Asia: Watch Market 2024

Watch Market Size in Asia

In 2021, the Asian watch market was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. The market value increased at an average annual rate of +1.4% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $X. From 2014 to 2021, the growth of the market remained at a somewhat lower figure.

Watch Production in Asia

In value terms, watch production dropped to $X in 2021 estimated in export price. Overall, production continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 33% against the previous year. Over the period under review, production reached the maximum level at $X in 2017; however, from 2018 to 2021, production stood at a somewhat lower figure.

Watch Exports

Exports in Asia

Watch exports surged to X units in 2021, increasing by 18% against 2020. In general, exports, however, showed a abrupt setback. The growth pace was the most rapid in 2018 when exports increased by 197% against the previous year. The volume of export peaked at X units in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, watch exports soared to $X in 2021. Over the period under review, exports recorded a relatively flat trend pattern. Over the period under review, the exports attained the peak figure at $X in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

Exports by Country

China was the major exporting country with an export of around X units, which finished at 69% of total exports. It was distantly followed by Hong Kong SAR (X units), creating a 26% share of total exports. Thailand (X units) held a relatively small share of total exports.

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, 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 +4.9 and +1.6 percentage points, respectively.

In value terms, Hong Kong SAR ($X) remains the largest watch supplier in Asia, comprising 50% of total exports. The second position in the ranking was taken by China ($X), with a 17% share of total exports.

In Hong Kong SAR, watch exports plunged by an average annual rate of -1.5% over the period from 2012-2021.

Export Prices by Country

In 2021, the export price in Asia amounted to $X per unit, increasing by 13% against the previous year. Over the period under review, the export price saw a remarkable increase. The pace of growth was the most pronounced in 2016 when the export price increased by 202%. As a result, the export price attained the peak level of $X per unit. From 2017 to 2021, the export prices remained at a somewhat 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 amounted to $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

In 2021, supplies from abroad of watches was finally on the rise to reach X units for the first time since 2017, thus ending a three-year declining trend. Overall, imports, however, recorded a abrupt descent. The volume of import peaked at X units in 2012; however, from 2013 to 2021, imports failed to regain momentum.

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 only minor 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

Hong Kong SAR was the main importing country with an import of about X units, which finished at 45% of total imports. The United Arab Emirates (X units) ranks second in terms of the total imports with a 7.2% share, followed by Japan (6.3%), Saudi Arabia (5.9%), India (5.5%), Indonesia (5%) and China (4.8%). The following importers - Thailand (X units), South Korea (X units) and Turkey (X units) - together made up 7% 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, with a CAGR of +49.0% from 2012-2021. By contrast, South Korea (-5.8%), the United Arab Emirates (-7.3%), Saudi Arabia (-7.6%), Japan (-9.3%), Turkey (-9.7%) and Thailand (-10.4%) illustrated a downward trend over the same period. While the share of Indonesia (+4.9 p.p.), India (+3.6 p.p.) and China (+3.3 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Hong Kong SAR (-15.5 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 were Hong Kong SAR ($X), China ($X) and Japan ($X), together accounting for 59% of total imports. The United Arab Emirates, South Korea, Saudi Arabia, India, Turkey and Indonesia lagged somewhat behind, together accounting for a further 17%.

Indonesia, with a CAGR of +29.5%, saw the highest growth rate of the value of imports, in terms of 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 amounted to $X per unit, growing by 13% against the previous year. Over the period under review, the import price posted a resilient increase. The most prominent rate of growth was recorded in 2020 an increase of 38%. The level of import peaked in 2021 and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2021, 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

Frequently Asked Questions (FAQ) :