Luxury Mechanical Watches Market Size, Share & Industry Analysis, By Band Type (Strap-based and Chain-based), By End User (Men and Women), By Distribution Channel (Offline Stores and Online Stores/E-commerce), and Regional Forecast, 2025-2032

The global luxury mechanical watches market size was valued at USD 40.80 billion in 2024. The market is projected to grow from USD 45.52 billion in 2025 to USD 101.16 billion by 2032, exhibiting a CAGR of 12.08% during the forecast period. Asia Pacific dominated the luxury mechanical watches market with a market share of 54.9% in 2024.

Luxury mechanical watches refer to luxury watches that utilize clockwork mechanisms powered by intricate mechanical movements rather than batteries. Additionally, these watches are usually crafted using precious metals, such as gold, platinum, diamonds, titanium, and sapphire crystals. The rising number of high-net-worth individuals globally, coupled with the increasing availability of products, drives market growth. The growing perception of high end watches as valuable assets further boosts product demand. Additionally, the market is positively influenced by the increasing popularity of Swiss-made luxury watches across various countries.

• For instance, according to the Federation of the Swiss Watch Industry, a Switzerland-based trade association, the number of Swiss wristwatches exported increased from 15.8 million units in 2022 to 16.9 million units in 2023, with an increase of over 7.2% compared to the previous year.   

PATEK PHILIPPE SA, Audemars Piguet, Breitling SA, and Richard Mille are the major companies. These internationally reputed industry participants benefit from a well-established distribution network and rapidly expanding customer base. At a macro level, the increasing popularity of Switzerland-based watches strengthens their position in the competitive landscape.

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Global Luxury Mechanical Watches Market Snapshot & Highlights

Market Size & Forecast:

• 2024 Market Size: USD 40.80 billion
• 2025 Market Size: USD 45.52 billion
• 2032 Forecast Market Size: USD 101.16 billion
• CAGR: 12.08% from 2025–2032

Market Share:

• Asia Pacific led with 54.9% market share in 2024, driven by rising wealth and strong demand in China, India, and Japan.
• Chain-based watches dominated by band type, while men remained the top end users.
• Offline retail channels held the largest share due to in-store luxury experience.

Key Country Highlights:

• China: Surge in Swiss watch imports and rising billionaire count drive demand.
• U.S.: Strong brand presence and high disposable income fuel market.
• Switzerland: Core of luxury watchmaking, powering global exports.
• UAE & Saudi Arabia: Rising demand for exclusive timepieces supports growth.
• Europe: Legacy brands and fashion-conscious consumers boost regional sales.

MARKET DYNAMICS

MARKET DRIVERS

Increasing Number of High-Net-Worth Individuals and Rising Product Availability to Fuel Market Growth

The rising availability of products by key players globally fuels the luxury mechanical watches market growth. Luxury goods, including watches, are increasingly viewed as an investment asset due to their high resale value, thereby propelling product demand. Moreover, several key industry participants are focusing on launching new products to meet the rising consumer demand. For instance, in March 2024, Audemars Piguet, a Switzerland-based luxury watch company, launched its new Royal Oak & Selfwinding watches, including Audemars Piguet Royal Oak Perpetual Calendar, Royal Oak Offshore Selfwinding 43 mm, Audemars Piguet Selfwinding 34 mm, and Royal Oak Selfwinding Flying Tourbillon. Furthermore, the increasing number of high-net-worth individuals across countries is another key factor driving market growth. These individuals comprising millionaires and billionaires possess high spending power and often purchase luxury products for their association with heritage, tradition, and superior craftsmanship.

• According to Forbes, an American Business Magazine, in 2023, the number of billionaires worldwide reached 2,781, with an increase of over 141 billionaires compared to 2022.  

MARKET RESTRAINTS

Increasing Availability of Counterfeit Products to Hamper Market Expansion

The increasing availability of counterfeit watches across various countries, often produced by local manufacturers hampers market expansion. Fake watches are usually made with substandard materials, leading to safety risks, such as malfunctioning batteries and defective components. Moreover, counterfeit luxury watches often lack essential features such as waterproof and shock-resistant, which can lead to water damage and injury. Additionally, counterfeit products are available at a low cost compared to genuine products, thus attracting budget-conscious consumers. Furthermore, local players offering fake products damage the brand reputation of established companies and negatively impact their product sales. The rising number of counterfeit watches globally limits the global luxury mechanical watches market growth.

• For instance, in June 2023, U.S. Customs and Border Protection, a government agency, seized fake luxury watches worth over USD 1.2 million in Los Angeles arriving from Los Angeles International Airport. According to the agency, the counterfeit watches were from various brands, including Rolex, Luminor Panerai, Patek Philippe, Audemars Piguet, and Omega.
• In May 2022, the U.S. Customs and Border Protection, a government agency, seized over 460 counterfeit Rolex watches (worth over USD 10.1 million) from two shipments arriving from Hong Kong to the U.S.

MARKET OPPORTUNITIES

Growing Popularity of Limited-Edition Watches to Propel Market Growth

The popularity of limited-edition watches is growing significantly among watch enthusiast and collectors. These individuals usually prefer limited-edition watches owing to their rarity which contribute to the global luxury mechanical watches market share. Owning such exclusive pieces is often witnessed as status symbols, especially among high-net-worth individuals, thus propelling market growth. Moreover, limited-edition watches are usually more popular as an investment asset among watch enthusiasts and collectors owing to their rarity, exclusive designs, and advanced complications, thus boosting product demand. Furthermore, several prominent market players are focusing on launching limited-edition watches to cater to increasing product demand.

• For instance, in February 2025, Hublot, a luxury mechanical watches brand of Louis Vuitton Moët Hennesy (LVMH), a France-based luxury fashion company, launched its new limited edition watch, The Big Bang Unico Magic Ceramic. According to the company, the watch is limited to 20 pieces.
• In November 2023, Patek Philippe, a Switzerland-based luxury mechanical watches company, launched its new limited edition watch, Minute Repeater Alarm Reference 1938P-001. According to the company, the watch is limited to 30 pieces and features self-winding mechanical movement and platinum case.  

LUXURY MECHANICAL WATCHES MARKET TRENDS

Innovative Product Designs and Functions to Emerge as Prominent Trends in Coming Years

Given the intensifying competition in the global market, companies are emphasizing uniqueness and functionality in high-end mechanical watches and cases. In this respect, industry participants will emphasize asymmetrical watch cases (such as hexagons and triangles), incorporation of novel materials such as carbon fiber, stone, and marble, innovative mechanisms such as skeletonized movements, bold color options in watch straps & faces, unique dial designs, and complex details such as enamel, hand-engraving, and gemstones, in the foreseeable future.

Segmentation Analysis

By Band Type

Increasing Popularity Chain-based Luxury Watches Boosted Segment Growth

Based on band type, the market is bifurcated into chain-based and strap-based. 

The chain-based segment dominated the market in 2024 owing to the increasing popularity of chain watches among watch enthusiasts and wide availability of extensive product offerings globally. Additionally, chain watches have a classic and versatile look, making them suitable for casual and formal attire. Moreover, these watches are usually crafted from various high-end materials, including gold, platinum, and titanium, enhancing their visual appeal and durability, thereby propelling segment growth.

The strap-based segment is expected to grow significantly throughout the forecast period. Strap watches are usually lighter than metal chain watches, making them more comfortable for daily use. Moreover, straps made from rubber and fabric are more resistant to moisture, sweat, & temperature, making them ideal for outdoor and sports activities. Furthermore, the increasing popularity of interchangeable straps and customization options is also expected to fuel the segment’s growth in the coming years.

By End User

Wide Availability of Product from Local and International Players Encouraged Men Segment Growth

Based on end user, the market is bifurcated into men and women.

The men segment dominated the market in 2024 owing to the wide availability of products from prominent international and local industry players. The increasing perception of luxury watches as investment assets among men has significantly contributed to this dominance. Moreover, watches are one of the major fashion accessories used among men, thus propelling the segment’s growth.

The women segment is expected to grow significantly throughout the forecast period owing to the rising disposable income and increasing financial independence among women coupled with the expanding availability of luxury watches designed specifically for female consumers. Moreover, the popularity of luxury watches as jewelry and the increasing availability of customization and engraving options are expected to drive the segment’s growth in the coming years.

By Distribution Channel

Increasing Availability of Counterfeit Watches Boosted the Offline Segment Growth

Based on distribution channel, the market is divided into offline stores and online stores/e-commerce.

The offline segment accounted for the largest share of the market in 2024 owing to the increasing number of offline stores globally coupled with the growing availability of counterfeit watches across countries. Moreover, consumers usually prefer to check and try watches before purchasing, thus propelling the segment’s growth. Furthermore, several major industry participants are launching new stores to expand their reach and strengthen their presence. For instance,

• In May 2024, Hublot, a watch brand of Louis Vuitton Moët Hennesy (LVMH), a France-based luxury fashion company, launched its new 50 m² boutique in Lisbon, Portugal.
• In January 2024, Jacob & Co., a United States-based luxury jewelry & watch company, launched its new 168 sqm boutique in Ho Chi Minh City, Vietnam.
• In January 2024, Jacob & Co., a U.S.-based luxury jewelry & watch company, in partnership with Time Palace, a renowned watch retailer, launched its new boutique in Seoul, South Korea.  

The online stores/e-commerce segment is expected to grow steadily throughout the forecast period owing to the increasing need for an elevated online shopping experience and the expansion of websites by established players offering authentic products. Moreover, the increasing availability of attractive discounts and exclusive offerings is expected to further drive the segment’s growth.

Luxury Mechanical Watches Market Regional Outlook

By geography, the global luxury mechanical watches market is studied across North America, Europe, Asia Pacific, South America, and the Middle East & Africa.

Asia Pacific

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Asia Pacific region dominated the market in 2024 owing to the growing number of high-net-worth individuals across various countries coupled with the wide availability of products from key international brands in emerging economies. According to Forbes, a Popular American Business Magazine, China was the second country with the highest number of billionaires in 2023, i.e., 406 billionaires. Moreover, the popularity of luxury mechanical watches is growing significantly among individuals across China, Japan, India, Singapore, and Australia, owing to their movement and complex mechanisms. According to the Federation of the Swiss Watch Industry, a Switzerland-based trade association, the Asia Pacific region held 47% of the value share of Swiss watch exports in 2024.

North America

North America region is expected to grow significantly owing to the high disposable income across the U.S. and Canada along with the presence of prominent industry participants. Moreover, the rising popularity of luxury mechanical watches owing to their intricate designs and the need for no batteries in mechanical watches, boosts product demand. Several prominent market participants are focusing on retail expansion to strengthen their presence and expand their reach. For instance, in September 2024, IWC Schaffhausen, a Switzerland-based luxury watch company, launched its new watch boutique in Boston, U.S.

The U.S. is the most prominent country in the region owing to the wide availability of diverse luxury mechanical watches and the large population of high-net-worth individuals. According to Forbes, a Popular American Business Magazine, the U.S. had over 813 billionaires in 2024. Moreover, various key industry players are launching new stores to expand their reach globally. For instance, in May 2024, IWC Schaffhausen, a Switzerland-based luxury watch company, launched its new watch boutique in New York.

Europe

Europe is expected to witness significant growth throughout the forecast period. The region is home to some of the most prestigious and established luxury watch brands, baked by a long-standing tradition of precision craftsmanship and horology expertise, which boosts the product demand. Moreover, rising disposable income among affluent consumers and growing high-net-worth individuals across various countries, including the U.K., Germany, France, Italy, Spain, and Switzerland, propels market growth. Furthermore, the increasing number of retail stores across the region further drives market growth. Various key market players are launching new stores to strengthen their presence. For instance, in June 2024, IWC Schaffhausen, a Switzerland-based luxury watch company, launched its new watch boutique in Copenhagen, Denmark.

South America and Middle East & Africa

The market in the South America and Middle East & Africa is expected to witness considerable growth in the near future owing to the presence of high-net-worth individuals across UAE, Saudi Arabia, Brazil, and South Africa. The Middle East, in particular is a major luxury tourism and shopping destinations worldwide, thus propelling market growth. Furthermore, various industry players are launching new exclusive watches tailored to regional preferences. For instance, in November 2024, Audemars Piguet, a Switzerland-based luxury watch company, launched its three new exclusive series, including The Royal Oak Perpetual Calendar Ultra-Thin and the Royal Oak Double Balance Wheel Openworked for Middle East consumers.

COMPETITIVE LANDSCAPE

Key Industry Players

Key Players are Focusing on Launching New Products to Diversify Product Portfolio

The global market is characterized by intense competitive rivalry. Several key market participants leverage their robust brand reputation and established global presence to stay ahead of the competition. Several prominent industry players are increasingly focusing on launching new games to diversify their portfolios and expand their reach globally. For instance, in February 2025, IWC Schaffhausen, a Switzerland-based luxury watch company, launched its new limited edition watch, Big Pilot’s Watch Shock Absorber XPL Toto Wolff x Mercedes-AMG PETRONAS Formula One Team. According to the company, the new collection features a patented SPRIN-g PROTECT shock absorber system, a ceratanium case, and blackened movement.

LIST OF KEY LUXURY MECHANICAL WATCHES COMPANIES PROFILED

• PATEK PHILIPPE SA (Switzerland)
• Audemars Piguet (Switzerland)
• Breitling SA (Switzerland)
• LVHM (France)
• Richard Mille (Switzerland)
• Seiko Watch Corporation (Japan)
• ROLEX (Switzerland)
• The Swatch Group Ltd (Switzerland)
• Financière Richemont SA (Switzerland)
• Tudor Watches (Switzerland)

KEY INDUSTRY DEVELOPMENTS

• January 2025: Swatch Ltd., a Switzerland-based watch company, launched its two new watches, Blue Lagoon, and Pink Ocean, in addition to its Bioceramic Scuba Fifty Fathoms Collection. According to the company, the new watch features patented Bioceramic material and Swatch SISTEM51 movement.
• January 2025: Hublot, a watch brand of Louis Vuitton Moët Hennesy (LVMH), a France-based luxury fashion company, launched its new collection of luxury watches, the Big Bang series. According to the company, the new collection features a tonneau-shaped case and El-Primero-based chronograph caliber.
• October 2024: Patek Philippe, a Switzerland-based luxury watch company, launched its new luxury watch collection, Cubitus, including Cubitus Instantaneous Grand Date, Day & Moon Phases, and Cubitus model Reference 5821/1AR-001. According to the company, the new collection features a square-shaped case with rounded corners.
• August 2024: Jacob & Co., a U.S.-based luxury jewelry & watch company, launched its new limited-edition mechanical watch, Epic X Tourbillon FC Barcelona. According to the company, the watch is limited to 125 pieces and features hand-wound movement.
• March 2024: Audemars Piguet, a Switzerland-based luxury watch company, in collaboration with John Mayer, a popular American guitarist, launched its new luxury mechanical watch, Royal Oak Selfwinding Flying Tourbillon Sand Gold.   

REPORT COVERAGE

The global luxury mechanical watches market report provides market size and forecast by all the segments included in the report. It includes details on the market dynamics and trends expected to drive the market in the forecast period. Besides this, the report also provides information on the competitive landscape and market share analysis.

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Report Scope & Segmentation