Norway: Watch Market 2024

Watch Market Size in Norway

The Norwegian watch market soared to $X in 2022, with an increase of X% against the previous year. In general, consumption saw a prominent expansion. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in years to come.

Watch Production in Norway

In value terms, watch production skyrocketed to $X in 2022 estimated in export price. Overall, production posted significant growth. The pace of growth appeared the most rapid in 2020 when the production volume increased by X%. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

Watch Exports

Exports from Norway

In 2022, approx. X units of watches were exported from Norway; waning by X% compared with the previous year's figure. In general, exports recorded a pronounced setback. The pace of growth appeared the most rapid in 2013 with an increase of X%. The exports peaked at X units in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, watch exports reduced to $X in 2022. Overall, exports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 with an increase of X%. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Sweden (X units) was the main destination for watch exports from Norway, with a X% share of total exports. Moreover, watch exports to Sweden exceeded the volume sent to the second major destination, Denmark (X units), more than tenfold. Finland (X units) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Sweden was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Denmark (X% per year) and Finland (X% per year).

In value terms, Sweden ($X) remains the key foreign market for watches exports from Norway, comprising X% of total exports. The second position in the ranking was taken by Finland ($X), with a X% share of total exports. It was followed by Denmark, with a X% share.

From 2012 to 2022, the average annual growth rate of value to Sweden totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Finland (X% per year) and Denmark (X% per year).

Export Prices by Country

The average watch export price stood at $X per unit in 2022, with an increase of X% against the previous year. Over the period under review, export price indicated a slight expansion from 2012 to 2022: its price 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. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Finland ($X per unit), while the average price for exports to Japan ($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 Denmark (X%), while the prices for the other major destinations experienced more modest paces of growth.

Watch Imports

Imports into Norway

In 2022, supplies from abroad of watches increased by X% to X units, rising for the second year in a row after six years of decline. Over the period under review, imports, however, showed a abrupt slump. The growth pace was the most rapid in 2021 with an increase of X%. Over the period under review, imports attained the maximum at X units in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, watch imports totaled $X in 2022. The total import value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, China (X units) constituted the largest supplier of watch to Norway, with a X% share of total imports. Moreover, watch imports from China exceeded the figures recorded by the second-largest supplier, Switzerland (X units), sevenfold. The third position in this ranking was held by Hong Kong SAR (X units), with a X% share.

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

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

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

Import Prices by Country

The average watch import price stood at $X per unit in 2022, rising by X% against the previous year. In general, the import price posted prominent growth. The most prominent rate of growth was recorded in 2019 when the average import price increased by X%. The import price peaked in 2022 and is likely to continue growth in the near future.

Prices varied noticeably by country of origin: 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 Japan (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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