The annual Morgan Stanley and LuxeConsult report on the Swiss watch industry puts a number on what the market has felt for years: concentration. Rolex, Patek Philippe, Audemars Piguet, and Richard Mille now hold a combined 49.1 percent of the industry by revenue, a gain of 2.2 percentage points in a year.
The report ranks Omega fifth, passed by Audemars Piguet at third and Patek Philippe at fourth. The sharpest detail is at the top of the price pyramid: watches priced above CHF 50,000 accounted for just 1.4 percent of unit volumes but 89 percent of the industry’s growth in 2025. Industry volumes have roughly halved since 2011. The middle of the market keeps getting squeezed; the very top keeps absorbing the value.