Asia: Market for Plastic or Non-Precious Metal Watches 2024

Market Size for Plastic or Non-Precious Metal Watches in Asia

The Asian market for plastic or non-precious metal watches contracted rapidly to $X in 2022, which is down by -15.7% against the previous year. Over the period under review, consumption showed a slight shrinkage. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market failed to regain momentum.

Production of Plastic or Non-Precious Metal Watches in Asia

In value terms, plastic or non-precious metal watch production contracted to $X in 2022 estimated in export price. Over the period under review, production showed a pronounced descent. The most prominent rate of growth was recorded in 2018 when the production volume increased by 93% against the previous year. Over the period under review, production hit record highs at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

Exports of Plastic or Non-Precious Metal Watches

Exports in Asia

In 2022, exports of plastic or non-precious metal watches in Asia expanded rapidly to X units, growing by 15% on the year before. Over the period under review, exports, however, showed a pronounced setback. The growth pace was the most rapid in 2018 with an increase of 198%. Over the period under review, the exports attained the peak figure at X units in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, plastic or non-precious metal watch exports contracted to $X in 2022. Overall, exports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 when exports increased by 30% against the previous year. Over the period under review, the exports attained the maximum at $X in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

China was the major exporting country with an export of about X units, which amounted to 77% of total exports. It was distantly followed by Hong Kong SAR (X units), comprising a 19% share of total exports. Thailand (X units) took a relatively small share of total exports.

Exports from China decreased at an average annual rate of -2.1% from 2012 to 2022. At the same time, Thailand (+4.7%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing exporter exported in Asia, with a CAGR of +4.7% from 2012-2022. By contrast, Hong Kong SAR (-9.1%) illustrated a downward trend over the same period. While the share of China (+13 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Hong Kong SAR (-14.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Hong Kong SAR ($X), China ($X) and Thailand ($X) constituted the countries with the highest levels of exports in 2022, together accounting for 78% of total exports.

In terms of the main exporting countries, Thailand, with a CAGR of +16.0%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

In 2022, the export price in Asia amounted to $X per unit, dropping by -18.2% against the previous year. Overall, the export price, however, recorded measured growth. The most prominent rate of growth was recorded in 2016 an increase of 200% against the previous year. The level of export peaked at $X per unit in 2017; however, from 2018 to 2022, the export prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+10.8%), while the other leaders experienced more modest paces of growth.

Imports of Plastic or Non-Precious Metal Watches

Imports in Asia

In 2022, approx. X units of plastic or non-precious metal watches were imported in Asia; shrinking by -13.7% against 2021 figures. Over the period under review, imports saw a abrupt decrease. The most prominent rate of growth was recorded in 2021 with an increase of 21% against the previous year. 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, plastic or non-precious metal watch imports reduced to $X in 2022. Overall, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 29% against the previous year. As a result, imports reached the peak of $X, and then reduced in the following year.

Imports by Country

Hong Kong SAR represented the key importer of plastic or non-precious metal watches in Asia, with the volume of imports accounting for X units, which was near 40% of total imports in 2022. The United Arab Emirates (X units) took a 7.4% share (based on physical terms) of total imports, which put it in second place, followed by Japan (6.7%), China (6.3%), Indonesia (6%) and India (4.6%). Singapore (X units), Turkey (X units), Saudi Arabia (X units), Thailand (X units), South Korea (X units), Macao SAR (X units) and Vietnam (X units) followed a long way behind the leaders.

Imports into Hong Kong SAR decreased at an average annual rate of -11.8% from 2012 to 2022. At the same time, Indonesia (+41.2%), Macao SAR (+25.3%), Vietnam (+15.1%) and China (+5.8%) displayed positive paces of growth. Moreover, Indonesia emerged as the fastest-growing importer imported in Asia, with a CAGR of +41.2% from 2012-2022. South Korea and India experienced a relatively flat trend pattern. By contrast, Singapore (-1.3%), Turkey (-7.0%), the United Arab Emirates (-7.9%), Japan (-9.4%), Thailand (-12.8%) and Saudi Arabia (-15.3%) illustrated a downward trend over the same period. Indonesia (+5.9 p.p.), China (+4.8 p.p.), India (+2.7 p.p.), Macao SAR (+1.6 p.p.) and Singapore (+1.5 p.p.) significantly strengthened its position in terms of the total imports, while Thailand, Saudi Arabia and Hong Kong SAR saw its share reduced by -1.6%, -3.4% and -20.7% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Hong Kong SAR ($X), China ($X) and Japan ($X) appeared to be the countries with the highest levels of imports in 2022, together comprising 58% of total imports. The United Arab Emirates, Singapore, South Korea, Macao SAR, Thailand, India, Indonesia, Turkey, Saudi Arabia and Vietnam lagged somewhat behind, together accounting for a further 31%.

In terms of the main importing countries, Indonesia, with a CAGR of +27.0%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Asia amounted to $X per unit, rising by 2% against the previous year. Over the period under review, the import price recorded a prominent expansion. The growth pace was the most rapid in 2020 when the import price increased by 31%. Over the period under review, import prices attained the maximum in 2022 and is likely to see gradual growth in years to come.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was China ($X per unit), while Saudi Arabia ($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 (+22.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform