Top 10 Luxury Watch Brands

According to the Federation of the Swiss watch industry (FH), Switzerland produces around 15 to 20 million watches a year — which is a minuscule amount that represents around 2% of global timepiece manufacturing. However, this is a clear case of quality over quantity. This tiny nation, as reported by the news outlet SWI swissinfo, commands more than a 50% share of the global watch industry in value terms, and more than 95% of watches sold for CHF 1,000 (just over USD $1,100) or more are produced by Swiss companies. Translation: Switzerland dominates when it comes to the luxury segment of the watch market. Watch enthusiasts recognize the cachet of the Swiss-made label, and the country reigns supreme when it comes to fine timepieces. So, if Switzerland dominates the luxury watch segment, which luxury watch brands dominate within that prestigious circle? Read on to discover the top 10 luxury watch brands, as told by the numbers.

What Are The Top 10 Luxury Watch Brands – The Numbers in Brief

The top ten luxury watch brands are:

1. Rolex
2. Cartier
3. Omega
4. Audemars Piguet
5. Patek Philippe
6. Richard Mille
7. Longines
8. Vacheron Constantin
9. Breitling
10. IWC

To pinpoint the top 10 luxury watch brands, we didn’t want to just rattle off the names of popular high end watch brands or just select our personal favorites of what we think are the best luxury watch brands. We looked at data to come up with the list, which includes the latest report by Morgan Stanley and LuxeConsult on the Swiss watch industry, as well as figures published monthly by the FH. Note that the comprehensive report co-authored by Morgan Stanley and LuxeConsult came out in early 2024 and uses 2023 figures. Another factor to keep in mind is that some watch brands are private companies that do not share their financials publically, therefore, some of the data is estimated.

With that in mind, here’s a table of the top ten luxury watch brands according to the 2023 turnover numbers as reported by Morgan Stanley and LuxeConsult, which are all in Swiss Francs (CHF) but we used the average 2023 exchange rate (1 CHF = to 1.11 USD) to make it more understandable for our American readers. It’s interesting to note that more than the top 5 watch brands belong to the Billionaire’s Club; in fact, only two haven’t made it yet.

Brand	Estimated Sales 2023	Estimated Units Sold 2023	Implied Retail Market Share 2023	Implied Average Price Per Watch 2023
Rolex	CHF 10.1 billion (USD 11.21 billion)	1,240,000	30%	CHF 12,218 (USD 13,562)
Cartier	CHF 3.1 billion (USD 3.44 billion)	660,000	8%	CHF 5,712 (USD 6,340)
Omega	CHF 2.6 billion (USD 2.89 billion)	570,000	7%	CHF 6,573 (USD 7,296)
Audemars Piguet	CHF 2.35 billion (USD 2.61 billion)	51,000	5%	CHF 48,456 (USD 53,786)
Patek Philippe	CHF 2.05 billion (USD 2.28 billion)	70,000	6%	CHF 39,990 (USD 44,389)
Richard Mille	CHF 1.54 billion (USD 1.71 billion)	5,600	3%	CHF 275,000 (USD 305,250)
Longines	CHF 1.11 billion (USD 1.23 billion)	1,600,000	3%	CHF 1,062 (USD 1,179)
Vacheron Constantin	CHF 1.097 billion (USD 1.22 billion)	35,000	3%	CHF 38,740 (USD 43,000)
Breitling	CHF 870 million (USD 965.7 million)	178,000	2%	CHF 6,769 (USD 7,514)
IWC	CHF 726 million (USD 805.9 million)	137,000	2%	CHF 7,019 (USD 7,791)

According to the FH, Switzerland exported 16.9 million wristwatches in 2023, which was higher than the previous year but still below pre-pandemic volume. Interestingly, while volume is lower, the export value is higher, as illustrated in the following table. (Note that export value is different than retail value.)

Year	Wristwatches Exported	Export Value
2019	20,646,000	CHF 20,502,700,000 (USD $21,486,829,600)
2020	13,780,000	CHF 16,138,700,000 (USD $16,913,357,600)
2021	15,731,000	CHF 21,219,400,000 (USD $22,237,931,200)
2022	15,789,000	CHF 23,694,100,000 (USD $24,831,416,800)
2023	16,926,000	CHF 25,528,200,000 (USD $28,336,302,000)

Now that we’ve covered the numbers, let’s dig into the top ten luxury watch brands.

Love Numbers? Read These Next:
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Rolex: The Top Luxury Watch Brand

No surprises here, but the top luxury watch brand in the world, the king of kings, is Rolex— by far. This Swiss watchmaking giant accounts for 30% of the entire Swiss watch market (there are around 300 Swiss watch brands in existence) with an estimated 1.24 million watches sold in 2023 for an estimated sales total of over $11.21 billion. The average retail price for a Rolex watch was calculated at around $13,562.

Those are some impressive numbers in the retail space, and this doesn’t even account for Rolex’s dominance in the secondary market! The brand is known for smash hit watches such as the Day-Date, Datejust, Submariner, Daytona, GMT-Master II, and many others.

Cartier

In second place is Cartier, with about 8% share of the market with sales estimated at $3.44 billion for 2023. It’s estimated that Cartier sold about 660,000 watches in 2023 with an average retail price of around $6,340.

While Cartier experimented with its watch offering in the mid-2000s with ultra-creative designs and super complicated timepieces, the brand returned to its roots in recent years by offering revamped versions of its already iconic watches. These include the Tank, Santos, Panthere, Pasha, Ballon Bleu, and others.

Omega

For many years, Omega occupied the second spot among the world’s top luxury watch brands but has slipped to third place in recent years. The gap between Cartier and Omega is getting larger; Omega is estimated to have achieved $2.89 billion in 2023 sales with 570,000 watches sold for 7% of the market share. It’s estimated that the average Omega watch retailed for $7,296.

Omega’s most famous watches are the Speedmaster and Seamaster in the American market, yet the Constellation is its bread and butter in certain markets.

Audemars Piguet

Audemars Piguet has been on an absolute tear over the last decade, climbing the charts of the luxury watch world. Although it’s estimated that Audemars Piguet only sold 51,000 watches in 2023, the watchmaker reached around $2.61 billion in sales and 5% of the market share. The average retail price of an Audemars Piguet watch in 2023 was calculated at around $53,786.

The Royal Oak remains the flagship watch collection of Audemars Piguet; there’s also the sportier Royal Oak Offshore and the relatively new Code 11.59, which after a rocky start, is starting to find its footing in AP’s catalog.

Patek Philippe

Numbers aside for a moment, for many watch enthusiasts, Patek Philippe would be their pick for the top luxury watch brand in the world. However, since we’re guided by numbers here, let’s break down Patek’s. In 2023, Patek Philippe sold an estimated 70,000 watches, reached about $2.28 billion in sales, and maintained about 6% market share. The average retail price of a Patek Philippe watch in 2023 was calculated to be around $44,389, which, to my surprise, is almost $10,000 less than AP.

The Nautilus and the Aquanaut sports watch continue to be Patek Philippe’s most hyped-up models, yet, for serious connoisseurs and collectors, it’s the brand’s grand complications that are the most sought-after. Vintage and vintage-inspired pieces with fancy bracelets, such as the Golden Ellipse, are also picking up steam.

Richard Mille: The Most Expensive of the Top 10 Luxury Watch Brands

Richard Mille’s numbers are the most interesting among all ten of the top luxury watch brands. It sold the least in 2023 with only 5,600 watches out the door to customers but Richard Mille reached almost $1.71 billion in sales and held on to 3% market share. This is thanks to Richard Mille’s staggeringly high average retail price of its watches, which was calculated at around $305,250! Due to demand, gray market prices are even higher than that.

Not only is Richard Mille one of the world’s top luxury watch brands in terms of sales but RM watches are some of the world’s most expensive too. While most Richard Mille watches are in demand, some notable fan favorites include the RM 11, RM 67, RM 55, and others.

Longines: The Most Affordable of the Top 10 Luxury Watch Brands

Yes, before you ask, Longines is a luxury watch brand — an entry-level luxury watch brand. For many, a Longines is their first “nice Swiss watch” and it can serve as a gateway to exploring more expensive timepieces. Longines’ numbers aren’t too shabby either! In 2023, the company sold a whopping 1.6 million watches, achieved $1.23 billion in sales, and maintained 3% of the market. The average retail price of a Longines watch is far lower than others on this list, calculated at around $1,179.

Interest in Longines watches has grown in the US market over the last few years thanks to the popularity of models such as the HydroConquest, DolceVita, Legend Diver, Master Collection, and plenty of vintage-inspired military and aviation watches.

More About Longines Watches:
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Vacheron Constantin

Next to its fellow Holy Trinity members, Patek Philippe and Audemars Piguet, Vacheron Constantin has always been the most low-profile. Yet, the oldest continuously operating watchmaker in existence is absolutely one of the world’s top ten luxury watch brands. Plus, in 2023, Vacheron Constantin became the newest member of the Billionaire’s Club. It sold 35,000 watches and achieved $1.22 billion in total sales. Its market share was 3% and the average retail price of a Vacheron Constantin watch was around $43,000.

The sporty Overseas is no doubt Vacheron Constantin’s hero watch collection these days; however, the brand makes some of the most impressive high-complication watches and striking dress watches in the market too.

Breitling

It’s no secret that Breitling lost its way a little in the early 2000s but ever since George Kern took over leadership of the company in 2017, the watch brand is back on the right path with an assortment of enduring favorites, revamped classics, and brand new designs. Securing its spot as one of the top luxury watch brands, Breitling achieved $965.7 million in sales across 178,000 watches sold. Its market share was 2% while the average retail price of a Breitling watch in 2023 was around $7,514.

Some of Breitling’s most notable collections include the Navitimer, Chronomat, Avenger, SuperOcean, and the Premier.

IWC

IWC holds the last position in the top 10 luxury watches spot (Tissot ranked higher with its numbers, but that is not a luxury watch brand so not relevant to our list). In 2023, IWC sold 137,000 watches at an average retail price of around $7,791, achieving $805.9 in sales and 2% market share.

Although IWC is best known for its collection of Pilot’s Watches and Big Pilot’s Watches, other lines such as the Portugieser and Ingenieur have their loyal followers too, not to mention IWC’s vast offering of complications such as perpetual calendars.

The Next Top 5 Luxury Watch Brands

If you’re curious about the ranking of the other biggest watch brands that hail from Switzerland, here’s a brief look at the 2023 numbers of the next top five luxury watch brands.

Brand	Estimated Sales 2023	Estimated Units Sold 2023	2023 Implied Average Price Per Watch 2023
Hublot	CHF 670 million (USD 743.7 million)	52,000	CHF 18,206 (USD 20,209)
Jaeger-LeCoultre	CHF 641 million (USD 711.5 million)	97,000	CHF 8,753 (USD 9,716)
TAG Heuer	CHF 615 million (USD 682.65)	390,000	CHF 2,228 (USD 2,473)
Hermes	CHF 593 million (USD 658.2 million)	79,000	CHF 7,949 (USD 8,823)
Tudor	CHF 545 million (USD 605 million)	255,000	CHF 3,096 (USD 3,436)

The Finest High-End Watch Companies

There you have it; the top luxury watch brands in the world as told by the numbers. What we have is a great mix of brands, ranging from entry-level luxury to ultra-exclusive and plenty in between.

What’s more, together, these timpiece brands offer a fantastic assortment of watch styles, with countless designs, features, complications, and materials available to suit just about any type of watch buyer.