Asia-Pacific: Watch Market 2025

Watch Market Size in Asia-Pacific

The Asia-Pacific watch market expanded notably to $X in 2021, with an increase of 15% against the previous year. The market value increased at an average annual rate of +2.2% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $X. From 2014 to 2021, the growth of the market failed to regain momentum.

Watch Production in Asia-Pacific

In value terms, watch production contracted to $X in 2021 estimated in export price. The total production indicated a slight increase from 2012 to 2021: its value increased at an average annual rate of +1.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +13.5% against 2018 indices. The growth pace was the most rapid in 2016 with an increase of 41% against the previous year. Over the period under review, production attained the peak level at $X in 2017; however, from 2018 to 2021, production stood at a somewhat lower figure.

Watch Exports

Exports in Asia-Pacific

In 2021, the amount of watches exported in Asia-Pacific soared to X units, growing by 18% against the previous year's figure. In general, exports, however, continue to indicate a deep setback. The pace of growth appeared the most rapid in 2018 with an increase of 200%. Over the period under review, the exports hit record highs at X units in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, watch exports surged to $X in 2021. Overall, exports continue to indicate a relatively flat trend pattern. Over the period under review, the exports reached the peak figure at $X in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

Exports by Country

China represented the main exporter of watches in Asia-Pacific, with the volume of exports accounting for X units, which was near 69% of total exports in 2021. It was distantly followed by Hong Kong SAR (X units), committing a 26% share of total exports. Thailand (X units) followed a long way behind the leaders.

Exports from China decreased at an average annual rate of -5.0% from 2012 to 2021. At the same time, Thailand (+7.9%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +7.9% from 2012-2021. By contrast, Hong Kong SAR (-8.5%) illustrated a downward trend over the same period. From 2012 to 2021, the share of China and Thailand increased by +5.1 and +1.6 percentage points, respectively.

In value terms, Hong Kong SAR ($X) remains the largest watch supplier in Asia-Pacific, comprising 53% of total exports. The second position in the ranking was held by China ($X), with an 18% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in Hong Kong SAR stood at -1.5%.

Export Prices by Country

In 2021, the export price in Asia-Pacific amounted to $X per unit, surging by 12% against the previous year. Over the period under review, the export price saw a prominent expansion. The most prominent rate of growth was recorded in 2016 when the export price increased by 199% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2017 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 Hong Kong SAR ($X per unit), while China stood at $X per unit.

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 Asia-Pacific

In 2021, overseas purchases of watches were finally on the rise to reach X units for the first time since 2012, thus ending a eight-year declining trend. Over the period under review, imports, however, continue to indicate a abrupt slump. Over the period under review, imports hit record highs at X units in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, watch imports surged to $X in 2021. The total import value increased at an average annual rate of +1.8% from 2012 to 2021; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Hong Kong SAR dominates imports structure, amounting to X units, which was approx. 55% of total imports in 2021. Japan (X units) took the second position in the ranking, followed by India (X units), Indonesia (X units) and China (X units). All these countries together held near 27% share of total imports. Thailand (X units) and South Korea (X units) held a little share of total imports.

From 2012 to 2021, average annual rates of growth with regard to watch imports into Hong Kong SAR stood at -10.4%. At the same time, Indonesia (+49.0%), China (+5.3%) and India (+4.0%) displayed positive paces of growth. Moreover, Indonesia emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of +49.0% from 2012-2021. By contrast, South Korea (-5.8%), Japan (-9.3%) and Thailand (-10.4%) illustrated a downward trend over the same period. While the share of Indonesia (+6.1 p.p.), India (+4.5 p.p.) and China (+4.1 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Hong Kong SAR (-16.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest watch importing markets in Asia-Pacific were Hong Kong SAR ($X), China ($X) and Japan ($X), together comprising 68% of total imports. South Korea, India and Indonesia lagged somewhat behind, together accounting for a further 7.2%.

Indonesia, with a CAGR of +29.5%, 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 leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in Asia-Pacific amounted to $X per unit, increasing by 14% against the previous year. Over the period under review, the import price continues to indicate a strong increase. The most prominent rate of growth was recorded in 2020 when the import price increased by 31%. Over the period under review, import prices attained the peak figure in 2021 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was China ($X per unit), while Indonesia ($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

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