Mechanical Watch Market - By Product Type, By Price Range, By Application, By Distribution Channel, Forecast 2025 – 2034

Mechanical Watch Market Size

The global mechanical watch market size was estimated at USD 61.9 billion in 2024. The market is expected to grow from USD 64.8 billion in 2025 to USD 97 billion in 2034, at a CAGR of 4.6%.  As people's income has increased, both developed and developing nations are spending more on luxury goods like expensive mechanical watches. As Federation of the Swiss Watch Industry (FH) reported, global exports of Swiss watches reached 24 billion USD in 2023, which shows a rise in consumption of luxury goods.
 

Furthermore, the production of limited-edition models puts a sense of scarcity in the minds of the consumers, which boosts sales in the mechanical watch industry. This indicates the increasing demand in new emerging economies for luxury watches.
 

Based on movement, mechanical watches are divided into automatic and manual types. Self-winding or automatic movements function with the help of a rotor, also known as an oscillating weight which is fixed to a spring. Spring moves when the person wearing the watch moves around. A manual movement on the other hand contains a crown which must be turned to wind the watch. Self-winding mechanisms are favorable as more than 60% of the market share of these kinds of watches is automatic.
 

Advancement has been made within the industry that allows producers to incorporate modern sealing methods in mechanical watches which makes them more water resistant and more durable. These adjustments help satisfy the needs of clients who prefer high utility value and sophisticated design thereby enhancing the appeal of mechanical watches in the premium segment of the market.
 

The market for mid- to high-end watches continues to be active due to high perceived value with respect to craftsmanship, history, and exclusivity marketing. Hence, it is expected that these limited series products are some of the best sellers and those which are most often cited as primary contributors to growth of sales.
 

Mechanical Watch Market Trends

• Watches inspired by vintage designs are emerging in the market. They feature dated leather bands, retro-style numbers, and the classic appeal of a rounded crystal. Retro-inspired watches made up 15% of the luxury watches sold in 2022, as more people prefer these mixtures of old and new. These companies are now integrating sustainable materials like ocean debris plastic into their products.
   
•  By choosing these products, customers get a combination of top-tier construction, brand prestige, and goodwill which comes from buying eco-friendly products. Based on this data, green manufacturing of luxury watches is already standard practice. A 2023 survey showed that 65% of respondents who owned luxury watches would purchase high-end watches sets if they were crafted in a sustainable manner.
   
• Luxury watches have evolved from mere status symbols enabling different means of self-expression. Eco-friendly business practices are also beneficial. The Federation of Swiss Watch Industry (FH) has claimed that the sales growth from the rest of the world in 2023 for watches manufactured from reclaimed or sustainable materials outpaced the developed economies by 25%, and most of the sales were to the younger greener boomers of scooters.
   
• The mix of timeless styles of watch making with modernization has propelled the luxury watch industry. In 2023, Millennials and Gen Z, who buy vintage inspired watches has 40% of the market share. People in the industry as well as watch makers must continue innovating but when it comes to the luxury watch market, vintage inspired pieces will always be the focal point.
   

Mechanical Watch Market Analysis

• The market by movement type is segmented into automatic and manual.
   
• The automatic segment held the dominant market of USD 42.3 billion in 2024 and is expected to reach USD 67.4 billion by 2034. The total revenue generated by the market in 2024, is USD 61.9 billion.
   
• Automatic mechanical watches, use the natural motion of the wearer’s wrist to function. The energy that comes from the worn wrist powers the watch through a rotor system that rotates while the wrist is moving, which winds the mainspring. This spring is the primary energy source for the watch. Unlike quartz watches, these self-winding timepieces do not require batteries, making them suitable for those who love old world craftsmanship with modern convenience. According to the Federation of The Swiss Watch Industry (FH), automatic watches surely are popular which is witnessed by the drastic measure in the exports of mechanical watches in the last couple of years.
   
• With these watches, the buyer needs to wind the mainspring to keep the watch operational, often on a daily schedule. Watches with mechanical movements are often of the luxury variety, appealing to collectors that appreciate craftsmanship, heritage and conservatism.
   
• Moreover, the availability of customization options such as personal engravings and custom dials is on the rise, further enhancing the exclusivity of these pieces. Manual movements combined with modern technology are now acquiring popularity amongst tech savvy consumers as well. 
   

• The mechanical watch market by strap material is segmented into leather, stainless steel, nylon, and others.
   
• The stainless-steel segment accounted for a market share of around 56.3% in 2024 and is projected to grow by 2034.
   
• Stainless steel is popular because of its strength, durability, and modern looks. The material is scratch, corrosion, and tarnish-resistant which means that watches made from stainless steel will maintain their condition over the years. The International Stainless-Steel Form (ISSF) claims that stainless steel is widely utilized in different industries including the watchmaking market.
   
• Additionally, stainless steel is also considered hypoallergenic, which is ideal for people with sensitive skin. As a result, the chances of developing allergic reactions are minimal. On the contrary, leather straps will always retain their appeal by being timeless. Leather materials are considered the most comfortable for watch bands by many consumers. They are soft and over time, straps become more comfortable as they mold to the shape of the wearer’s wrist. As a result, it enhances the visual appeal of the watch while adding character to it.
   
• A nylon strap is a great accessory for any outdoor activity and is easy to clean. In humid regions where extreme heat is common, nylon straps become very handy due to their lightweight and water resistance. The Industrial Fabrics Association International (IFAI) states that nylon is one of the most versatile materials because of its extraordinary strength and ability to withstand severe conditions and tears easily. Due to these reasons, nylon straps serve as a functional and stylish option for wristwatches, making them very popular.
   

• In the U.S., the mechanical watch market for mechanical watch is growing at a rate of 4.6% each year. An increasing wanting of disposable income paired with the willingness to spend on high quality goods supports the large luxury market in the country. The younger generation now has better access to luxury goods through online shopping and these watches can now be purchased directly. The American Watch Association has been reporting a continuing growth of the segment of luxury mechanical watches in the United States, with the major differentiator being historical importance and careful attention to detail.
   
• Germany is one of the major countries in the European region's market and is growing at a rate of 5.2% each year. There is increasing focus on luxury high-end mechanical watches in the country which is driving the overall market expansion.
   
• On the contrary, the UK is experiencing important progress in the mechanical watches market and is expected to outperform with 4.7% CAGR in the forecasted period. The UK is renowned for its elegantly crafted and bespoke timepieces. British culture has a profound influence on fashion and personal style, therefore owning a fine watch is essential.
   
• In China, the market for mechanical watch is growing at a rate of 4.8% each year. Based on the Federation of the Swiss Watch Industry (FHS) report, the total expenditure on watches in Mainland China and Hong Kong combined exceeded 5.49 billion USD in 2023, which indicates Chinese luxury consumers are the most renowned clients in the watch export industry boasting a value of 29.3 billion USD.

Mechanical Watch Market Share

The global mechanical watch industry is fragmented, with prominent players, such as Rolex, Seiko Holdings Corporation, Casio, The Swatch Group Ltd, and Fossil Group holding a market share of 15%-20%.
 

• In the market, Rolex has the largest share due to its comprehensive product portfolio.
   
• Rolex’s competitive advantage is in their machinery and production processes, faithfully followed in each manufacturing step, ensuring quality and novelty at every corner. The company has designed its own materials and features such as the waterproof oyster case, which adds to the reliability of their products, making them of much higher value than competitors.
   
•  The Federation of the Swiss Watch Industry (FH) reports that Rolex is always among the top-ranking Swiss watch manufacturers in exports, thus maintaining its dominance in the industry.
   

Mechanical Watch Market Companies

Major players operating in the mechanical watch industry are:

• Casio
• Fossil Group 
• GIRARD-PERREGAUX
• Hermes
• IWC Schaffhausen 
• Patek Philippe SA
• Rado Watch Co Ltd
• RGM Watch Co.
• Richemont SA
• Rolex
• Seiko Group Corporation 
• Tag Heuer
• The Swatch Group Ltd
• Timex Group B.V.
• Titan Company Limited
   

Mechanical Watch Industry News

• In July 2024, Rolex launched Oyster Perpetual GMT-Master II with its black and grey Cerachrom bezel. In addition, its latest collection also features the oyster perpetual day-date and perpetual 1908.
   
• In June 2024, Swatch launched three new Bio ceramic MoonSwatch watches. The Bio ceramic MoonSwatch mission on earth lava, polar lights and desert are three new models which are not limited in quantity and celebrate Mother Nature.
   
• In April 2024, IWC Schaffhausen launched the Portugieser collection in Watches and Wonders in Geneva. The Portugieser collection features the new Portugieser Perpetual Calendar 44, Portugieser Automatic 42, Portugieser Automatic 40, and Portugieser Chronograph. All watches in the new Portugieser collection come with complex dials that have been meticulously crafted, the dials are coated with 15 layers of translucent lacqure, and the watch movements are IWC manufactured.
   
• In April 2024, Hermès has expanded its catalog to include wristwatches, releasing an integrated bracelet sport watch designed for women and featuring either a steel case, a rose gold and steel combo, or diamond embellishments, along with a bracelet strap or rubber strap.
   
• In March 2024, RGM announced the Model 500-WT World Time. The sport model enables simple travel with the 24-hour GMT hand and World Time bezel. The watch features two-case back gaskets, a sapphire crystal, and a screw down crown for added durability during travel.
   
• In November 2023, Girard-Perregaux presented the second joint creation of the Bridges collection, as part of their collaboration with Aston Martin. In this reworking, the bridges of the original design were produced from lightweight titanium, while the additional dimensions provided more visual depth.
   

This mechanical watch market research report includes in-depth coverage of the industry, with estimates & forecasts in terms of revenue (USD Billion) and volume (Million units) from 2021 to 2034, for the following segments:

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Market, By Movement Type

• Automatic
• Manual  

Market, By Strap Material

• Leather
• Stainless steel
• Nylon
• Others (rubber etc.)

Market, By Case Size

• Up to 35 mm
• 35 mm - 40 mm
• 40 mm - 45 mm
• Above 45 mm

Market, By Shape

• Rectangular
• Round
• Square

Market, By Consumer Group

• Men
• Women
• Unisex          

Market, By Price Range

• Low
• Medium
• High/premium

Market, By Distribution Channel

• Online
  • E-commerce websites
  • Company-owned websites
• Offline
  • Mega retail stores
  • Specialty stores
  • Others (independent stores, etc.)

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia 
• Latin America
  • Brazil
  • Mexico 
• MEA
  • Saudi Arabia
  • UAE
  • South Africa