Luxury Watches Market: Investment-Asset Appeal and Certified Pre-Owned Growth to Drive Market Growth

The global luxury watches market was valued at USD 57.83 billion in 2025, with the Federation of the Swiss Watch Industry reporting CHF 25.9 billion in Swiss watch exports in 2024 — the most authoritative primary-source indicator of the premium luxury watch market’s commercial scale. Luxury watches are classified as hard luxury and occupy a uniquely dual commercial position as both lifestyle accessories and investment-grade assets. The Rolex Daytona, Patek Philippe Nautilus, and Audemars Piguet Royal Oak sustain multi-year authorized dealer waitlists and secondary market premiums of 40% to 100% over retail, creating investment-return motivation that makes luxury watch demand among the most cycle-resistant in any consumer goods category.

Within LVMH’s 2025 full year results — the most commercially comprehensive primary source for global luxury timepiece performance — the Watches and Jewelry division achieved 3% organic growth to EUR 10.5 billion, making it the strongest-performing LVMH product category in a year of broader market normalization. The pre-owned luxury watch segment represents approximately 31.8% of total luxury watch market volume and is growing as the fastest segment, with brand-controlled certified pre-owned programs from Rolex, Cartier, and Richemont adding authenticated supply. The mechanical watch segment leads at approximately 44% to 45% market share, reflecting sustained consumer appreciation for artisanal Swiss craftsmanship and multi-generational brand legacy.

Executive Snapshot

What is the current market size and growth trajectory for the global luxury watches market?
The luxury watches market was valued at approximatelyUSD 57.83 billion in 2025, with FHS reporting CHF 25.9 billion in 2024 Swiss watch exports. The market is projected to grow at 8.5% CAGR through 2035. LVMH’s Watches and Jewelry grew 3% organically to EUR 10.5 billion in 2025 — the group’s strongest-performing product division.

What did LVMH’s 2025 Watches and Jewelry results confirm about luxury watch demand?
LVMH reported on January 27, 2026 that its Watches and Jewelry division achieved 3% organic revenue growth to EUR 10.5 billion — the strongest-performing LVMH product division. TAG Heuer maintained high-profile Formula 1 Official Timekeeper visibility. Hublot and Zenith presented well-received limited editions at the sixth LVMH Watch Week. Bvlgari achieved a record year with its Polychroma high jewelry collection. These results confirm luxury watch and jewelry demand resilience through a year of broader market pressure.

What do FHS Swiss watch exports of CHF 25.9 billion confirm about the premium luxury watch market?
The Federation of the Swiss Watch Industry reported CHF 25.9 billion in total Swiss watch exports in 2024, demonstrating stable growth across key markets. This data provides the most authoritative annual primary-source scale indicator for the premium luxury watch market, as approximately 95% of Swiss watch export value is concentrated in luxury and prestige brands — with Rolex, Patek Philippe, Audemars Piguet, Cartier, and IWC collectively representing the majority of high-value export revenue.

How does the CPO segment at 31.8% market share document the secondary market’s commercial scale?
Pre-owned luxury watches representing approximately 31.8% of total luxury watch market volume and growing as the fastest segment confirms the secondary market has evolved from marginal supplement to a structurally significant distribution channel. Rolex’s brand-controlled CPO program with authorized dealers, Richemont’s group-wide CPO initiatives for Cartier and IWC, and platforms including Chrono24 collectively create infrastructure sustaining the investment rationale driving primary market purchases.

How do production scarcity mechanics sustain luxury watch pricing power through economic cycles?
Rolex, Patek Philippe, and Audemars Piguet intentionally constrain production below demand to maintain waitlists and secondary market premiums that reinforce investment-thesis purchasing. This deliberate scarcity — maintained even as Rolex invests in a new Bulle, Switzerland manufacturing facility announced June 2024 and scheduled to open 2029 — preserves the pricing power and collectibility that differentiate top-tier watch brands from the broader luxury goods market.

What drives mechanical watch growth at 5.2% CAGR — the fastest segment within luxury watches?
The mechanical watch segment is projected to grow at approximately 5.2% CAGR — the fastest within the luxury watch category — driven by collectors seeking craftsmanship, heritage, and tangible luxury experiences that digital alternatives cannot replicate. The mechanical watch’s resistance to obsolescence — a 1960s Patek Philippe dress watch remains as mechanically functional today as when new — creates permanence sustaining multi-generational collector demand.

Market Dynamics: Luxury Watches Market

LVMH Watches and Jewelry 3% organic growth confirming hard luxury timepiece resilience over soft luxury. The outperformance of LVMH’s watch and jewelry division versus its fashion and leather goods division in 2025 confirms the investment-asset perception differential making hard luxury demand more resilient through economic uncertainty.
FHS CHF 25.9 billion Swiss watch exports confirming premium luxury watch commercial scale. FHS primary-source export data provides the most authoritative annual scale indicator for the premium luxury watch market, demonstrating stability through global macroeconomic headwinds.
Pre-owned segment at 31.8% market volume documenting the secondary market’s structural significance. CPO and secondary market representing nearly one-third of total luxury watch volume confirms the secondary market has become a structurally significant parallel distribution channel.
Production scarcity from Rolex, Patek, and AP sustaining investment premiums reinforcing primary market purchasing. Deliberately maintained production constraints sustaining secondary premiums of 40-100% over retail preserve the investment rationale sustaining primary market demand through economic contractions.
LVMH Watch Week and Formula 1 partnerships sustaining brand cultural relevance among younger consumers. LVMH Watch Week events and TAG Heuer’s Formula 1 Official Timekeeper role generate cultural engagement with younger affluent consumers who are the next generation of luxury watch buyers.

Market Segmentation: Luxury Watches Market

By Mechanism

Mechanical
Quartz
Electronics

By Price Range

Below US$ 10,000
US$ 10,000-25,000
Above 25,000

By Purchase Type

New
Pre-owned

By Gender

Women
Men
Kids

By Generation

Gen X
Millennials and Gen Z
Baby Boomer and Silent Gen

By Distribution Channel

Online
Mono Brand Stores
Specialty Stores
Departmental Stores
Off-Price Stores
Airports

By Geography

North America: United States, Canada, and Mexico
Europe: Germany, U.K., France, Italy, Spain, Russia, Benelux, Nordics, and Rest of Europe
Asia Pacific: China, Japan, India, South Korea, Australia, New Zealand, Taiwan, South East Asia, and Rest of Asia Pacific
Latin America: Brazil, Argentina, Columbia, Chile, Peru, and Rest of Latin America
Middle East: Saudi Arabia, United Arab Emirates, Oman, Qatar, and Rest of Middle East
Africa: Nigeria, Egypt, Ethiopia, South Africa, and Rest of Africa

Key Growth Drivers: Luxury Watches Market

Investment-asset perception creating cycle-resistant demand for top-tier mechanical luxury watches. Wealth preservation purchase motivation from secondary market appreciation sustains luxury watch demand through economic cycles reducing discretionary goods purchasing.
LVMH 3% organic watch and jewelry growth confirming hard luxury category resilience. LVMH primary-source confirmation of watch category outperformance in 2025 validates the structural demand advantage of investment-asset perception.
FHS CHF 25.9 billion Swiss watch exports confirming premium market commercial scale. FHS primary-source export data confirms the most authoritative available scale indicator for the premium luxury watch market.
Production scarcity sustaining secondary premiums reinforcing investment-thesis purchasing. Deliberately constrained production from Rolex, Patek Philippe, and AP maintains secondary premiums preserving the investment rationale sustaining primary market demand.
CPO market at 31.8% volume adding structural demand layer to the luxury watch market. Pre-owned luxury watches at nearly one-third of total market volume add a structural demand layer growing with primary market supply accumulation over time.
Mechanical watch collector culture sustaining multi-generational brand loyalty. Horological connoisseurship community and multi-generational brand loyalty create watch collecting cultures sustaining demand through economic uncertainty.

Regional Outlook: Luxury Watches Market

Asia-Pacific: Dominant regional market at approximately 54.3% of global luxury watch revenues. China accounts for 43% of Asia-Pacific revenues, combining wealth concentration, gift-giving culture, and a growing mechanical watch collector community to create the world’s largest national luxury watch demand base.
Americas: Significant established market with concentrated high-income consumer demand, strong brand-controlled retail networks, and growing demand for reference-specific models. North America leads with a mature luxury watch consumer culture characterized by milestone and investment purchasing.
Europe: Heritage manufacturing anchor housing Rolex, Patek Philippe, Audemars Piguet, Richemont (Cartier, IWC, Vacheron Constantin, Piaget, Jaeger-LeCoultre), and the Swatch Group brands (Omega, Blancpain) — an unrivaled concentration of premium watchmaking expertise.

Competitive Landscape: Luxury Watches Market

Notable key players include Rolex SA, Patek Philippe SA, Audemars Piguet, Omega (Swatch Group), Cartier (Richemont), IWC Schaffhausen (Richemont), TAG Heuer (LVMH), Hublot (LVMH), Zenith (LVMH), Vacheron Constantin (Richemont), Richard Mille, Chopard, Panerai (Richemont), Jaeger-LeCoultre (Richemont), Blancpain (Swatch Group), and Swatch Group.

Recent Developments

The Federation of the Swiss Watch Industry reported Swiss watch exports of CHF 25.9 billion in 2024 — the most authoritative primary-source indicator of premium luxury watch market scale, demonstrating stable growth across key markets including Greater China, the United States, Japan, and Hong Kong.
LVMH reported on January 27, 2026 that its Watches and Jewelry division achieved 3% organic growth to EUR 10.5 billion — the strongest-performing LVMH product division — with TAG Heuer’s Formula 1 Official Timekeeper partnership, Hublot and Zenith limited editions at the sixth LVMH Watch Week, and Bvlgari achieving a record year with the Polychroma high jewelry collection.
LVMH’s Q1 2025 results confirmed the Watches and Jewelry group was stable, with Tiffany continuing iconic line expansion and global Landmark store concept rollout, Bvlgari showcasing Serpenti through immersive exhibitions in Shanghai and Seoul, and TAG Heuer returning as Official Timekeeper of Formula 1 for the full 2025 season.

Consultant POV

The luxury watches market’s outperformance of broader personal luxury goods in 2025 — LVMH’s Watches and Jewelry achieving 3% organic growth versus overall market stability — is the most commercially important primary-source evidence confirming the investment-asset perception thesis. The certified pre-owned segment at 31.8% of market volume and growing is the fastest-growing structural development: brand-controlled CPO programs converting the secondary market from a margin concern to a revenue channel represent the most commercially significant innovation in luxury watch distribution since the establishment of mono-brand boutiques.

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