The Swiss Watchmaking Industry: A Pillar of Precision and Diversity
The Swiss watchmaking industry stands as the third largest export industry in Switzerland, following chemicals and machinery. Globally recognized, Swiss-made watches are synonymous with quality and diversity, catering to a wide spectrum of preferences and budgets. From affordable quartz timepieces to luxurious mechanical watches adorned with gold and gems, the Swiss watch industry offers something for everyone, ensuring its continued success on the international stage.
Skilled Workforce and Industrial Evolution
Historically, the Swiss watchmaking industry evolved around a specialized horizontal structure, where suppliers and subcontractors delivered movements and external components to assemblers known as “établisseurs”, who then assembled and sold the final products. Additionally, the industry has embraced a vertical integration model, allowing entire watches to be produced under the roof of a single manufacturer, known as “manufactures”.
The economic crises of the 70s and 80s, along with the technological upheaval introduced by quartz watches, significantly reduced the industry size, from about 90,000 employees in 1970 to just over 30,000 in 1984. However, structural changes within the industry and the resurgence of mechanical watches in the 90s revitalized the sector, increasing the workforce to 57,300 by 2013, despite a reduction in the number of companies from 1,600 in 1970 to 572 today.
Diverse Product Range
One of the Swiss watch industry’s key strengths is its comprehensive and diverse product range, offering sports watches, fashion watches, elegant timepieces, mechanical or quartz chronographs, miniaturized clocks with chime mechanisms, exquisite gold watches with complex functions, and high-tech ceramic designs. Brands continuously innovate, introducing endless new series and models to the market.
Market and Competition
Though the Swiss watch industry has a global footprint, with exports accounting for 95% of production, the distribution of its sales markets is uneven.
In terms of value, Asia accounts for 53% of Swiss watch exports, while Europe and the Americas take up 31% and 14%, respectively. Africa and Oceania each hold about 1%. The top fifteen markets alone account for 80% of exports, with Hong Kong, the USA, and China being the top three markets for Swiss watches.
The Swiss watchmaking industry, with its rich heritage of precision and diversity, continues to lead and innovate, maintaining its revered status in the global watch market.
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