ASEAN: Watch Market 2024

Watch Market Size in ASEAN

In 2021, the ASEAN watch market decreased by -11.8% to $X, falling for the third consecutive year after two years of growth. Overall, consumption showed a slight setback. Over the period under review, the market attained the peak level at $X in 2015; however, from 2016 to 2021, consumption stood at a somewhat lower figure.

Watch Production in ASEAN

In value terms, watch production surged to $X in 2021 estimated in export price. Overall, production continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 when the production volume increased by 73%. Over the period under review, production reached the maximum level at $X in 2015; however, from 2016 to 2021, production failed to regain momentum.

Watch Exports

Exports in ASEAN

After two years of decline, overseas shipments of watches increased by 22% to X units in 2021. Total exports indicated tangible growth from 2012 to 2021: its volume increased at an average annual rate of +4.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2015 when exports increased by 36% against the previous year. The volume of export peaked in 2021 and is likely to continue growth in years to come.

In value terms, watch exports skyrocketed to $X in 2021. The total export value increased at an average annual rate of +4.3% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The level of export peaked at $X in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

Exports by Country

Thailand was the major exporting country with an export of about X units, which resulted at 60% of total exports. The Philippines (X units) ranks second in terms of the total exports with a 25% share, followed by Singapore (11%). Malaysia (X units) held a relatively small share of total exports.

Thailand was also the fastest-growing in terms of the watches exports, with a CAGR of +7.9% from 2012 to 2021. At the same time, Malaysia (+7.8%) and the Philippines (+5.1%) displayed positive paces of growth. By contrast, Singapore (-4.7%) illustrated a downward trend over the same period. Thailand (+13 p.p.) significantly strengthened its position in terms of the total exports, while Singapore saw its share reduced by -14.9% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Singapore ($X) remains the largest watch supplier in ASEAN, comprising 84% of total exports. The second position in the ranking was held by the Philippines ($X), with an 8% share of total exports.

From 2012 to 2021, the average annual growth rate of value in Singapore stood at +4.9%. The remaining exporting countries recorded the following average annual rates of exports growth: the Philippines (+1.5% per year) and Malaysia (+15.3% per year).

Export Prices by Country

The export price in ASEAN stood at $X per unit in 2021, increasing by 18% against the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 when the export price increased by 26% against the previous year. Over the period under review, the export prices hit record highs at $X per unit in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

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 2021, the most notable rate of growth in terms of prices was attained by Thailand (+27.8%), while the other leaders experienced more modest paces of growth.

Watch Imports

Imports in ASEAN

In 2021, approx. X units of watches were imported in ASEAN; with an increase of 8.5% on the previous year's figure. Overall, imports, however, continue to indicate a pronounced setback. Over the period under review, imports hit record highs at X units in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, watch imports soared to $X in 2021. The total import value increased at an average annual rate of +1.1% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of import peaked at $X in 2019; however, from 2020 to 2021, imports failed to regain momentum.

Imports by Country

Indonesia was the main importing country with an import of about X units, which recorded 39% of total imports. Thailand (X units) took the second position in the ranking, distantly followed by Singapore (X units), Malaysia (X units), Vietnam (X units) and the Philippines (X units). All these countries together held approx. 60% 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 Indonesia (with a CAGR of +49.0%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, Singapore ($X) constitutes the largest market for imported watches in ASEAN, comprising 70% of total imports. The second position in the ranking was held by Malaysia ($X), with a 12% share of total imports. It was followed by Indonesia, with an 8.7% share.

In Singapore, watch imports expanded at an average annual rate of +3.0% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Malaysia (-5.1% per year) and Indonesia (+29.5% per year).

Import Prices by Country

The import price in ASEAN stood at $X per unit in 2021, growing by 19% against the previous year. Over the last nine-year period, it increased at an average annual rate of +3.9%. The pace of growth appeared the most rapid in 2013 when the import price increased by 30% against the previous year. The level of import peaked at $X per unit in 2019; however, from 2020 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of destination: 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 2021, the most notable rate of growth in terms of prices was attained by Thailand (+21.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform