Report Nigeria - Watches - Market Analysis, Forecast, Size, Trends and Insights for 499$
Latest Report Update: May 31, 2022

Nigeria - Watches - Market Analysis, Forecast, Size, Trends and Insights
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Nigeria: Watch Market 2022

Watch Market Size in Nigeria

The Nigerien watch market surged to $X in 2021, with an increase of X% against the previous year. Over the period under review, consumption saw a significant expansion. Watch consumption peaked in 2021 and is expected to retain growth in the near future.

Watch Production in Nigeria

In value terms, watch production totaled $X in 2021 estimated in export price. Overall, production continues to indicate a significant increase. Watch production peaked at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Watch Exports

Exports from Nigeria

In 2021, the amount of watches exported from Nigeria surged to X units, jumping by X% against 2020. In general, exports saw a significant increase. The most prominent rate of growth was recorded in 2019 when exports increased by X%. As a result, the exports reached the peak of X units. From 2020 to 2021, the growth of the exports remained at a lower figure.

In value terms, watch exports shrank dramatically to $X in 2021. Over the period under review, exports saw a significant increase. The growth pace was the most rapid in 2019 when exports increased by X% against the previous year. As a result, the exports reached the peak of $X. From 2020 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

India (X units) was the main destination for watch exports from Nigeria, accounting for a X% share of total exports. Moreover, watch exports to India exceeded the volume sent to the second major destination, the United Arab Emirates (X units), tenfold. The third position in this ranking was occupied by Russia (X units), with a X% share.

From 2012 to 2021, the average annual growth rate of volume to India totaled -X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+X% per year) and Russia (-X% per year).

In value terms, India ($X) emerged as the key foreign market for watch exports from Nigeria, comprising X% of total exports. The second position in the ranking was occupied by the United Arab Emirates ($X), with a X% share of total exports. It was followed by Switzerland, with a X% share.

From 2012 to 2021, the average annual rate of growth in terms of value to India amounted to -X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+X% per year) and Switzerland (-X% per year).

Export Prices by Country

The average watch export price stood at $less than X per unit in 2021, with a decrease of -X% against the previous year. Over the period under review, the export price continues to indicate a precipitous slump. The most prominent rate of growth was recorded in 2020 when the average export price increased by X%. As a result, the export price reached the peak level of $X per unit, and then fell significantly in the following year.

Prices varied noticeably by the country of destination: the country with the highest price was Germany ($less than X per unit), while the average price for exports to Zimbabwe ($less than X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Russia (+X%), while the prices for the other major destinations experienced more modest paces of growth.

Watch Imports

Imports into Nigeria

Watch imports into Nigeria surged to X units in 2021, increasing by X% against the previous year's figure. Over the period under review, imports continue to indicate a significant expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, watch imports totaled $X in 2021. Overall, imports recorded a measured increase. The pace of growth appeared the most rapid in 2019 when imports increased by X% against the previous year. As a result, imports attained the peak of $X. From 2020 to 2021, the growth imports remained at a somewhat lower figure.

Imports by Country

In 2021, Switzerland (X units) constituted the largest watch supplier to Nigeria, accounting for a X% share of total imports. Moreover, watch imports from Switzerland exceeded the figures recorded by the second-largest supplier, the UK (X units), threefold.

From 2012 to 2021, the average annual growth rate of volume from Switzerland stood at +X%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (+X% per year) and the United Arab Emirates (+X% per year).

In value terms, Switzerland ($X) constituted the largest supplier of watch to Nigeria, comprising X% of total imports. The second position in the ranking was occupied by the UK ($X), with a X% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from Switzerland stood at +X%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (+X% per year) and the United Arab Emirates (+X% per year).

Import Prices by Country

In 2021, the average watch import price amounted to $less than X per unit, falling by -X% against the previous year. Over the period under review, the import price saw a sharp slump. The pace of growth was the most pronounced in 2019 an increase of X% against the previous year. Over the period under review, average import prices attained the peak figure at $X per unit in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Prices varied noticeably by the country of origin: the country with the highest price was Switzerland ($X per unit), while the price for the UK ($less than X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the UK (-X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Base Year Historical Period Forecast Period Units
2021 2007-2021 2022-2030 US$, Tonnes

Frequently Asked Questions (FAQ) :

What are the largest markets for watches in the world?
+
South Africa constituted the country with the largest volume of watch consumption, comprising approx. 65% of total volume. Moreover, watch consumption in South Africa exceeded the figures recorded by the second-largest consumer, the United States, more than tenfold. The third position in this ranking was occupied by China, with a 5% share.
What are the largest producers of watches in the world?
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The country with the largest volume of watch production was South Africa, accounting for 94% of total volume. Moreover, watch production in South Africa exceeded the figures recorded by the second-largest producer, China, more than tenfold.
What are the leading suppliers of watches to Nigeria?
+
In value terms, Switzerland constituted the largest supplier of watch to Nigeria, comprising 80% of total imports. The second position in the ranking was occupied by the UK, with a 9.5% share of total imports.
What are the leading importers of watches from Nigeria?
+
In value terms, India emerged as the key foreign market for watch exports from Nigeria, comprising 75% of total exports. The second position in the ranking was occupied by the United Arab Emirates, with a 7.8% share of total exports. It was followed by Switzerland, with a 3.7% share.
What is the average export price for watches in Nigeria?
+
The average watch export price stood at $less than 0.1 per unit in 2021, falling by -100% against the previous year.
What is the average import price for watches in Nigeria?
+
In 2021, the average watch import price amounted to $less than 0.1 per unit, with a decrease of -66.6% against the previous year.

This report provides an in-depth analysis of the watch market in Nigeria. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.


Product coverage:
• Prodcom 26521100 - Wrist-watches, pocket-watches, with case of precious metal or of metal clad with precious metal
• Prodcom 26521200 - Other wrist-watches, pocket-watches and other watches, i ncluding stop-watches
Country coverage:
• Nigeria

Data coverage:
• Market volume and value
• Per Capita consumption
• Forecast of the market dynamics in the medium term
• Trade (exports and imports) in Nigeria
• Export and import prices
• Market trends, drivers and restraints
• Key market players and their profiles

Reasons to buy this report:
• Take advantage of the latest data
• Find deeper insights into current market developments
• Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:
1. How to diversify your business and benefit from new market opportunities
2. How to load your idle production capacity
3. How to boost your sales on overseas markets
4. How to increase your profit margins
5. How to make your supply chain more sustainable
6. How to reduce your production and supply chain costs
7. How to outsource production to other countries
8. How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business

1.1
REPORT DESCRIPTION
1.2
RESEARCH METHODOLOGY AND AI PLATFORM
1.3
DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
1.4
GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance

3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects

3.1
MARKET SIZE
3.2
MARKET STRUCTURE
3.3
TRADE BALANCE
3.4
PER CAPITA CONSUMPTION
3.5
MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCTS

Finding New Products to Diversify Your Business

4.1
TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
4.2
BEST-SELLING PRODUCTS
4.3
MOST CONSUMED PRODUCT
4.4
MOST TRADED PRODUCT
4.5
MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain

5.1
TOP COUNTRIES TO SOURCE YOUR PRODUCT
5.2
TOP PRODUCING COUNTRIES
5.3
TOP EXPORTING COUNTRIES
5.4
LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports

6.1
TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
6.2
TOP CONSUMING MARKETS
6.3
UNSATURATED MARKETS
6.4
TOP IMPORTING MARKETS
6.5
MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry

7.1
PRODUCTION VOLUME AND VALUE
8. IMPORTS

The Largest Import Supplying Countries

8.1
IMPORTS FROM 2012–2021
8.2
IMPORTS BY COUNTRY
8.3
IMPORT PRICES BY COUNTRY
9. EXPORTS

The Largest Destinations for Exports

9.1
EXPORTS FROM 2012–2021
9.2
EXPORTS BY COUNTRY
9.3
EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles

LIST OF TABLES
Table 1:
Key Findings In 2021
Table 2:
Market Volume, In Physical Terms, 2012–2021
Table 3:
Market Value, 2012–2021
Table 4:
Per Capita Consumption In 2012–2021
Table 5:
Imports, In Physical Terms, By Country, 2012–2021
Table 6:
Imports, In Value Terms, By Country, 2012–2021
Table 7:
Import Prices, By Country Of Origin, 2012–2021
Table 8:
Exports, In Physical Terms, By Country, 2012–2021
Table 9:
Exports, In Value Terms, By Country, 2012–2021
Table 10:
Export Prices, By Country Of Destination, 2012–2021
LIST OF FIGURES
Figure 1:
Market Volume, In Physical Terms, 2012–2021
Figure 2:
Market Value, 2012–2021
Figure 3:
Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012–2021
Figure 4:
Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012–2021
Figure 5:
Trade Balance, In Physical Terms, 2012–2021
Figure 6:
Trade Balance, In Value Terms, 2012–2021
Figure 7:
Per Capita Consumption, 2012–2021
Figure 8:
Market Forecast To 2030
Figure 9:
Products: Market Size And Growth, By Type
Figure 10:
Products: Average Per Capita Consumption, By Type
Figure 11:
Products: Exports And Growth, By Type
Figure 12:
Products: Export Prices And Growth, By Type
Figure 13:
Production Volume And Growth
Figure 14:
Exports And Growth
Figure 15:
Export Prices And Growth
Figure 16:
Market Size And Growth
Figure 17:
Per Capita Consumption
Figure 18:
Imports And Growth
Figure 19:
Import Prices
Figure 20:
Production, In Physical Terms, 2012–2021
Figure 21:
Production, In Value Terms, 2012–2021
Figure 22:
Imports, In Physical Terms, 2012–2021
Figure 23:
Imports, In Value Terms, 2012–2021
Figure 24:
Imports, In Physical Terms, By Country, 2021
Figure 25:
Imports, In Physical Terms, By Country, 2012–2021
Figure 26:
Imports, In Value Terms, By Country, 2012–2021
Figure 27:
Import Prices, By Country Of Origin, 2012–2021
Figure 28:
Exports, In Physical Terms, 2012–2021
Figure 29:
Exports, In Value Terms, 2012–2021
Figure 30:
Exports, In Physical Terms, By Country, 2021
Figure 31:
Exports, In Physical Terms, By Country, 2012–2021
Figure 32:
Exports, In Value Terms, By Country, 2012–2021
Figure 33:
Export Prices, By Country Of Destination, 2012–2021
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