![]() ![]() What is more interesting is that we are witnessing a growth of the industry that is truly on a global scale. But we also can see a steady growth of the watch industry overall, accompanied by the birth of numerous microbrands thanks to crowdfunding initiatives on dedicated portals. We still have to acknowledge a few endemic situations, like the high polarization in the movement production sector, which has created an oligopoly situation. The COVID has hit the industry hard, but the latest industry figures show great dynamism, and suggest that we are optimistic about the future of watchmaking. It might also represent the first stepping stone in a horological path towards higher-end timepieces. Instead, it has bolstered the sales of watches and wrist devices to a large part of the population that was not involved in horology before. While the introduction of smartwatches has curbed the sales of low-end watches, it has not affected the market as a whole. The world watch industry statistics tell us that the field is nowhere near extinction. And in 2025, it will become twice as big – GDP-wise - that is, Ukraine. So, our question of “how big is the watch industry?” has a definite answer: as big as Luxembourg. To make a real-world comparison and understand the size of the horology industry, the 2020 stats of the world watch market is equivalent to the GDP of a small but prosperous European country like Luxembourg. The last luxury watch industry analysis by Mordor Intelligence tells us that the global watch market (composed of traditional and smartwatches) was valued at USD 61.85 billion in 2020 and will be registering a CAGR of 13% during the forecast period (2021-2025) to reach over 100 Billion USD. Moreover, it also shows some excellent signs of recovery for the following years, especially if we consider the effect of the rising smartwatch expansion. ![]() That is, it is a field in relatively good health, all things considered, and showing some excellent perspectives for the future.ĭespite the recent happenings, like the long tail of the economic crisis and the COVID shock, the market size of the watch industry has managed to withstand the blow reasonably well. We might be a bit partial in our position, but we feel that our analysis is backed by substantial figures that depict a different portrait of the business. ![]() Albania Andorra Anguilla Argentina Armenia Aruba Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belgium Belize Benin Bermuda Bolivia Bosnia and Herzegovina Botswana Brunei Bulgaria Burkina Faso Cambodia Canada Cape Verde Cayman Islands Central African Republic Chile China Colombia Comoros Congo Cook Islands Costa Rica Croatia Cyprus Czech Republic Denmark Djibouti Dominica Dominican Republic Ecuador Egypt El Salvador Estonia Fiji Finland France French Guiana Gabon Georgia Germany Ghana Gibraltar Greece Greenland Guadeloupe Guatemala Guernsey Guinea Haiti Honduras Hong Kong, China Hungary Iceland Ireland Israel Italy Jamaica Japan Jersey Jordan Kazakhstan Kenya Kuwait Kyrgyzstan Laos Latvia Lebanon Libyan Arab Jamahiriya Liechtenstein Lithuania Luxemburg Macao, China Macedonia, Republic Of Malawi Malaysia Maldives Mali Malta Martinique Mauritius Mayotte Mexico Moldova, Republic of Monaco Mongolia Montenegro Montserrat Namibia Nepal Netherlands New Caledonia New Zealand Nicaragua Nigeria Norway Oman Pakistan Panama Papua New Guinea Paraguay Peru Philippines Poland Portugal Qatar Republic of Cameroon Reunion Romania Rwanda Saint Kitts And Nevis Samoa San Marino Saudi Arabia Senegal Serbia Seychelles Singapore Slovakia Slovenia South Africa South Korea Spain Sri Lanka St.Watches is a topic that strangely divides people: with the introduction of the modern smartwatches, the world has separated in two halves, traditional watch-wearers, and prophets of doom, who are preaching that the end of horology – a field that has withstood 500 years of evolution – is near. ![]()
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