Asia: Watch Market 2022

Watch Market Size in Asia

After two years of decline, the Asian watch market increased by 101% to $X in 2021. The total consumption indicated a tangible expansion from 2012 to 2021: its value increased at an average annual rate of +3.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Watch Production in Asia

In value terms, watch production shrank to $X in 2021 estimated in export price. Over the period under review, production recorded pronounced growth. The pace of growth was the most pronounced in 2016 with an increase of 52%. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Watch Exports

Exports in Asia

In 2021, the amount of watches exported in Asia surged to X units, increasing by 19% on the previous year's figure. In general, exports, however, continue to indicate a abrupt downturn. The pace of growth was the most pronounced in 2019 when exports increased by 182% against the previous year. The volume of export peaked at X units in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, watch exports skyrocketed to $X in 2021. The total export value increased at an average annual rate of +1.4% from 2012 to 2021; however, the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The level of export peaked at $X in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

Exports by Country

China represented the major exporter of watches in Asia, with the volume of exports amounting to X units, which was approx. 65% of total exports in 2021. It was distantly followed by Hong Kong SAR (X units), making up a 26% share of total exports. The following exporters - South Korea (X units) and Thailand (X units) - each recorded a 4.5% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to watch exports from China stood at -4.9%. At the same time, South Korea (+19.4%) and Thailand (+13.8%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing exporter exported in Asia, with a CAGR of +19.4% from 2012-2021. By contrast, Hong Kong SAR (-8.4%) illustrated a downward trend over the same period. China (+3.1 p.p.), South Korea (+2.1 p.p.) and Thailand (+1.7 p.p.) significantly strengthened its position in terms of the total exports, while Hong Kong SAR saw its share reduced by -8.5% from 2012 to 2021, respectively.

In value terms, Hong Kong SAR ($X) remains the largest watch supplier in Asia, comprising 47% of total exports. The second position in the ranking was held by China ($X), with a 16% share of total exports. It was followed by Thailand, with a 3.5% share.

From 2012 to 2021, the average annual growth rate of value in Hong Kong SAR stood at -1.5%. The remaining exporting countries recorded the following average annual rates of exports growth: China (+0.2% per year) and Thailand (+17.8% per year).

Export Prices by Country

In 2021, the export price in Asia amounted to $X per unit, with an increase of 11% against the previous year. In general, the export price showed buoyant growth. The growth pace was the most rapid in 2016 an increase of 142% against the previous year. The level of export peaked at $X per unit in 2017; however, from 2018 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Hong Kong SAR ($X per unit), while China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+7.5%), while the other leaders experienced more modest paces of growth.

Watch Imports

Imports in Asia

In 2021, approx. X units of watches were imported in Asia; rising by 99% compared with 2020 figures. In general, imports, however, showed a relatively flat trend pattern. Over the period under review, imports attained the maximum at X units in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, watch imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +2.2% over the period from 2012 to 2021; however, the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Saudi Arabia was the key importer of watches in Asia, with the volume of imports recording X units, which was approx. 37% of total imports in 2021. It was distantly followed by Hong Kong SAR (X units), India (X units), Japan (X units), South Korea (X units) and China (X units), together creating a 46% share of total imports. The United Arab Emirates (X units) held a relatively small share of total imports.

Saudi Arabia was also the fastest-growing in terms of the watches imports, with a CAGR of +23.1% from 2012 to 2021. At the same time, China (+16.7%) and India (+6.0%) displayed positive paces of growth. By contrast, South Korea (-4.4%), Japan (-5.0%), the United Arab Emirates (-5.5%) and Hong Kong SAR (-10.4%) illustrated a downward trend over the same period. While the share of Saudi Arabia (+31 p.p.), India (+5.3 p.p.) and China (+3.4 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of South Korea (-2 p.p.), the United Arab Emirates (-2.2 p.p.), Japan (-3.7 p.p.) and Hong Kong SAR (-27 p.p.) displayed negative dynamics.

In value terms, Hong Kong SAR ($X), China ($X) and Japan ($X) appeared to be the countries with the highest levels of imports in 2021, with a combined 58% share of total imports.

China, with a CAGR of +9.8%, 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 leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in Asia amounted to $X per unit, falling by -34.6% against the previous year. Import price indicated notable growth from 2012 to 2021: its price increased at an average annual rate of +2.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2017 an increase of 49% against the previous year. Over the period under review, import prices attained the maximum at $X per unit in 2020, and then fell rapidly in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was China ($X per unit), while Saudi Arabia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+12.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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