Plastic or Non-Precious Metal Watch Market

The article discusses the declining demand for plastic or non-precious metal watches globally, with forecasts pointing towards contraction in both volume and value over the next eight years. Key insights include the performance of the market, consumption trends, production volumes, exports, and key consuming countries such as India, the United States, and China. China leads in production and exports, while Switzerland dominates in export value. The most exported type is wrist-watches with battery or accumulator power and mechanical display, with a notable decrease in average export price in 2022.

Market Forecast

Depressed by shrinking demand for plastic or non-precious metal watch worldwide, the market is expected to continue its downward consumption trend over the next eight years. The performance of the market is forecast to contract with an anticipated CAGR of -0.1% for the period from 2022 to 2030, which is projected to depress the market volume to 848M units by the end of 2030.

In value terms, the market is forecast to contract with an anticipated CAGR of +3.0% for the period from 2022 to 2030, which is projected to bring the market value to $28.6B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Plastic or Non-Precious Metal Watches

In 2022, consumption of plastic or non-precious metal watches increased by 19% to 853M units, rising for the second consecutive year after two years of decline. Overall, consumption, however, recorded a pronounced reduction. Global consumption peaked at 1.3B units in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

The value of the market for plastic or non-precious metal watches worldwide expanded modestly to $22.5B in 2022, picking up by 3.7% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, saw a mild decrease. Over the period under review, the global market reached the maximum level at $29.6B in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were India (202M units), the United States (180M units) and China (131M units), together accounting for 60% of global consumption.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by India (with a CAGR of +27.1%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($3.4B) led the market, alone. The second position in the ranking was taken by China ($1.6B). It was followed by Japan.

From 2012 to 2022, the average annual growth rate of value in the United States totaled -1.2%. The remaining consuming countries recorded the following average annual rates of market growth: China (-5.4% per year) and Japan (-1.8% per year).

The countries with the highest levels of plastic or non-precious metal watch per capita consumption in 2022 were Hong Kong SAR (3,384 units per 1000 persons), the United Arab Emirates (2,295 units per 1000 persons) and the United States (538 units per 1000 persons).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by India (with a CAGR of +25.3%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Plastic or Non-Precious Metal Watches

In 2022, the amount of plastic or non-precious metal watches produced worldwide surged to 829M units, jumping by 22% on the previous year's figure. Overall, production, however, saw a pronounced decrease. The most prominent rate of growth was recorded in 2018 when the production volume increased by 177%. Over the period under review, global production hit record highs at 1.1B units in 2012; however, from 2013 to 2022, production remained at a lower figure.

In value terms, plastic or non-precious metal watch production reduced to $25.8B in 2022 estimated in export price. In general, production, however, continues to indicate a noticeable descent. The most prominent rate of growth was recorded in 2018 with an increase of 44%. Over the period under review, global production attained the maximum level at $34.8B in 2012; however, from 2013 to 2022, production failed to regain momentum.

Production By Country

China (664M units) constituted the country with the largest volume of plastic or non-precious metal watch production, accounting for 80% of total volume. Moreover, plastic or non-precious metal watch production in China exceeded the figures recorded by the second-largest producer, Hong Kong SAR (80M units), eightfold. Switzerland (14M units) ranked third in terms of total production with a 1.7% share.

In China, plastic or non-precious metal watch production shrank by an average annual rate of -2.5% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Hong Kong SAR (-1.3% per year) and Switzerland (-6.4% per year).

Imports

World Imports of Plastic or Non-Precious Metal Watches

In 2022, purchases abroad of plastic or non-precious metal watches increased by 12% to 816M units, rising for the second year in a row after two years of decline. Overall, imports, however, showed a noticeable curtailment. The pace of growth was the most pronounced in 2021 when imports increased by 23% against the previous year. Global imports peaked at 1.2B units in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, plastic or non-precious metal watch imports amounted to $29.5B in 2022. The total import value increased at an average annual rate of +2.0% from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. The growth pace was the most rapid in 2021 with an increase of 32% against the previous year. Global imports peaked in 2022 and are likely to continue growth in the near future.

Imports By Country

India (203M units) and the United States (190M units) represented roughly 48% of total imports in 2022. It was distantly followed by Hong Kong SAR (83M units), comprising a 10% share of total imports. Indonesia (25M units), Germany (25M units), the United Arab Emirates (24M units), Japan (18M units), South Africa (15M units), France (14M units) and China (14M units) took a minor share of total imports.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +26.2%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($4.3B), Hong Kong SAR ($3.3B) and China ($2.7B) were the countries with the highest levels of imports in 2022, with a combined 35% share of global imports. France, Japan, Germany, the United Arab Emirates, India, Indonesia and South Africa lagged somewhat behind, together accounting for a further 24%.

India, with a CAGR of +12.5%, saw the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Imports By Type

Wrist-watches; battery or accumulator powered, whether or not incorporating a stop-watch facility, with mechanical display only, other than those of heading no. 9101 represented the main type of plastic or non-precious metal watches in the world, with the volume of imports accounting for 370M units, which was approx. 45% of total imports in 2022. Pocket watches and other watches, including stop-watches; other than battery or accumulator powered (183M units) took a 22% share (based on physical terms) of total imports, which put it in second place, followed by wrist-watches; battery or accumulator powered, whether or not incorporating a stop-watch facility, with opto-electronic display only, other than those of heading no. 9101 (18%) and wrist-watches; battery or accumulator powered, whether or not incorporating a stop-watch facility, with other than mechanical or opto-electronic display, excluding those of heading no. 9101 (8.6%). The following types - wrist-watches; whether or not incorporating a stop-watch facility, with automatic winding (21M units) and wrist-watches; whether or not incorporating a stop-watch facility, with other than automatic winding (13M units) - together made up 4.2% of total imports.

Imports of wrist-watches; battery or accumulator powered, whether or not incorporating a stop-watch facility, with mechanical display only, other than those of heading no. 9101 decreased at an average annual rate of -7.0% from 2012 to 2022. At the same time, pocket watches and other watches, including stop-watches; other than battery or accumulator powered (+23.2%) displayed positive paces of growth. Moreover, pocket watches and other watches, including stop-watches; other than battery or accumulator powered emerged as the fastest-growing type imported in the world, with a CAGR of +23.2% from 2012-2022. By contrast, wrist-watches; whether or not incorporating a stop-watch facility, with automatic winding (-2.2%), wrist-watches; battery or accumulator powered, whether or not incorporating a stop-watch facility, with other than mechanical or opto-electronic display, excluding those of heading no. 9101 (-2.7%), wrist-watches; battery or accumulator powered, whether or not incorporating a stop-watch facility, with opto-electronic display only, other than those of heading no. 9101 (-4.7%) and wrist-watches; whether or not incorporating a stop-watch facility, with other than automatic winding (-8.9%) illustrated a downward trend over the same period. While the share of pocket watches and other watches, including stop-watches; other than battery or accumulator powered (+21 p.p.) increased significantly in terms of the global imports from 2012-2022, the share of wrist-watches; battery or accumulator powered, whether or not incorporating a stop-watch facility, with opto-electronic display only, other than those of heading no. 9101 (-1.8 p.p.) and wrist-watches; battery or accumulator powered, whether or not incorporating a stop-watch facility, with mechanical display only, other than those of heading no. 9101 (-18 p.p.) displayed negative dynamics. The shares of the other products remained relatively stable throughout the analyzed period.

In value terms, wrist-watches; whether or not incorporating a stop-watch facility, with automatic winding ($16.8B) constitutes the largest type of plastic or non-precious metal watches imported worldwide, comprising 57% of global imports. The second position in the ranking was taken by wrist-watches; battery or accumulator powered, whether or not incorporating a stop-watch facility, with mechanical display only, other than those of heading no. 9101 ($7.4B), with a 25% share of global imports. It was followed by wrist-watches; battery or accumulator powered, whether or not incorporating a stop-watch facility, with opto-electronic display only, other than those of heading no. 9101, with a 6.4% share.

For wrist-watches; whether or not incorporating a stop-watch facility, with automatic winding, imports expanded at an average annual rate of +6.0% over the period from 2012-2022. With regard to the other imported products, the following average annual rates of growth were recorded: wrist-watches; battery or accumulator powered, whether or not incorporating a stop-watch facility, with mechanical display only, other than those of heading no. 9101 (-3.7% per year) and wrist-watches; battery or accumulator powered, whether or not incorporating a stop-watch facility, with opto-electronic display only, other than those of heading no. 9101 (+2.7% per year).

Import Prices By Type

In 2022, the average import price for plastic or non-precious metal watches amounted to $36 per unit, with a decrease of -10.7% against the previous year. Over the period under review, import price indicated a resilient increase from 2012 to 2022: its price increased at an average annual rate of +6.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2020 when the average import price increased by 30% against the previous year. Over the period under review, average import prices hit record highs at $40 per unit in 2021, and then shrank in the following year.

Prices varied noticeably by the product type; the product with the highest price was wrist-watches; whether or not incorporating a stop-watch facility, with automatic winding ($800 per unit), while the price for pocket watches and other watches, including stop-watches; other than battery or accumulator powered ($1.5 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by wrist-watches; whether or not incorporating a stop-watch facility, with other than automatic winding (+17.4%), while the other products experienced more modest paces of growth.

Import Prices By Country

The average import price for plastic or non-precious metal watches stood at $36 per unit in 2022, waning by -10.7% against the previous year. Over the period under review, import price indicated a buoyant increase from 2012 to 2022: its price increased at an average annual rate of +6.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 an increase of 30%. Over the period under review, average import prices attained the peak figure at $40 per unit in 2021, and then reduced in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was China ($195 per unit), while India ($1.4 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+11.2%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Plastic or Non-Precious Metal Watches

In 2022, the amount of plastic or non-precious metal watches exported worldwide expanded rapidly to 792M units, increasing by 15% on the previous year's figure. Overall, exports, however, continue to indicate a noticeable decline. The pace of growth was the most pronounced in 2018 when exports increased by 151%. Over the period under review, the global exports reached the maximum at 1.1B units in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, plastic or non-precious metal watch exports amounted to $29B in 2022. The total export value increased at an average annual rate of +1.3% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 29%. The global exports peaked in 2022 and are expected to retain growth in the immediate term.

Exports By Country

China was the largest exporter of plastic or non-precious metal watches in the world, with the volume of exports accounting for 546M units, which was approx. 69% of total exports in 2022. It was distantly followed by Hong Kong SAR (137M units), committing a 17% share of total exports. The following exporters - Germany (17M units) and Switzerland (15M units) - each finished at a 4.1% share of total exports.

Exports from China decreased at an average annual rate of -2.1% from 2012 to 2022. At the same time, Germany (+8.9%) displayed positive paces of growth. Moreover, Germany emerged as the fastest-growing exporter exported in the world, with a CAGR of +8.9% from 2012-2022. By contrast, Switzerland (-6.1%) and Hong Kong SAR (-9.1%) illustrated a downward trend over the same period. China (+9.7 p.p.) significantly strengthened its position in terms of the global exports, while Hong Kong SAR saw its share reduced by -13.9% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Switzerland ($15.8B) remains the largest plastic or non-precious metal watch supplier worldwide, comprising 55% of global exports. The second position in the ranking was held by Hong Kong SAR ($3.7B), with a 13% share of global exports. It was followed by China, with a 6.5% share.

From 2012 to 2022, the average annual growth rate of value in Switzerland totaled +1.8%. In the other countries, the average annual rates were as follows: Hong Kong SAR (-3.5% per year) and China (-0.2% per year).

Exports By Type

In 2022, wrist-watches; battery or accumulator powered, whether or not incorporating a stop-watch facility, with mechanical display only, other than those of heading no. 9101 (439M units) represented the largest type of plastic or non-precious metal watches, constituting 55% of total exports. It was distantly followed by wrist-watches; battery or accumulator powered, whether or not incorporating a stop-watch facility, with opto-electronic display only, other than those of heading no. 9101 (194M units) and wrist-watches; battery or accumulator powered, whether or not incorporating a stop-watch facility, with other than mechanical or opto-electronic display, excluding those of heading no. 9101 (111M units), together generating a 39% share of total exports. Wrist-watches; whether or not incorporating a stop-watch facility, with automatic winding (19M units) held a relatively small share of total exports.

From 2012 to 2022, average annual rates of growth with regard to wrist-watches; battery or accumulator powered, whether or not incorporating a stop-watch facility, with mechanical display only, other than those of heading no. 9101 exports of stood at -5.0%. At the same time, wrist-watches; whether or not incorporating a stop-watch facility, with automatic winding (+1.5%) displayed positive paces of growth. Moreover, wrist-watches; whether or not incorporating a stop-watch facility, with automatic winding emerged as the fastest-growing type exported in the world, with a CAGR of +1.5% from 2012-2022. Wrist-watches; battery or accumulator powered, whether or not incorporating a stop-watch facility, with other than mechanical or opto-electronic display, excluding those of heading no. 9101 experienced a relatively flat trend pattern. By contrast, wrist-watches; battery or accumulator powered, whether or not incorporating a stop-watch facility, with opto-electronic display only, other than those of heading no. 9101 (-2.2%) illustrated a downward trend over the same period. Wrist-watches; battery or accumulator powered, whether or not incorporating a stop-watch facility, with other than mechanical or opto-electronic display, excluding those of heading no. 9101 (+4.2 p.p.) and wrist-watches; battery or accumulator powered, whether or not incorporating a stop-watch facility, with opto-electronic display only, other than those of heading no. 9101 (+3.2 p.p.) significantly strengthened its position in terms of the global exports, while wrist-watches; battery or accumulator powered, whether or not incorporating a stop-watch facility, with mechanical display only, other than those of heading no. 9101 saw its share reduced by -8.9% from 2012 to 2022, respectively. The shares of the other products remained relatively stable throughout the analyzed period.

In value terms, wrist-watches; whether or not incorporating a stop-watch facility, with automatic winding ($16.7B) remains the largest type of plastic or non-precious metal watches supplied worldwide, comprising 58% of global exports. The second position in the ranking was held by wrist-watches; battery or accumulator powered, whether or not incorporating a stop-watch facility, with mechanical display only, other than those of heading no. 9101 ($8.3B), with a 29% share of global exports. It was followed by wrist-watches; whether or not incorporating a stop-watch facility, with other than automatic winding, with a 5.2% share.

For wrist-watches; whether or not incorporating a stop-watch facility, with automatic winding, exports expanded at an average annual rate of +4.2% over the period from 2012-2022. With regard to the other exported products, the following average annual rates of growth were recorded: wrist-watches; battery or accumulator powered, whether or not incorporating a stop-watch facility, with mechanical display only, other than those of heading no. 9101 (-3.2% per year) and wrist-watches; whether or not incorporating a stop-watch facility, with other than automatic winding (+6.8% per year).

Export Prices By Type

In 2022, the average export price for plastic or non-precious metal watches amounted to $37 per unit, with a decrease of -12% against the previous year. In general, the export price, however, enjoyed buoyant growth. The most prominent rate of growth was recorded in 2015 an increase of 145%. The global export price peaked at $68 per unit in 2017; however, from 2018 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by the product type; the product with the highest price was wrist-watches; whether or not incorporating a stop-watch facility, with automatic winding ($879 per unit), while the average price for exports of wrist-watches; battery or accumulator powered, whether or not incorporating a stop-watch facility, with opto-electronic display only, other than those of heading no. 9101 ($6.1 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by pocket watches and other watches, including stop-watches; other than battery or accumulator powered (+7.3%), while the other products experienced more modest paces of growth.

Export Prices By Country

The average export price for plastic or non-precious metal watches stood at $37 per unit in 2022, falling by -12% against the previous year. Overall, the export price, however, recorded a prominent expansion. The pace of growth appeared the most rapid in 2015 an increase of 145%. The global export price peaked at $68 per unit in 2017; however, from 2018 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Switzerland ($1,031 per unit), while China ($3.5 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Switzerland (+8.4%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform