Morgan Stanley Watch Market Results (2025)

Morgan Stanley and Vontobel’s Luxury Report recently released their latest 2025 Swiss watch industry report, revealing some shocking trends in the market.

This list ranks the top 50 performing Swiss watch brands, and takes a look at their production and sales numbers. Out of an estimated 450 Swiss watch brands, the top 4 (Rolex, Cartier, Audemars Piguet, Patek Philippe) made up about 50% of sales.

The market trend toward ultra-luxury in 2025 was made clear.

Morgan Stanley noted luxury watches, those priced $64,500 and up, accounted for 37% of export value and 89% of total growth in the market, despite only making up 1.4% of the volume.

Omega saw a surprising decline, falling from fifth to third place.

In this blog, we will take a closer look at the top ten brands, any more surprising changes, and what these numbers tell us about the market.

Sell Your Rolex

Rolex Ranks Number One Among Swiss Watch Brands

It is no surprise to see Rolex holding steady as the number one performing Swiss watch brand.

They continue to favor scarcity in order to maintain high prices and demand

It’s estimated that Rolex produced around 1.1 million watches in 2025, about 2% less than the previous year, but still accounted for 33% of global market retail sales.

Rolex also produces some of the most popular steel sports models (GMT Master, Daytona, Submariner) giving them an advantage over competitors. These are the watches that businessmen, athletes, and entrepreneurs alike wear on a daily basis.

Many middle-class Americans aim to add a Rolex to their collection, while other super-luxury brands (like Audemars Piguet or Patek) are out of most peoples’ price ranges.

Cartier Ranks Second

Cartier held their second place rank in 2025, thanks largely to their wide product variety and global luxury-market reach.

Cartier has seen around an 8.7% increase in market share since 2019, with about $4.5 billion in watch sales in 2025 alone.

Their catalog includes both stainless steel and high-jewelry pieces, offering many price-points for buyers.

Their Santos, Tank, Ballon Bleu, and Panthère models have been loved by both celebrities and consumers.

Cartier’s luxury positioning and success of medium-range models have certainly helped this brand succeed.

Audemars Piguet Holds Third Place

Audemars Piguet sustained its spot in the top three with $3.15 billion in sales in 2025. Controlled supply and demand has allowed them to maintain their high price point and secure their number three spot on the list.

Its limited production (about 40,000 to 50,000 watches made a year) and choice to sell mostly at their own boutiques largely attributes to their success.

Audemars Piguet is best known for their Royal Oak models, which is another brand loved by athletes and celebrities, serving as a highly-sought after status symbol.

Patek Philippe Ranks Fourth

Number four on the list is Patek Philippe, another ultra-luxury watch brand. Known for their Nautilus, Aquanaut, and Grand Complication models, they are seen as the pinnacle of luxury and dominate the ultra-luxury watch market.

Patek produces around 60,000 watches a year, with a tightly controlled inventory and extremely long waitlist.

They made around $3.03 billion in sales in 2025, with an average retail price of $50,000.

This price point has allowed Patek to gain market share, despite choosing to produce so few watches.

Omega Falls To Number Five

Omega previously maintained their spot in third place from 2023 to 2024, but shockingly fell to fifth place in 2025.

It has historically been the Swatch Group’s best performing brand, but has been overtaken by rivaling brands.

Morgan Stanley and Vontobel have attributed Omega’s fall to their aggressive price hikes, despite slowing demand.

Their Speedmaster and Seamaster models have remained popular, more affordable entry-point watches. Their price point may have backfired, however, as their reliance on that mass-market leaves them vulnerable to the many economic shifts that we saw in 2025.

Richard Mille Ranked Sixth

Richard Mille ranked sixth on the list, with an extremely low production volume (only 5,000 to 6,000 a year) and high retail prices (averaging $150,000 to $300,000).

Their continued growth is thanks to scarcity, fueling sales among their wealthy clientele.
Richard Mille’s models sell out almost immediately at retail, giving them a very high secondary market value.

Despite having a small market share (3-4%), they continue to lead in growth.

Luxury Watch Brands Dominate

Morgan Stanley and Vontobel’s report has revealed the watch market’s preference for ultra-luxury. These models account for 37% of Swiss watch brands’ export value, and 89% of the market’s growth.

The top performing brands have succeeded and maintained high ranking by using controlled supply and demand. Keeping tight caps on production and very long waitlists seems to be the recipe for success.

The demand for luxury watches is also evident in the secondary market, as many buyers will pay big premiums to get their hands on these pieces. The same cannot be said for entry-level models, however, which often lose value and do not resell quickly.
Consumers have leaned towards luxury watches because of their investment value. The best models are hard to come by, while the most attainable models are not in much demand.