Piguet
- Patek Philippe
- Richard Mille
- Longines
- Vacheron Constantin
- Breitling
- Tissot
