Morgan Stanley and LuxeConsult estimated Rolex’s 2024 turnover at CHF 10.583 billion, far ahead of other brands in their Swiss watch-industry ranking. The wider story is polarization: the privately owned Big Four accounted for an estimated 47% of market value, while the Top 50’s estimated turnover and unit totals both fell.
These are industry estimates, not audited brand accounts, and the ranking does not cover every watchmaker worldwide. Read the figures as estimates of different measures—not as interchangeable sales, export, and unit statistics.
What Morgan Stanley’s 2024 watch-brand ranking says
The ranking covers leading brands associated with the Swiss watch industry. Rolex led by a wide margin in estimated turnover and retail-value share. Cartier ranked second and Omega third in the value-share discussion.
| Brand or group | 2024 estimate | What it measures |
|---|---|---|
| Rolex | CHF 10.583 billion turnover; about 32.1% share | Estimated brand turnover and retail-value share |
| Cartier | About 8% share | Estimated retail-value share |
| Omega | About 7% share | Estimated retail-value share |
| Rolex Group | About 33.2% share | Estimated group share, including Tudor |
The distinction between Rolex brand share and Rolex Group share matters: the approximately 32.1% estimate is for Rolex alone, while the approximately 33.2% figure includes Tudor. Turnover, retail-value share, and unit volume describe different things.
#1 Best Overall
For market context, Monochrome’s coverage of the 2024 report discusses the Top 50 estimates and market changes. The Hour Markers’ summary reports Rolex estimates and share figures.
What does the ranking measure?
This is not a worldwide ranking of every watch company. It estimates leading brands associated with the Swiss watch industry; public versions may include brands owned by Swiss groups even when the individual brand is not Swiss by nationality.
It is not a ranking of unit sales, profitability, brand equity, total corporate revenue, collector desirability, or secondary-market performance. It also should not be treated as a direct comparison with Seiko, Citizen, Casio, Apple, or Garmin.
| Measure | Meaning | Do not confuse it with |
|---|---|---|
| Estimated brand turnover | Morgan Stanley/LuxeConsult’s estimate of sales attributed to a brand | Audited brand-reported revenue |
| Estimated retail-value share | Estimated share of consumer-facing value | Unit share |
| Swiss export value | Customs value of goods shipped from Switzerland | Consumer spending or brand turnover |
| Units | Estimated or reported count of watches | Sales value |
Public summaries say the estimates draw on public company information and industry assumptions; the underlying brand figures are not supplied directly by every brand. Treat them as estimates, not audited accounts.
Free tools Windows power users keep installed
One-click scans. No signup required.
Top 50 turnover and units both declined
Morgan Stanley Research estimated combined Top 50 turnover at CHF 36.127 billion in 2023 and CHF 35.258 billion in 2024. Its reported unit totals were close to 16 million in 2023 and a little over 13 million in 2024. These are Top 50 estimates, not Swiss export receipts.
| Top 50 measure | 2023 | 2024 | Direction |
|---|---|---|---|
| Estimated turnover | CHF 36.127 billion | CHF 35.258 billion | Lower |
| Reported units | Close to 16 million | A little over 13 million | Lower |
These figures show why value and volume tell different parts of the story: both declined, but not by the same amount. They do not, by themselves, establish the reasons for any individual brand’s performance.
The Big Four and market polarization
The report identifies Rolex, Patek Philippe, Audemars Piguet, and Richard Mille as the privately owned Big Four. Together, they represented an estimated 47% of market value in 2024. Morgan Stanley and LuxeConsult’s reported comparison puts their share about 300 basis points higher than in 2023 and 1,020 basis points above the 2019 figure of 36.8%.
This concentration is a concise way to understand the report’s polarization theme: a small number of high-end brands account for a large share of estimated value. It does not show that every privately owned brand outperformed every group-owned brand, or prove why the market changed.
Recommended Free Tools
Rank #3
- Used Book in Good Condition
Which brands grew in 2024?
Oliver Müller, LuxeConsult owner and report co-author, said in a 2025 summary that only 11 brands in the Top 50 were in positive territory in 2024. Other public summaries differ in their counts, so treat 11 as Müller’s reported figure rather than a reconciled independent count.
Public transcriptions of the lower half of the ranking contain inconsistencies, including a duplicated Harry Winston entry and an unclear rank 47 in one sequence. Without the original licensed chart, those entries should not be presented as a definitive rank-by-rank list. The defensible summary is that only a small minority of the Top 50 grew.
Premium-priced watches and export figures
Monochrome quotes the Morgan Stanley/LuxeConsult report as saying watches with a retail price above CHF 50,000 accounted for 33.5% of the total value of Swiss watch exports and 84% of export growth in 2024. Those figures refer to export value and growth, not the entire watch market’s retail turnover.
The Federation of the Swiss Watch Industry reported that Swiss watchmaking exports fell 2.8% to about CHF 26.0 billion in 2024. This is export value, not estimated brand turnover or consumer spending. For the official release, see the Federation’s 2024 statistics.
Rank #4
How to read the estimates
The estimates are useful for comparing an opaque industry, but should not be mistaken for precise company disclosures. Public brand-level transcriptions include discrepancies, especially in lower rankings and close year-over-year comparisons. Attribute estimates to Morgan Stanley and LuxeConsult or to the specific public summary that reports them.
Do not infer that the figures prove intentional production limits, consumer popularity, investment performance, or the cause of an individual brand’s results. Export figures, turnover, retail-value share, and units are not interchangeable.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Frequently Asked Questions
What were the top Swiss watch brands in 2024?
Rolex led Morgan Stanley and LuxeConsult’s Swiss-industry ranking by estimated turnover and retail-value share. Cartier ranked second and Omega third in the value-share discussion. Public lower-half transcriptions contain inconsistencies, so they should not be treated as definitive.
How much of the Swiss watch market did Rolex control?
The 2024 estimates put Rolex brand retail-value share at about 32.1%. The approximately 33.2% figure is for the Rolex Group, including Tudor.
Quick wins for a faster PC:
Scan for outdated or missing drivers - takes under a minuteDriver Scan →Clear out junk files and repair common Windows errorsFree Scan →Is Rolex bigger than Cartier and Omega?
In these estimates, yes: Rolex’s estimated turnover was CHF 10.583 billion, while Cartier and Omega had estimated retail-value shares of about 8% and 7%, respectively. These are estimated figures, and turnover and share are different measures.
Did Swiss watch sales fall in 2024?
The Top 50’s estimated turnover and reported unit totals both fell. Separately, the Federation of the Swiss Watch Industry reported a 2.8% decline in total Swiss watchmaking export value to about CHF 26.0 billion. These measures cover different things.
Is this a ranking of every watch brand worldwide?
No. It concerns leading brands associated with the Swiss watch industry and does not automatically compare them with non-Swiss makers or technology companies such as Seiko, Citizen, Casio, Apple, or Garmin.
Are the Morgan Stanley/LuxeConsult figures audited?
No. They are estimates based on public information and industry assumptions. The report is useful for market context, but brand-level figures should not be presented as audited accounts.
Do these 3 things before closing this tab:
1Scan for outdated or missing drivers - takes under a minute2Repair Windows errors before they cause bigger problems3Fix the driver behind crashes, sound loss and screen glitchesBottom line
Morgan Stanley and LuxeConsult’s 2024 estimates put Rolex far ahead of individual rivals and the privately owned Big Four at an estimated 47% of market value. The Top 50’s estimated turnover and reported units both declined, while the ranking’s scope and the distinction between exports, turnover, value share, and units matter for interpreting the results. The figures are estimates, not audited brand accounts.
Quick Recap
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
