2025 Global Watch Industry Development Report

The global watch industry in 2025 is in a phase of structural adjustment where tradition and innovation intertwine. Market growth has moderated, yet specific segments show notable vitality. High-end mechanical watches uphold their value, smartwatches continue to expand their market share, the secondary/pre-owned watch market is rising, and regional market performances are distinctly divergent. The following presents the core findings of the 2025 global watch industry development report, based on industry data and market dynamics:

I. Overall Industry Landscape

Market Size Shows Moderate Growth: The global watch market reached $32 billion in 2024 and is projected to grow by 8.3% in 2025, surpassing $34.6 billion. As an industry benchmark, the Swiss watch sector, after consecutive months of decline, saw a recovery in January 2025 with export value increasing by 4.1% year-on-year to CHF 1.9 billion. By the end of May, cumulative exports totaled CHF 10.8 billion, maintaining positive growth. However, the market exhibits significant polarization.

Market Structure Divergence is Pronounced: In terms of price points, in January 2025, the export value of Swiss watches priced above CHF 3,000 and those below CHF 200 both grew by 7%, while the mid-price segment continued to decline. Regarding materials, in the first half of the year, exports of watches in precious metals and bi-metal saw a 5% increase in value but a 2.3% decrease in volume. Conversely, steel watch exports experienced a 0.8% decrease in value but a 5.3% increase in volume. This inverse relationship between volume and value for the two material categories reflects a divergence in consumer demand.

II. Development of Key Segments

Mechanical Watches: Steady Growth in High-End, Differentiated Competition in Accessible Luxury

High-End Market: Swiss brands firmly dominate the high-end segment, holding a 73% market share in 2025 for mechanical watches priced above $10,000. Leading brands like Rolex and Patek Philippe consolidate their advantages through scarcity marketing and technological barriers. For instance, Rolex implements allocation systems for its popular models, while Patek Philippe launched a limited-edition Celestial series watch priced at $12 million, which sold out in pre-sales. Simultaneously, Mainland China, as a core consumer market, provided strong support, with its imports of Swiss watches growing 18.7% in value year-on-year in 2024.

Accessible Luxury Market: Japanese brands have broken through with high cost-performance, capturing a 62% market share in the $5,000 - $10,000 price range. Seiko achieves a balance between technology and price with its in-house movements, with its Cocktail Time Chronograph surpassing 1.2 million units in global sales. Orient reduces costs by streamlining assembly processes, achieving a 28% year-on-year sales increase in Southeast Asia. Furthermore, domestic Chinese brands like Sea-Gull and Fiyta, by combining in-house movements with intangible cultural heritage craftsmanship, achieve an average annual sales growth of 20% in the ten-thousand-yuan price range.

Smartwatches: Technology-Enabled, Cross-Industry Integration Prevails

Steady Shipment Growth: Global smartwatch shipments reached 34.81 million units in Q1 2025, a 4.8% year-on-year increase. The Chinese market performed exceptionally well, with wearable watch exports totaling 95 million units (valued at $6.8 billion) in the same period, representing year-on-year growth of 55% in volume and 72% in value. The average unit price also rose from $60 to $72. Products with advanced features like health monitoring and AI interaction accounted for 52% of the mix.

Concentrated Competitive Landscape: Apple, Huawei, and Samsung rank as the top three global smartwatch players, collectively holding over 70% market share. Chinese brands show outstanding performance; a leading Chinese tech company held a 13% global market share in 2024, growing 35% year-on-year, and launched new models with self-developed operating systems and novel interaction technologies in 2025. Traditional watch brands are also accelerating cross-industry integration. Longines introduced a smart mechanical watch with integrated GPS, while Cartier's smartwatches incorporate payment functions, attracting high-end consumers.

Secondary/Pre-owned Watches: From Niche to Core Growth Market

The global secondary watch market is projected to reach 312-356.7 billion RMB in 2025. The Chinese market has already demonstrated strong dynamism, reaching a size of 1,287.1 billion RMB back in 2021. Online channels are driving explosive growth; a specialized pre-owned watch campaign on a major e-commerce platform achieved over 30 million exposures, nearly tripling its target growth. Furthermore, the market chain is continuously improving. Technologies like AI authentication and blockchain traceability are addressing authenticity concerns. Customs authorities and platforms are also promoting market transparency through measures like compliance authentication and origin control.

III. Regional Market Characteristics

Asia-Pacific Market: This region is the core growth engine for the industry. In China, imports of high-end Swiss watches are growing, while domestically branded "Guochao" (national trend) watches are rising. Brands like Beijing Watch and Sea-Gull have increased their domestic market share to 18% through cultural creative collaborations and intangible heritage integration. Southeast Asia, leveraging its young consumer base, saw a 39% year-on-year surge in smartwatch sales in 2024, becoming a new engine for smartwatch growth.

European Market: Growth in this traditional luxury consumption hub has slowed. While holding a 32% market share in 2023, its growth rate was only 2.3%, reliant on collector and investor demand for limited-edition watches. Concurrently, Switzerland's Watch Valley is advancing its Industry 4.0 transformation; the penetration rate of automated assembly lines reached 74% in 2024, effectively reducing production costs.

North American Market: Benefiting from the deep integration of smart wearables and healthcare services, market demand leans towards smartwatches with professional health functions. Furthermore, frequent cross-industry collaborations between tech firms and traditional luxury brands in the region are driving the premiumization of smartwatches.

IV. Key Industry Drivers and Trends

Accelerating Technology Integration: Traditional watchmaking craftsmanship is deeply integrating with technology. Examples include Micro-Electro-Mechanical Systems (MEMS) and AI algorithms enhancing smartwatch performance, while Swiss brands continue to make breakthroughs in complex mechanical movements. Blockchain is used for watch provenance, and NFC technology is applied to warranty card authentication, improving industry efficiency and trust.

Diversifying Consumer Demand: High-net-worth individuals seek the status symbol and value retention of high-end mechanical watches. Generation Z favors the practicality and tech appeal of smartwatches. Female consumers' decision-making power in the fashion watch segment is also increasing. Simultaneously, personalization has become a new trend, with the customized watch segment growing 22.3% in 2025, moving from a niche preference towards the mainstream.

Channel and Marketing Transformation: The importance of online channels is paramount, with cross-border e-commerce and vertical secondary platforms broadening sales paths. Marketing models are innovating, with元宇宙 virtual try-ons and digital marketing tools being widely adopted. LVMH's watch division increased its digital marketing investment by 41% year-on-year in 2024.

Sustainability Becoming a Strategic Direction: The Swatch Group pioneered a 100% renewable steel production line. The industry is generally focusing on reducing its carbon footprint, projected to decrease by 28% by 2030. Green manufacturing and the use of eco-friendly materials are becoming industry consensus.

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