Ireland: Watch Market 2024

Watch Market Size in Ireland

In 2022, after three years of growth, there was significant decline in the Irish watch market, when its value decreased by X% to $X. Overall, consumption, however, posted pronounced growth. Over the period under review, the market hit record highs at $X in 2021, and then reduced in the following year.

Watch Production in Ireland

In value terms, watch production surged to $X in 2022 estimated in export price. Over the period under review, production, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when the production volume increased by X% against the previous year. Over the period under review, production hit record highs at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

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Watch Exports

Exports from Ireland

In 2022, exports of watches from Ireland surged to X units, increasing by X% compared with the previous year. Overall, exports continue to indicate a significant expansion. The pace of growth appeared the most rapid in 2018 when exports increased by X% against the previous year. The exports peaked in 2022 and are likely to see steady growth in the near future.

In value terms, watch exports reached $X in 2022. Over the period under review, exports posted a significant expansion. The most prominent rate of growth was recorded in 2020 with an increase of X%. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the immediate term.

Exports by Country

The UK (X units), Italy (X units) and Japan (X units) were the main destinations of watch exports from Ireland, with a combined X% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Italy (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, Switzerland ($X) remains the key foreign market for watches exports from Ireland, comprising X% of total exports. The second position in the ranking was taken by the United States ($X), with a X% share of total exports. It was followed by Japan, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Switzerland amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and Japan (X% per year).

Export Prices by Country

In 2022, the average watch export price amounted to $X per unit, with a decrease of X% against the previous year. In general, the export price, however, enjoyed a resilient expansion. The most prominent rate of growth was recorded in 2020 an increase of X%. The export price peaked at $X per unit in 2021, and then declined dramatically in the following year.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Switzerland ($X per unit), while the average price for exports to Portugal ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Spain (X%), while the prices for the other major destinations experienced more modest paces of growth.

Watch Imports

Imports into Ireland

In 2022, after two years of growth, there was significant decline in supplies from abroad of watches, when their volume decreased by X% to X units. Over the period under review, total imports indicated a pronounced expansion from 2012 to 2022: its volume 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 2019 indices. The growth pace was the most rapid in 2017 with an increase of X% against the previous year. Imports peaked at X units in 2021, and then contracted in the following year.

In value terms, watch imports rose rapidly to $X in 2022. Overall, imports, however, saw a significant increase. The pace of growth appeared the most rapid in 2020 when imports increased by X% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are likely to see steady growth in years to come.

Imports by Country

In 2022, China (X units) constituted the largest supplier of watch to Ireland, accounting for a X% share of total imports. Moreover, watch imports from China exceeded the figures recorded by the second-largest supplier, Switzerland (X units), threefold. The UK (X units) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual growth rate of volume from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Switzerland (X% per year) and the UK (X% per year).

In value terms, Switzerland ($X) constituted the largest supplier of watches to Ireland, comprising X% of total imports. The second position in the ranking was held by China ($X), with a X% share of total imports. It was followed by Germany, with a X% share.

From 2012 to 2022, the average annual growth rate of value from Switzerland stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and Germany (X% per year).

Import Prices by Country

The average watch import price stood at $X per unit in 2022, increasing by X% against the previous year. In general, the import price recorded a strong expansion. The most prominent rate of growth was recorded in 2020 when the average import price increased by X%. The import price peaked in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Switzerland ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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