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

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

The Canadian market for plastic or non-precious metal watches totaled $X in 2022, picking up by 14% against the previous year. In general, the total consumption indicated modest growth from 2012 to 2022: its value increased at an average annual rate of +1.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +79.5% against 2017 indices. Plastic or non-precious metal watch consumption peaked in 2022 and is expected to retain growth in the near future.

Production of Plastic or Non-Precious Metal Watches in Canada

In value terms, plastic or non-precious metal watch production surged to $X in 2022 estimated in export price. Overall, production, however, recorded a perceptible shrinkage. The pace of growth was the most pronounced in 2018 with an increase of 928% against the previous year. Plastic or non-precious metal watch production peaked at $X in 2015; however, from 2016 to 2022, production failed to regain momentum.

Exports of Plastic or Non-Precious Metal Watches

Exports from Canada

In 2022, the amount of plastic or non-precious metal watches exported from Canada reduced to X units, shrinking by -4.5% on 2021 figures. Overall, exports recorded a perceptible setback. The growth pace was the most rapid in 2014 when exports increased by 76%. The exports peaked at X units in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

In value terms, plastic or non-precious metal watch exports fell to $X in 2022. In general, total exports indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +6.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -22.1% against 2018 indices. The most prominent rate of growth was recorded in 2013 when exports increased by 42%. Over the period under review, the exports reached the maximum at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X units) was the main destination for plastic or non-precious metal watch exports from Canada, accounting for a 89% share of total exports. Moreover, plastic or non-precious metal watch exports to the United States exceeded the volume sent to the second major destination, Hong Kong SAR (X units), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States stood at -5.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (-7.9% per year) and Switzerland (-3.8% per year).

In value terms, the United States ($X) remains the key foreign market for plastic or non-precious metal watches exports from Canada, comprising 70% of total exports. The second position in the ranking was held by Hong Kong SAR ($X), with a 16% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States amounted to +8.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (+3.7% per year) and Switzerland (+0.8% per year).

Export Prices by Country

The average export price for plastic or non-precious metal watches stood at $X per unit in 2022, dropping by -2.4% against the previous year. Overall, the export price, however, recorded resilient growth. The pace of growth was the most pronounced in 2013 when the average export price increased by 72% against the previous year. Over the period under review, the average export prices attained the maximum at $X per unit in 2020; however, from 2021 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per unit), while the average price for exports to the United States ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+14.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Plastic or Non-Precious Metal Watches

Imports into Canada

In 2022, overseas purchases of plastic or non-precious metal watches increased by 23% to X units, rising for the second consecutive year after two years of decline. Over the period under review, imports, however, showed a deep slump. Imports peaked at X units in 2015; however, from 2016 to 2022, imports remained at a lower figure.

In value terms, plastic or non-precious metal watch imports rose notably to $X in 2022. The total import value increased at an average annual rate of +3.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 with an increase of 51%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, China (X units) constituted the largest supplier of plastic or non-precious metal watch to Canada, accounting for a 67% share of total imports. Moreover, plastic or non-precious metal watch imports from China exceeded the figures recorded by the second-largest supplier, Japan (X units), fivefold. Switzerland (X units) ranked third in terms of total imports with a 7.1% share.

From 2012 to 2022, the average annual growth rate of volume from China stood at -7.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-2.4% per year) and Switzerland (+1.7% per year).

In value terms, Switzerland ($X) constituted the largest supplier of plastic or non-precious metal watches to Canada, comprising 69% of total imports. The second position in the ranking was held by Japan ($X), with a 13% share of total imports. It was followed by China, with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Switzerland stood at +6.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+4.6% per year) and China (-6.3% per year).

Import Prices by Country

The average import price for plastic or non-precious metal watches stood at $X per unit in 2022, waning by -11% against the previous year. Over the period under review, the import price, however, enjoyed resilient growth. The pace of growth appeared the most rapid in 2021 when the average import price increased by 49%. As a result, import price attained the peak level of $X per unit, and then reduced in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Switzerland ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+7.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform