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Materials

Watches

Mechanical and smart watches; Swiss luxury movements, Chinese assembly for mass market.

Why it matters · Luxury watch prices track Swiss franc and tariffs; smartwatches track electronics supply.

7

Inputs

18

Companies

4

Facilities

10

Source countries

How it's made

The process

  1. 01

    Movement / Caliber Production

    For mechanical watches, the movement (ébauche) is manufactured — gears, mainspring, escapement and the hairspring (the regulating organ). For smartwatches, an SoC + sensors replace the mechanical caliber.

  2. 02

    Hairspring & Escapement

    The balance spring (hairspring) is wound and paired to the balance wheel — the precision heart of a mechanical watch, made from specialty alloys by a tiny number of suppliers.

  3. 03

    Case & Crystal Manufacture

    Stainless-steel/precious-metal cases are machined and the crystal — typically synthetic sapphire — is grown, cut and polished.

  4. 04

    Dial, Hands & Assembly

    Dial, hands, date wheel and movement are assembled (mechanical) or the PCB/display/battery module is built (smart), then cased and gasketed for water resistance.

  5. 05

    Regulation, Testing & Finishing

    Mechanical watches are regulated for accuracy (chronometer/COSC for some) and pressure-tested; smartwatches are firmware-flashed and QC-tested before packaging.

What it's made of

The inputs

7 raw inputs feed watches. Inputs flagged with ● are critical — without them, production halts.

manufactured

●

Watch Hairspring (Balance Spring)

Dependency 90%

manufactured

●

Mechanical Watch Movement (Ébauche)

Dependency 85%

manufactured

Synthetic Sapphire Watch Crystal

Dependency 60%

manufactured

OLED / AMOLED Display Panel

Dependency 60%

manufactured

Watch Case (Stainless / Titanium / Gold)

Dependency 50%

manufactured

Watch Strap & Bracelet (Leather / Steel)

Dependency 40%

manufactured

Watch Dial, Hands & Indices

Dependency 40%

Where it comes from

Country dependencies

Weighted share of upstream inputs sourced from each country.

CountryWeighted shareInputs supplied to watches
CHSwitzerland76%Synthetic Sapphire Watch Crystal · Watch Dial, Hands & Indices · Watch Hairspring (Balance Spring) +2
KRSouth Korea70%OLED / AMOLED Display Panel
CNChina18%OLED / AMOLED Display Panel · Synthetic Sapphire Watch Crystal · Watch Dial, Hands & Indices +2
GBUnited Kingdom3%Synthetic Sapphire Watch Crystal · Watch Dial, Hands & Indices · Watch Hairspring (Balance Spring)
ITItaly3%Watch Strap & Bracelet (Leather / Steel)
JPJapan3%OLED / AMOLED Display Panel · Synthetic Sapphire Watch Crystal · Watch Dial, Hands & Indices +2
FRFrance2%Synthetic Sapphire Watch Crystal · Watch Dial, Hands & Indices · Watch Hairspring (Balance Spring) +1
VNVietnam2%Synthetic Sapphire Watch Crystal · Watch Dial, Hands & Indices · Watch Hairspring (Balance Spring) +1
CACanada2%Synthetic Sapphire Watch Crystal · Watch Dial, Hands & Indices · Watch Hairspring (Balance Spring)
DEGermany (Federal Republic of Germany)1%Synthetic Sapphire Watch Crystal · Watch Dial, Hands & Indices · Watch Hairspring (Balance Spring)

Shipped finished

Top finished-goods sources

Countries that ship finished watches directly to the U.S. — distinct from the upstream raw inputs above.

CountryU.S. importsShare of U.S. imports
CHSwitzerland$5.3B88%
JPJapan$424M7%
CNChina$122M2%
DEGermany (Federal Republic of Germany)$73M1%
THThailand$44M<1%
SGSingapore$27M<1%
PHPhilippines$14M<1%
FRFrance$13M<1%
GBUnited Kingdom$8M<1%
ITItaly$7M<1%

Who makes it

Supplier companies

18 companies in this supply chain, sorted by market share.

The Swatch Group Ltd →(UHR.SW)
HQ CH95% shareSOLE SUPPLIER

Swiss watch conglomerate; owns ETA (movements) and Nivarox (hairsprings) — the dominant Swiss movement/component supplier.

Supplies these inputs

Watch Case (Stainless / Titanium / Gold) · Watch Hairspring (Balance Spring) · Mechanical Watch Movement (Ébauche)

Replaceability

Substitutability 20% · 18 mo to replace

Business segments

  • Prestige & Luxury15% rev
  • High Range (Omega & Core Brands)52% rev
  • Middle Range & Volume20% rev
  • Production & Components (ETA / Nivarox / EM Micro)13% rev
RC Tritec AG →
HQ CH60% share

Swiss maker of Super-LumiNova (via LumiNova AG Switzerland) — the dominant non-radioactive watch lume; formerly made tritium luminous compounds.

Supplies these inputs

Watch Dial, Hands & Indices

Replaceability

Substitutability 30%

Business segments

  • Luminescent Pigments (Super-LumiNova)
  • Specialty Materials & Services
Nemoto & Co. →
HQ JP50% share

Japanese inventor/supplier of LumiNova photoluminescent pigments (1993); partner in Super-LumiNova.

Supplies these inputs

Watch Dial, Hands & Indices

Business segments

  • Photoluminescent Pigments (LumiNova)
  • Sensors & Catalysts
Samsung Display →
HQ KR50% share

Samsung Display Corporation (SDC; wholly owned by Samsung Electronics; ~KRW 30T revenue) is South Korea's second-largest display maker; primarily focused on smartphone OLED but growing into laptop OLED; ~8% laptop display market share (2024, growing). SDC's Asan A3 fab (Chungnam Province) is the primary OLED production site for premium laptops — Samsung MacBook Pro (Apple's primary OLED supplier), Dell XPS 13 OLED, Asus ProArt OLED. SDC is Apple's largest OLED MacBook Pro panel supplier for the 2024-2026 generation. SDC's laptop OLED share growing rapidly as Apple expands OLED MacBook lineup (14" in 2026). SDC does not make laptop LCD panels at meaningful scale — it exited mainstream LCD early.

Supplies these inputs

OLED / AMOLED Display Panel

Replaceability

Substitutability 25% · 18 mo to replace

Business segments

  • Smartphone OLED (Mobile)60% rev
  • Laptop & Tablet OLED20% rev
  • Foldable & Rollable Displays10% rev
  • Automotive OLED5% rev
Hirsch Armbänder GmbH →
HQ AT35% share

Austrian watch-strap leader (founded 1945, leather craft since 1765); supplies ~16,000 retailers in 80+ countries and Swiss luxury brands; CITES-certified exotic leathers.

Supplies these inputs

Watch Strap & Bracelet (Leather / Steel)

Replaceability

Substitutability 40%

Business segments

  • Watch Straps
  • Performance & Protection Materials
Carisen / Chinese case OEMs →
HQ CN20% share

Chinese watch-case OEM/ODM; 904L/316L stainless and grade-5 titanium cases for microbrands and fashion watches.

Supplies these inputs

Watch Case (Stainless / Titanium / Gold)

Replaceability

Substitutability 50%

Business segments

  • Watch Case OEM/ODM
  • Assembly & Components
LG Display →
HQ KR20% share

LG Display Co. Ltd. (KRX: 034220; ~KRW 26T revenue; 37.9% owned by LG Electronics, 7.4% by LG Corp) is South Korea's largest display maker; ~15% laptop display market share, predominantly premium OLED and IPS LCD. LG Display's Paju Korea complex (P8, P9, P10 fabs) produces both IPS LCD and OLED panels — Paju is the world's largest OLED panel production site. LGD is executing an explicit strategic retreat from LCD toward OLED: its Guangzhou China Gen 8.5 LCD fab (capacity 90,000+ sheets/month) is being closed or sold as Chinese makers commoditized the LCD market. LGD supplies OLED panels for the Apple MacBook Pro 14"/16" (launched 2024) and Dell XPS OLED. The pivot to OLED is existential — LGD cannot compete with BOE on LCD price; OLED premium is its survival path.

Supplies these inputs

OLED / AMOLED Display Panel

Replaceability

Substitutability 28% · 18 mo to replace

Business segments

  • TV OLED Panels (WOLED/OLED evo)35% rev
  • IT OLED & LCD (Laptop, Monitor)32% rev
  • Smartphone OLED (P-OLED)18% rev
  • Automotive Displays15% rev
Sellita Watch Co SA →
HQ CH18% share

Largest independent Swiss movement maker; grew rapidly after ETA restricted third-party ébauche supply, but still relies on Nivarox-class hairsprings.

Supplies these inputs

Watch Hairspring (Balance Spring) · Mechanical Watch Movement (Ébauche)

Replaceability

Substitutability 45% · 12 mo to replace

Business segments

  • Mechanical Movements (Calibers)88% rev
  • Technical Components & Services12% rev
BOE Technology Group →
HQ CN17% share

BOE Technology Group Co. (SZSE: 000725; ~¥200B revenue; state-owned enterprise ultimately controlled by Beijing municipal government through BOEAG) is China's national champion display maker and world's largest laptop LCD panel supplier; ~20%+ and growing share of global laptop panels. BOE received an estimated $60B+ in cumulative state subsidies (grants, subsidized land, below-market loans from policy banks) from 2003-2024 — by far the largest state-sponsored industrial buildout in display manufacturing history. Key fabs: Beijing B7 (Gen 8.5), Chengdu B7+ (Gen 8.6+), Wuhan B10 (Gen 10.5), Chongqing B10+ (Gen 10.5+), Fuzhou B18 (Gen 8.6 OLED). BOE is the first Chinese company to qualify as a supplier for Apple MacBook Pro OLED panels (starting 2024 qualification; production ramp 2025-2026 — though Samsung Display and LG Display remain Apple's primary OLED sources). BOE's aggressive expansion drove LG Display and AUO out of mainstream LCD into OLED/specialty.

Supplies these inputs

OLED / AMOLED Display Panel

Replaceability

Substitutability 30% · 18 mo to replace

Business segments

  • LCD Display Panels (World #1 by Volume)45% rev
  • OLED Flexible Displays30% rev
  • Medical and Specialty Displays15% rev
  • IoT + Industrial10% rev
Kyocera Corporation →(6971.T)
HQ JP8% share

Japanese electronics/ceramics group; crystal devices and oscillators (incl. former AVX/Kyocera Crystal Device line).

Supplies these inputs

Synthetic Sapphire Watch Crystal

Replaceability

Substitutability 55% · 9 mo to replace

Business segments

  • Core Components (Capacitors, Oscillators, Connectors)28% rev
  • Semiconductor Components (IC Packages & ABF Substrates)18% rev
  • Document Solutions (Printers & Copiers)18% rev
  • Industrial & Cutting Tools (Fine Ceramics)18% rev
Visionox Technology Co., Ltd. →
HQ CN5% share

Chinese OLED display manufacturer founded by Tsinghua University researchers; produces flexible AMOLED panels for Huawei, OPPO, vivo smartphones; government-backed expansion of domestic OLED capacity to reduce Korea dependency. Targets iPhone supply qualification.

Supplies these inputs

OLED / AMOLED Display Panel

Replaceability

Substitutability 30% · 24 mo to replace

Business segments

  • Flexible AMOLED Smartphone Displays70% rev
  • Wearable & IoT Displays20% rev
  • Other Display Products10% rev
Miyota (Citizen Watch Co.) →
HQ JP

Citizen's movement division — the world's largest producer of mechanical watch movements by volume; supplies affordable/microbrand mechanicals.

Supplies these inputs

Mechanical Watch Movement (Ébauche)

Replaceability

Substitutability 45% · 12 mo to replace

Business segments

  • Quartz movements
  • Mechanical movements
  • Movement supply & components
Monocrystal PJSC →
HQ RU

One of the world's largest synthetic-sapphire growers (sapphire for LED substrates, watch/phone crystals).

Supplies these inputs

Synthetic Sapphire Watch Crystal

Replaceability

Substitutability 35% · 9 mo to replace

Business segments

  • Synthetic sapphire
  • Solar metallization pastes
  • Specialty crystals & oxides
Rolex SA →
HQ CH

100% vertically integrated Swiss watchmaker; casts its own 904L Oystersteel and grade-5 RLX titanium cases; owns former suppliers Genex (cases), Gay Frères (bracelets), Beyeler (dials).

Supplies these inputs

Watch Case (Stainless / Titanium / Gold) · Watch Dial, Hands & Indices · Watch Hairspring (Balance Spring) · Watch Strap & Bracelet (Leather / Steel)

Replaceability

Substitutability 20% · 36 mo to replace

Business segments

  • Watches
  • In-house components
  • In-house materials
  • Retail & distribution
Saint-Gobain →(SGO.PA)
HQ FR

French multinational founded 1665; world's largest flat glass and building materials company. Operates 400+ industrial sites globally; major flat glass brands include SGG (construction glass) and Sekurit (automotive glass). Also makes high-performance materials, gypsum (Gyproc/CertainTeed), and insulation.

Supplies these inputs

Synthetic Sapphire Watch Crystal

Replaceability

Substitutability 55% · 9 mo to replace

Business segments

  • Construction Products (Glass + Drywall + Insulation)50% rev
  • Mobility & Industry Glass (Sekurit Automotive)20% rev
  • High-Performance Materials (Norton Abrasives + Ceramics)30% rev
Sigatec SA →
HQ CH

Joint venture (Ulysse Nardin / Mimotec) producing SILICON micro-components incl. hairsprings via deep-reactive-ion etching.

Supplies these inputs

Watch Hairspring (Balance Spring)

Replaceability

Substitutability 30% · 24 mo to replace

Business segments

  • Silicon watch components
  • Microfabrication services
Soprod SA (Festina Group) →
HQ CH

Swiss movement manufacturer; alternative ébauche supplier that grew after ETA restricted third-party supply.

Supplies these inputs

Mechanical Watch Movement (Ébauche)

Replaceability

Substitutability 40% · 18 mo to replace

Business segments

  • Mechanical movements
  • Quartz movements
  • Components & assembly
Stettler Sapphire AG →
HQ CH

Swiss maker of machined synthetic-sapphire watch crystals and components.

Supplies these inputs

Synthetic Sapphire Watch Crystal

Replaceability

Substitutability 30% · 9 mo to replace

Business segments

  • Watch components
  • Precision industrial components
  • Medical & optical sapphire/ruby

Where it's made

Facilities

4 facilities producing inputs that feed watches.

BOE Mianyang B11 OLED Fab — Sichuan, China →

CN

BOE Technology Group · Sichuan · manufacturing

BOE's largest and most advanced flexible OLED facility; Gen 6 AMOLED; primary production site for BOE's smartphone OLED targeting Huawei, OPPO, Xiaomi and (aspirationally) Apple. Opened 2021; $7B investment. BOE has been attempting to qualify for Apple's iPhone OLED supply for multiple generations.

LG Display Gumi E6 OLED Fab — South Korea →

KR

LG Display · North Gyeongsang · manufacturing

LG Display's primary flexible OLED fab for Apple iPhone supply; Gen 6 substrate; LG Display qualified as Apple's second OLED supplier (after Samsung Display) in 2017; Gumi campus also includes legacy LCD capacity.

Nivarox FAR (Le Locle / Swiss Jura) →

CH

The Swatch Group Ltd · Neuchâtel · factory

Hairspring/regulating-organ production for >95% of the Swiss watch industry.

Samsung Display Asan A3 (OLED) →

KR

Samsung Display · Chungnam · fab

Samsung Display's A3 OLED fab in Asan, Chungnam Province. Primary production site for premium laptop OLED panels, including panels for Apple MacBook Pro (SDC is Apple's primary OLED supplier for the 2024-2026 MacBook Pro generation). A3 uses LTPO OLED (Low Temperature Polycrystalline Oxide) backplane technology enabling variable refresh rates. Asan is a key strategic industrial site in South Korea; Asan also hosts a major Samsung Electronics semiconductor fab. Source: https://www.samsungdisplay.com/eng/intro/overview/business.jsp

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