Global Watch Market 2022

Watch Market Size

The global watch market skyrocketed to $X in 2021, jumping by 59% against the previous year. In general, consumption saw a relatively flat trend pattern. Global consumption peaked at $X in 2014; however, from 2015 to 2021, consumption stood at a somewhat lower figure.

Watch Production

In value terms, watch production dropped modestly to $X in 2021 estimated in export price. Over the period under review, production, however, recorded a abrupt contraction. The pace of growth was the most pronounced in 2013 when the production volume increased by 19%. As a result, production reached the peak level of $X. From 2014 to 2021, global production growth remained at a lower figure.

Watch Exports

Exports

In 2021, global exports of watches skyrocketed to X units, picking up by 21% on the previous year's figure. In general, exports, however, showed a deep setback. The pace of growth appeared the most rapid in 2019 with an increase of 130% against the previous year. The global exports peaked at X units in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, watch exports skyrocketed to $X in 2021. The total export value increased at an average annual rate of +1.8% from 2012 to 2021; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2021, China (X units) represented the key exporter of watches, constituting 53% of total exports. Hong Kong SAR (X units) took the second position in the ranking, distantly followed by Switzerland (X units). All these countries together took near 26% share of total exports. The following exporters - South Korea (X units), the Netherlands (X units), Thailand (X units) and Germany (X units) - each amounted to a 6.9% share of total exports.

Exports from China decreased at an average annual rate of -4.9% from 2012 to 2021. At the same time, South Korea (+19.4%), Thailand (+13.8%) and the Netherlands (+12.8%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing exporter exported in the world, with a CAGR of +19.4% from 2012-2021. By contrast, Germany (-5.3%), Hong Kong SAR (-8.4%) and Switzerland (-13.8%) illustrated a downward trend over the same period. From 2012 to 2021, the share of China and South Korea increased by +3 and +1.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Switzerland ($X) remains the largest watch supplier worldwide, comprising 57% of global exports. The second position in the ranking was held by Hong Kong SAR ($X), with an 11% share of global exports. It was followed by China, with a 3.9% share.

In Switzerland, watch exports expanded at an average annual rate of +1.7% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Hong Kong SAR (-1.5% per year) and China (+0.2% per year).

Export Prices by Country

In 2021, the average watch export price amounted to $X per unit, surging by 10% against the previous year. Overall, the export price continues to indicate prominent growth. The most prominent rate of growth was recorded in 2016 an increase of 107%. The global export price peaked at $X per unit in 2018; however, from 2019 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Switzerland ($X per unit), while China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Switzerland (+18.0%), while the other global leaders experienced more modest paces of growth.

Watch Imports

Imports

After six years of decline, supplies from abroad of watches increased by 53% to X units in 2021. In general, imports, however, recorded a pronounced shrinkage. Over the period under review, global imports reached the peak figure at X units in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, watch imports surged to $X in 2021. The total import value increased at an average annual rate of +1.9% from 2012 to 2021; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Saudi Arabia (X units) and the United States (X units) represented the main importers of watches in 2021, finishing at approx. 20% and 14% of total imports, respectively. It was distantly followed by Hong Kong SAR (X units), India (X units) and Ireland (X units), together constituting a 22% share of total imports. Japan (X units), France (X units), South Korea (X units), China (X units), the United Arab Emirates (X units), Germany (X units) and the Netherlands (X units) held a relatively small share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Saudi Arabia (with a CAGR of +23.1%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, Hong Kong SAR ($X), the United States ($X) and China ($X) appeared to be the countries with the highest levels of imports in 2021, together comprising 37% of global imports. France, Germany, Japan, the United Arab Emirates, South Korea, the Netherlands, Saudi Arabia, India and Ireland lagged somewhat behind, together accounting for a further 24%.

Ireland, with a CAGR of +22.4%, saw the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average watch import price amounted to $X per unit, reducing by -13.6% against the previous year. Over the period under review, import price indicated a measured expansion from 2012 to 2021: its price increased at an average annual rate of +4.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 an increase of 28%. Over the period under review, average import prices hit record highs at $X per unit in 2020, and then contracted in the following year.

Prices varied noticeably country of destination: the country with the highest price was China ($X per unit), while Saudi Arabia ($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 United States (+12.8%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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