GCC: Watch Market 2024

Watch Market Size in GCC

In 2022, the GCC watch market increased by X% to $X, rising for the second consecutive year after three years of decline. Overall, consumption showed a relatively flat trend pattern. The level of consumption peaked at $X in 2015; however, from 2016 to 2022, consumption remained at a lower figure.

Watch Production in GCC

In value terms, watch production soared to $X in 2022 estimated in export price. Overall, production, however, showed a abrupt decline. The pace of growth appeared the most rapid in 2020 with an increase of X%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Watch Exports

Exports in GCC

In 2022, overseas shipments of watches increased by X% to X units, rising for the second consecutive year after two years of decline. Overall, exports enjoyed significant growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, watch exports soared to $X in 2022. Over the period under review, exports continue to indicate a significant expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

The United Arab Emirates dominates exports structure, resulting at X units, which was near X% of total exports in 2022. Oman (X units) and Bahrain (X units) took a minor share of total exports.

From 2012 to 2022, average annual rates of growth with regard to watch exports from the United Arab Emirates stood at X%. At the same time, Bahrain (X%) and Oman (X%) displayed positive paces of growth. Moreover, Bahrain emerged as the fastest-growing exporter exported in GCC, with a CAGR of X% from 2012-2022. While the share of the United Arab Emirates (X p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) remains the largest watch supplier in GCC, comprising X% of total exports. The second position in the ranking was held by Bahrain ($X), with a X% share of total exports.

In the United Arab Emirates, watch exports increased at an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Bahrain (X% per year) and Oman (X% per year).

Export Prices by Country

The export price in GCC stood at $X per unit in 2022, declining by X% against the previous year. Over the period under review, the export price, however, recorded noticeable growth. The growth pace was the most rapid in 2020 when the export price increased by X% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2021 to 2022, the export prices remained 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 Bahrain ($X per unit), while the United Arab Emirates ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bahrain (X%), while the other leaders experienced mixed trends in the export price figures.

Watch Imports

Imports in GCC

In 2022, watch imports in GCC shrank to X units, declining by X% on 2021. Over the period under review, imports recorded a abrupt shrinkage. The pace of growth appeared the most rapid in 2021 with an increase of X%. Over the period under review, imports reached the maximum at X units in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

In value terms, watch imports skyrocketed to $X in 2022. Total imports indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2020 indices. The pace of growth appeared the most rapid in 2021 when imports increased by X%. The level of import peaked in 2022 and is expected to retain growth in the immediate term.

Imports by Country

Saudi Arabia (X units) and the United Arab Emirates (X units) dominates imports structure, together constituting X% of total imports. Kuwait (X units) took a X% share (based on physical terms) of total imports, which put it in second place, followed by Qatar (X%) and Oman (X%). Bahrain (X units) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Oman (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported watches in GCC, comprising X% of total imports. The second position in the ranking was held by Kuwait ($X), with a X% share of total imports. It was followed by Saudi Arabia, with an X% share.

From 2012 to 2022, the average annual growth rate of value in the United Arab Emirates totaled X%. In the other countries, the average annual rates were as follows: Kuwait (X% per year) and Saudi Arabia (X% per year).

Import Prices by Country

The import price in GCC stood at $X per unit in 2022, rising by X% against the previous year. Over the period under review, the import price recorded a strong expansion. The most prominent rate of growth was recorded in 2020 when the import price increased by X% against the previous year. Over the period under review, import prices reached the maximum in 2022 and is expected to retain growth in the immediate term.

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 Kuwait ($X per unit), while Saudi Arabia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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