South-Eastern Asia: Watch Market 2024

Watch Market Size in South-Eastern Asia

In 2022, the Southeast Asian watch market increased by X% to $X, rising for the second consecutive year after two years of decline. The total consumption indicated notable growth 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, consumption increased by X% against 2020 indices. Over the period under review, the market hit record highs at $X in 2015; however, from 2016 to 2022, consumption remained at a lower figure.

Watch Production in South-Eastern Asia

In value terms, watch production reduced to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a prominent increase. The most prominent rate of growth was recorded in 2014 with an increase of X%. The level of production peaked at $X in 2015; however, from 2016 to 2022, production stood at a somewhat lower figure.

Watch Exports

Exports in South-Eastern Asia

In 2022, the amount of watches exported in South-Eastern Asia reduced to X units, with a decrease of X% on the year before. Total exports indicated a resilient increase 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, exports increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2019 when exports increased by X%. As a result, the exports attained the peak of X units. From 2020 to 2022, the growth of the exports failed to regain momentum.

In value terms, watch exports reached $X in 2022. Total exports indicated a prominent expansion 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, exports increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2021 when exports increased by X%. Over the period under review, the exports hit record highs in 2022 and are likely to continue growth in the near future.

Exports by Country

Thailand (X units) and the Philippines (X units) represented the largest exporters of watches in 2022, recording near X% and X% of total exports, respectively. It was distantly followed by Singapore (X units), mixing up a X% share of total exports. Malaysia (X units) followed a long way behind the leaders.

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

In value terms, Singapore ($X) remains the largest watch supplier in South-Eastern Asia, comprising X% of total exports. The second position in the ranking was held by Thailand ($X), with a X% share of total exports. It was followed by the Philippines, with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Singapore totaled X%. In the other countries, the average annual rates were as follows: Thailand (X% per year) and the Philippines (X% per year).

Export Prices by Country

The export price in South-Eastern Asia stood at $X per unit in 2022, increasing by X% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the export price increased by X%. The level of export peaked in 2022 and is likely to continue growth in the near future.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Singapore ($X per unit), while the Philippines ($X per unit) was amongst the lowest.

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

Watch Imports

Imports in South-Eastern Asia

In 2022, approx. X units of watches were imported in South-Eastern Asia; with an increase of X% on the year before. Over the period under review, imports, however, recorded a mild decline. The most prominent rate of growth was recorded in 2021 when imports increased by X%. The volume of import peaked at X units in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, watch imports surged to $X in 2022. The total import value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are likely to see gradual growth in the immediate term.

Imports by Country

Indonesia represented the largest importing country with an import of about X units, which accounted for X% of total imports. Thailand (X units) ranks second in terms of the total imports with a X% share, followed by Malaysia (X%), Singapore (X%) and the Philippines (X%).

Indonesia was also the fastest-growing in terms of the watches imports, with a CAGR of X% from 2012 to 2022. At the same time, the Philippines (X%) displayed positive paces of growth. By contrast, Malaysia (X%), Singapore (X%) and Thailand (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Indonesia and the Philippines increased by X and X percentage points, respectively.

In value terms, Singapore ($X) constitutes the largest market for imported watches in South-Eastern Asia, comprising X% of total imports. The second position in the ranking was taken by Malaysia ($X), with a X% share of total imports. It was followed by Thailand, with a X% share.

In Singapore, watch imports expanded at an average annual rate of X% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Malaysia (X% per year) and Thailand (X% per year).

Import Prices by Country

The import price in South-Eastern Asia stood at $X per unit in 2022, surging by X% against the previous year. Import price indicated a prominent 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. Based on 2022 figures, watch import price increased by X% against 2017 indices. The most prominent rate of growth was recorded in 2018 an increase of X%. The level of import peaked in 2022 and is likely to continue growth in the near future.

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 Singapore ($X per unit), while Indonesia ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform

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