EU: Watch Market 2024

Watch Market Size in the EU

In 2021, the EU watch market increased by 16% to $X for the first time since 2014, thus ending a six-year declining trend. Over the period under review, consumption, however, recorded a noticeable curtailment. Over the period under review, the market reached the maximum level at $X in 2014; however, from 2015 to 2021, consumption remained at a lower figure.

Watch Production in the EU

In value terms, watch production reduced rapidly to $X in 2021 estimated in export price. In general, production continues to indicate a abrupt downturn. The pace of growth appeared the most rapid in 2014 with an increase of 59%. As a result, production attained the peak level of $X. From 2015 to 2021, production growth failed to regain momentum.

Watch Exports

Exports in the EU

In 2021, the amount of watches exported in the European Union expanded significantly to X units, surging by 7.7% against 2020 figures. The total export volume increased at an average annual rate of +2.2% from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The growth pace was the most rapid in 2015 with an increase of 12% against the previous year. The volume of export peaked at X units in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

In value terms, watch exports skyrocketed to $X in 2021. The total export value increased at an average annual rate of +1.7% over the period from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The level of export peaked at $X in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

Exports by Country

In 2021, Germany (X units), distantly followed by Belgium (X units), the Netherlands (X units), France (X units), Spain (X units) and Poland (X units) represented the largest exporters of watches, together constituting 79% of total exports. The following exporters - Italy (X units), the Czech Republic (X units), Sweden (X units), Austria (X units), Luxembourg (X units), Slovenia (X units) and Slovakia (X units) - together made up 14% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Luxembourg (with a CAGR of +27.7%), while the other leaders experienced more modest paces of growth.

In value terms, the largest watch supplying countries in the European Union were France ($X), Germany ($X) and Italy ($X), together accounting for 63% of total exports. These countries were followed by the Netherlands, Spain, Belgium, Austria, Poland, the Czech Republic, Sweden, Slovenia, Slovakia and Luxembourg, which together accounted for a further 27%.

In terms of the main exporting countries, Poland, with a CAGR of +30.4%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in the European Union stood at $X per unit in 2021, increasing by 12% against the previous year. Overall, the export price, however, showed a relatively flat trend pattern. The level of export peaked at $X per unit in 2014; however, from 2015 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 Italy ($X per unit), while Luxembourg ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Poland (+16.7%), while the other leaders experienced more modest paces of growth.

Watch Imports

Imports in the EU

In 2021, after five years of decline, there was significant growth in supplies from abroad of watches, when their volume increased by 9.2% to X units. Over the period under review, imports, however, recorded a perceptible shrinkage. The volume of import peaked at X units in 2015; however, from 2016 to 2021, imports failed to regain momentum.

In value terms, watch imports soared to $X in 2021. In general, imports showed a relatively flat trend pattern. Over the period under review, imports attained the peak figure at $X in 2015; however, from 2016 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Germany (X units), distantly followed by France (X units), the Netherlands (X units), Spain (X units), Belgium (X units), Italy (X units) and Poland (X units) were the major importers of watches, together constituting 79% of total imports. The following importers - Austria (X units), Sweden (X units), the Czech Republic (X units), Portugal (X units), Romania (X units) and Slovakia (X units) - together made up 12% of total imports.

From 2012 to 2021, the biggest increases were recorded for Slovakia (with a CAGR of +10.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest watch importing markets in the European Union were France ($X), Germany ($X) and Italy ($X), with a combined 60% share of total imports. The Netherlands, Spain, Austria, Belgium, Poland, the Czech Republic, Portugal, Sweden, Slovakia and Romania lagged somewhat behind, together accounting for a further 30%.

In terms of the main importing countries, Poland, with a CAGR of +13.7%, recorded the highest growth rate of 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

The import price in the European Union stood at $X per unit in 2021, rising by 13% against the previous year. Over the last nine years, it increased at an average annual rate of +4.1%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Italy ($X per unit), while Belgium ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Romania (+11.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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