Iceland: Watch Market 2020

Watch Market Size in Iceland

The revenue of the watch market in Iceland amounted to $X in 2018, going down by -X% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, watch consumption continues to indicate a moderate slump. The growth pace was the most rapid in 2010 when the market value increased by X% year-to-year. In that year, the watch market reached its peak level of $X. From 2011 to 2018, the growth of the watch market remained at a lower figure.

Watch Exports

Exports from Iceland

In 2018, the watch exports from Iceland amounted to X units, jumping by X% against the previous year. Overall, watch exports continue to indicate strong growth. The pace of growth was the most pronounced in 2012 with an increase of X% against the previous year. Over the period under review, watch exports attained their peak figure at X units in 2013; however, from 2014 to 2018, exports failed to regain their momentum.

In value terms, watch exports stood at $X in 2018. In general, watch exports continue to indicate a measured setback. The growth pace was the most rapid in 2009 when exports increased by X% year-to-year. Iceland exports peaked at $X in 2017, and then declined slightly in the following year.

Exports by Country

China, Hong Kong SAR prevails in watch exports structure, amounting to X units, which was near X% of total exports in 2018. It was distantly followed by Switzerland (X units) and Germany (X units), together achieving an X% share of total exports. China (X units), the U.S. (X units), Singapore (X units), Thailand (X units), the UK (X units) and the Netherlands (X units) followed a long way behind the leaders.

Exports from China, Hong Kong SAR increased at an average annual rate of +X% from 2007 to 2018. At the same time, the UK (+X%), the Netherlands (+X%), Germany (+X%), the U.S. (+X%) and Singapore (+X%) displayed positive paces of growth. Moreover, the UK emerged as the fastest-growing exporter in the world, with a CAGR of +X% from 2007-2018. Switzerland experienced a relatively flat trend pattern. By contrast, Thailand (-X%) and China (-X%) illustrated a downward trend over the same period. China, Hong Kong SAR (+X p.p.) and Germany (+X p.p.) significantly strengthened its position in terms of the global exports, while Thailand and China saw its share reduced by -X% and -X% from 2007 to 2018, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Switzerland ($X) remains the largest watch supplier from Iceland, comprising X% of global exports. The second position in the ranking was occupied by China, Hong Kong SAR ($X), with a X% share of global exports. It was followed by China, with a X% share.

From 2007 to 2018, the average annual rate of growth in terms of value in Switzerland amounted to +X%. The remaining exporting countries recorded the following average annual rates of exports growth: China, Hong Kong SAR (+X% per year) and China (+X% per year).

Export Prices by Country

The watch export price in Iceland stood at $X per unit in 2018, shrinking by -X% against the previous year. In general, the watch export price continues to indicate an abrupt slump. The pace of growth appeared the most rapid in 2009 an increase of X% year-to-year. Over the period under review, the export prices for watches attained their maximum at $X per unit in 2011; however, from 2012 to 2018, export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2018, the country with the highest price was Switzerland ($X per unit), while China, Hong Kong SAR ($X per unit) was amongst the lowest.

From 2007 to 2018, the most notable rate of growth in terms of prices was attained by China, while the other leaders experienced more modest paces of growth.

Watch Imports

Imports into Iceland

Watch imports into Iceland stood at X units in 2018, stabilizing at the previous year. In general, watch imports continue to indicate a mild deduction. The most prominent rate of growth was recorded in 2010 with an increase of X% against the previous year. In that year, watch imports reached their peak of X units. From 2011 to 2018, the growth of watch imports remained at a somewhat lower figure.

In value terms, watch imports stood at $X in 2018. Over the period under review, watch imports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2012 when imports increased by X% y-o-y. Over the period under review, watch imports reached their maximum at $X in 2017, and then declined slightly in the following year.

Imports by Country

In 2018, China, Hong Kong SAR (X units) represented the largest importer of watches, constituting X% of total imports. It was distantly followed by the U.S. (X units), India (X units), Germany (X units) and Japan (X units), together committing a X% share of total imports. The UK (X units), Colombia (X units), the Netherlands (X units), Mexico (X units), Italy (X units) and France (X units) took a minor share of total imports.

From 2007 to 2018, average annual rates of growth with regard to watch imports into China, Hong Kong SAR stood at -X%. At the same time, India (+X%), Colombia (+X%) and the Netherlands (+X%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing importer in the world, with a CAGR of +X% from 2007-2018. By contrast, Germany (-X%), Japan (-X%), the UK (-X%), Mexico (-X%), Italy (-X%), France (-X%) and the U.S. (-X%) illustrated a downward trend over the same period. While the share of India (+X p.p.) and Colombia (+X p.p.) increased significantly in terms of the global imports from 2007-2018, the share of Mexico (-X p.p.), Italy (-X p.p.), Germany (-X p.p.), the UK (-X p.p.), France (-X p.p.), China, Hong Kong SAR (-X p.p.) and the U.S. (-X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China, Hong Kong SAR ($X), the U.S. ($X) and France ($X) constituted the countries with the highest levels of imports in 2018, together comprising X% of total imports. These countries were followed by Japan, Germany, the UK, Italy, the Netherlands, India, Mexico, Colombia and Iceland, which together accounted for a further X experienced the highest growth rate of imports, in terms of the main importing countries over the last eleven-year period, while the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2018, the watch import price in Iceland amounted to $X per unit, shrinking by -X% against the previous year. Over the period under review, the watch import price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2012 when the import price increased by X% y-o-y. Over the period under review, the import prices for watches reached their maximum at $X per unit in 2017, and then declined slightly in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2018, the country with the highest price was France ($X per unit), while Colombia ($X per unit) was amongst the lowest.

From 2007 to 2018, the most notable rate of growth in terms of prices was attained by the U.S., while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform