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The global watch industry has maintained a strong performance over the past year, led by the recovering sales from the swiss watches industry. With the significant appreciation for its stylish design, top-notch quality, technological sophistication, and historical craftsmanship, Swiss made watches have long been considered as the world’s best watches, while those leading manufacturers from the watch manufacturers in Switzerland. are nowadays also some of the largest watchmakers and watch exporters in the world. As the global demand for Swiss watches continues to be strong, the Swiss watches industry is expected to grow further in the near future, and so do business opportunities with the top watch manufacturers in Switzerland.
According to a recent market report from Euromonitor, the overall global watch industry is worth US$62.5 billion in 2016, with various of major products ranging from quartz watches, mechanical watches, jewelry watches to newly trending smartwatches and sports watches. It’s expected that the global watch market will grow at a CAGR of 7.87% during the period of 2017 to 2021.
Another market report from Technavio suggests that the luxury watch is one of the fastest growing segments in the global watch market, expecting to generate a revenue of about US$ 57 billion by 2021. The Strong demand for Swiss watches is driving the growth in the global luxury watch market. The increase in brand awareness and western influences, as well as the inherent need for exclusivity, are some of the other factors that contribute to the increased demand for watches in the global market.
Technavio also reports that the e-commerce and online shopping have further facilitated the sales of watches around the world. The increased penetration of the internet and its access through personal computers, smartphones, and tablets have led to the growth in the popularity of online platforms as a potent option for buying products across categories, including watches. Time-strapped consumers today seek the convenience of all-day access and easy price and feature comparison that online shopping offers.
Watchmaking is one of the most recognizable sectors in Switzerland. As the world’s number one watch supplier by value, Switzerland produces around 30 million pieces of watches every year, or 2.5% of the world’s timepieces. But it accounts for over half of the high-end watch sector, according to Federation of the Swiss Watch Industry. Over 95% of watches that cost over $1,000 in the global market are manufactured in Switzerland.
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Today, The Swiss watches industry is responsible for around 1.5% of the country’s GDP, making it Switzerland’s third biggest export sector behind the pharmaceutical-chemical, and machine tool sectors. The watch industry in Switzerland directly employs over 57,000 people in around 500 watch companies. Some of the biggest watch brands from Switzerland include Rolex, Cartier, Omega, Longines, Patek Phillippe, Swatch and Tag Heuer etc.
When it comes to the watch exports, the Swiss watches industry is also leading the way. Despite the downward trend in Switzerland’s watch exports over the last two years, Switzerland is still the world’s largest watch exporter by value. The latest report from Federation of the Swiss Watch Industry reveals that the Swiss watch industry had a recovery of sales in 2017, and the total watch exports grew by 2.7 % to CHF19.9 billion (US$21.3 billion) in 2016, representing nearly 40% of the global watch industry exports in that year.
The biggest market for Swiss watches in 2016 was the Asian Pacific, which experienced the biggest growth of 4.8% and generated half of all export sales. The largest market was Hong Kong, with exports worth CHF2.5 million (US$2.7 million). Other top markets for Swiss watches include Mainland China, which recorded the highest rate of growth at 18% in 2016, followed by Japan, UK, and the USA.
The growing demand for watches around the world, particularly for luxury Swiss watches, has also brought an increasing number of buyers, distributors, and exporters from all over the world to Switzerland, with the aim of searching for the best business deals with the top wristwatch manufacturers in the country. To help your timepiece business stays at the top of the industry, BizVibe provides the best solutions to connect you with the top watch manufacturers in Switzerland. Don’t miss your chance to network with the best industry suppliers, manufacturers, and companies on BizVibe.
Whether you’re conducting competitive research or looking for new and reliable suppliers, quality producers or top wholesalers, BizVibe makes it easy to grow your business. No matter what your professional goals, BizVibe will help you reach them by introducing you to key industry players and decision-makers from the Swiss watches industry.