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Morgan Stanley and LuxeConsult’s 2025 Swiss Watcher report estimates the commercial scale of 50 leading brands in the Swiss watch market; it is not a ranking of craftsmanship or watch quality. Its clearest signals are a second year of falling Swiss watch exports, Rolex’s continued lead, and a market increasingly weighted toward expensive watches. The full ranking is not consistently readable in the accessible coverage, and some secondary accounts disagree on brand order, so the figures below are best read as attributed estimates rather than a definitive league table.
What does “for 2025” mean?
The report is the ninth annual Morgan Stanley/LuxeConsult Swiss Watcher analysis. Published in 2026, it estimates sales and market performance for the 2025 reporting year. Its scope is brands competing in the Swiss watch market, not necessarily only companies headquartered in Switzerland: coverage of the report’s criteria says non-Swiss-based brands may qualify if their watches are Swiss-made and compete in the luxury market.
The estimates draw on public information, including listed-company accounts and Swiss watch export statistics, alongside LuxeConsult assessments informed by distribution networks, average prices, executive statements and industry information. Many watchmakers do not publish brand-level accounts, so the figures should be attributed to Morgan Stanley/LuxeConsult and should not be mistaken for audited disclosures.
What does the ranking measure—and what does it not?
The report’s commercial measures include estimated turnover, retail market share, unit volumes and implied average selling prices. Those describe different things: a brand can sell fewer watches but account for a larger share of value if its watches command much higher prices. None of these measures establishes which watches are better made, more reliable or more desirable to an individual buyer.
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It also matters whether a figure refers to exports, wholesale sales or estimated retail value. The Hour Markers puts the estimated global retail value of the Swiss watch market at about CHF 49 billion, while its account of the report gives 2025 Swiss watch export value as CHF 24.4 billion. These are different market measures, not competing totals.
What changed in the Swiss watch market in 2025?
Coverage of the Morgan Stanley/LuxeConsult estimates reports that Swiss watch exports fell 1.7% in value in 2025, the second consecutive annual contraction. Export volume fell 4.8% to 14.6 million watches, according to The Hour Markers and Orologi.it. The value decline was smaller than the volume decline; that contrast alone does not establish why it occurred or how any one brand performed.
Rank #2
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The high-price end took a disproportionately large share of export value. Watches priced above CHF 50,000 accounted for about 37% of 2025 export value but 1.4% of unit volume, according to coverage of the report. INSIGHT LUXURY further reports the estimate that this segment generated 89% of total growth. These figures point to a market where a small number of very expensive watches can matter greatly to value and growth, even as overall export units decline.
Which brands lead in the accessible estimates?
Rolex is the clear leader in the available coverage. INSIGHT LUXURY reports estimated wholesale sales above CHF 11 billion for 2025 and a one-percentage-point gain in market share. The Hour Markers reports a 32.9% estimated retail share for Rolex. Wholesale sales and retail share are not interchangeable measures, and both are report-derived estimates rather than audited brand disclosures.
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The Hour Markers’ summary gives the following estimated retail shares for ten leading brands. Its page contains an inconsistency: the table places Patek Philippe third, Omega fourth and Audemars Piguet fifth, while its prose describes Audemars Piguet as third, Patek Philippe fourth and Omega fifth. INSIGHT LUXURY likewise reports Omega at fifth and Patek Philippe and Audemars Piguet ahead of it. The percentages below are therefore a summary of The Hour Markers’ figures, not a resolved ranking.
| Brand | Estimated retail share |
|---|---|
| Rolex | 32.9% |
| Cartier | 8.7% |
| Patek Philippe | 7.0% |
| Omega | 6.4% |
| Audemars Piguet | 5.6% |
| Richard Mille | 3.6% |
| Longines | 3.1% |
| Vacheron Constantin | 2.4% |
| Tissot | 2.4% |
| Breitling | 2.3% |
Other estimates reported by INSIGHT LUXURY add context to the leaders and the wider brand portfolios: Cartier is described as number two with 8.7% market share; Longines is estimated at CHF 920 million in turnover, down 18%, and below the CHF 1 billion threshold; Swatch Group’s share is reported at 16.1%, down 2.16 percentage points; and Omega sales are reported down 8%. These are distinct measures, and the turnover and sales changes remain estimates as described in that coverage.
Rank #4
- Case Size: 40.00 mm, Band Width: 20, Case Thickness: 8.25 mm
- Quartz movement, 316L stainless steel case, Index dial type, Date, SuperLuminova-coated hands, enabling precise reading even in the dark, EOL (battery end-of-life indicator).
- Stainless steel strap/bracelet, interchangeable quick release bracelet, butterfly clasp with push-buttons closure
- Water-resistant up to a pressure of 10 bar (100 m / 330 ft): suitable for short periods of recreational swimming and showering, but no diving or snorkeling.
- 2 Year International Warranty
How concentrated is the market?
INSIGHT LUXURY attributes 49.1% of market share to Rolex, Patek Philippe, Audemars Piguet and Richard Mille together, an increase of 2.2 percentage points in the Morgan Stanley/LuxeConsult 2025 estimate. Other coverage uses different four-brand groupings or describes a combined share above 50%. Because the grouping and measure differ, those descriptions should not be combined into one definitive “top four” statistic.
The broader pattern is clearer than any single grouping: a few large or high-value brands account for a substantial share of the market, while a long tail of brands competes for the remainder. The reported prominence of watches above CHF 50,000 reinforces that concentration by value is not the same as concentration by units.
Best Value
- COSC Certified Chronometer
- Case Size: 39.00 mm, Band Width: 20 mm, Case Thickness: 10.98 mm
- Automatic movement, 316L solid stainless steel bracelet, Roman dial type, Date
- Water-resistant up to a pressure of 10 bar (100 m / 330 ft): suitable for short periods of recreational swimming and showering, but no diving or snorkeling.
Can readers verify the complete top 50?
Not from the accessible coverage alone. Secondary pages show selected names and table images, but they do not provide a consistently readable version of the original full table. As a result, it is not possible to reproduce a reliable, complete 1-to-50 sequence from those sources without risking invented or misordered positions.
Some reported movements are still worth noting with that limitation in mind. Coverage reports Christopher Ward entering at rank 48; another account says Christopher Ward and Bell & Ross joined in place of Parmigiani Fleurier and Baume & Mercier. ARMBANDUHREN reports Frederique Constant at rank 35 and Raymond Weil at rank 39. These are selected claims in secondary coverage, not a substitute for a verifiable complete list.
ARMBANDUHREN also identifies brands with estimated declines of at least 15%: Longines, Swatch, Hamilton, Blancpain, Breguet, Girard-Perregaux, Franck Muller, Panerai, Roger Dubuis and Zenith. The figures and positions should be treated as selected report-based estimates, not independently audited brand results.
How should a reader use the ranking?
- Use turnover or market share to understand estimated commercial scale, not quality.
- Use unit volume to compare sales or production scale, and average selling price to understand price positioning; a lower unit count does not necessarily mean lower value.
- Use year-on-year changes to see reported momentum, while checking whether the figure refers to sales, turnover, exports or share.
- Treat estimates for private brands as estimates, especially where companies do not publish brand-level accounts.
- For a purchase, compare the particular watch’s fit, specifications, service needs and price. A brand’s market share does not determine whether a model is right for you.
In INSIGHT LUXURY’s account of the report, LuxeConsult founder Oliver Müller described 2025 as “a year of uncertainty” that required “agility, discipline, and strategic clarity” from industry leaders. That is an apt description of the year’s mixed picture: falling exports overall, but continued strength in parts of the high-price market.
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