Eastern Asia: Watch Market 2024

Watch Market Size in Eastern Asia

The East Asian watch market soared to $X in 2021, surging by 20% against the previous year. The total consumption indicated a pronounced expansion from 2012 to 2021: its value increased at an average annual rate of +3.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +25.5% against 2019 indices. As a result, consumption reached the peak level of $X. From 2014 to 2021, the growth of the market failed to regain momentum.

Watch Production in Eastern Asia

In value terms, watch production contracted to $X in 2021 estimated in export price. The total production indicated a mild increase from 2012 to 2021: its value increased at an average annual rate of +1.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +14.7% against 2018 indices. The most prominent rate of growth was recorded in 2016 with an increase of 70% against the previous year. Over the period under review, production attained the peak level at $X in 2017; however, from 2018 to 2021, production failed to regain momentum.

Watch Exports

Exports in Eastern Asia

In 2021, the amount of watches exported in Eastern Asia surged to X units, increasing by 18% against the previous year. Overall, exports, however, showed a abrupt downturn. The pace of growth appeared the most rapid in 2018 when exports increased by 212%. Over the period under review, the exports attained the maximum at X units in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, watch exports surged to $X in 2021. Over the period under review, exports, however, continue to indicate a relatively flat trend pattern. Over the period under review, the exports attained the maximum at $X in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

In 2021, China (X units) was the largest exporter of watches, constituting 72% of total exports. It was distantly followed by Hong Kong SAR (X units), creating a 27% share of total exports.

China was also the fastest-growing in terms of the watches exports, with a CAGR of -5.0% from 2012 to 2021. Hong Kong SAR (-8.5%) illustrated a downward trend over the same period. From 2012 to 2021, the share of China increased by +7.1 percentage points.

In value terms, Hong Kong SAR ($X) remains the largest watch supplier in Eastern Asia, comprising 68% of total exports. The second position in the ranking was held by China ($X), with a 24% share of total exports.

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

Export Prices by Country

The export price in Eastern Asia stood at $X per unit in 2021, picking up by 9.8% against the previous year. Over the period under review, the export price showed a remarkable increase. The pace of growth was the most pronounced in 2016 an increase of 216% 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 failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, 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 Hong Kong SAR (+7.6%).

Watch Imports

Imports in Eastern Asia

In 2021, purchases abroad of watches was 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 drastic downturn. Over the period under review, imports hit record highs at X units in 2012; however, from 2013 to 2021, imports stood at a somewhat 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% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable 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

In 2021, Hong Kong SAR (X units) represented the largest importer of watches, creating 75% of total imports. Japan (X units) ranks second in terms of the total imports with an 11% share, followed by China (8.1%). The following importers - South Korea (X units) and Macao SAR (X units) - together made up 5.5% of total imports.

Imports into Hong Kong SAR decreased at an average annual rate of -10.4% from 2012 to 2021. At the same time, Macao SAR (+24.9%) and China (+5.3%) displayed positive paces of growth. Moreover, Macao SAR emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +24.9% from 2012-2021. By contrast, South Korea (-5.8%) and Japan (-9.3%) illustrated a downward trend over the same period. From 2012 to 2021, the share of China and Macao SAR increased by +5.9 and +2 percentage points, 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) constituted the countries with the highest levels of imports in 2021, together comprising 83% of total imports. Macao SAR and South Korea lagged somewhat behind, together accounting for a further 15%.

Macao SAR, with a CAGR of +9.8%, recorded 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 Eastern Asia amounted to $X per unit, surging by 17% against the previous year. Over the period under review, the import price continues to indicate a resilient increase. The pace of growth was the most pronounced in 2020 when the import price increased by 44%. Over the period under review, import prices reached the peak figure in 2021 and is expected to retain growth in the near future.

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 Macao SAR ($X per unit), while Hong Kong SAR ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+11.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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