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

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

In 2022, the Indian market for plastic or non-precious metal watches increased by 0.4% to $X, rising for the second year in a row after two years of decline. In general, consumption, however, posted a buoyant increase. Plastic or non-precious metal watch consumption peaked at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Exports of Plastic or Non-Precious Metal Watches

Exports from India

In 2022, plastic or non-precious metal watch exports from India skyrocketed to X units, increasing by 49% compared with the previous year. Over the period under review, total exports indicated a moderate increase from 2012 to 2022: its volume increased at an average annual rate of +2.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +125.5% against 2020 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 51% against the previous year. Over the period under review, the exports reached the peak figure at X units in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, plastic or non-precious metal watch exports contracted rapidly to $X in 2022. In general, exports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when exports increased by 50% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports by Country

Nigeria (X units), Nepal (X units) and Hong Kong SAR (X units) were the main destinations of plastic or non-precious metal watch exports from India, with a combined 52% share of total exports. The United Arab Emirates, China, the United States, Bangladesh, Singapore, Sri Lanka, Germany, Qatar, Saudi Arabia and the Philippines lagged somewhat behind, together comprising a further 39%.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +57.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for plastic or non-precious metal watch exported from India were the United Arab Emirates ($X), Hong Kong SAR ($X) and Singapore ($X), together accounting for 55% of total exports. The United States, Bangladesh, Nepal, Sri Lanka, Saudi Arabia, Germany, Qatar, Nigeria, China and the Philippines lagged somewhat behind, together comprising a further 31%.

The United States, with a CAGR of +31.7%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average export price for plastic or non-precious metal watches stood at $X per unit in 2022, declining by -47.8% against the previous year. Over the period under review, the export price continues to indicate a perceptible decrease. The most prominent rate of growth was recorded in 2020 an increase of 45% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2021 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Singapore ($X per unit), while the average price for exports to China ($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 (+22.4%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Plastic or Non-Precious Metal Watches

Imports into India

In 2022, the amount of plastic or non-precious metal watches imported into India fell to X units, waning by -14.3% compared with 2021 figures. In general, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when imports increased by 72% against the previous year. Over the period under review, imports hit record highs at X units in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, plastic or non-precious metal watch imports skyrocketed to $X in 2022. Overall, imports, however, continue to indicate a strong expansion. The pace of growth was the most pronounced in 2013 with an increase of 83%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in years to come.

Imports by Country

China (X units), Hong Kong SAR (X units) and the Philippines (X units) were the main suppliers of plastic or non-precious metal watch imports to India, with a combined 93% share of total imports.

From 2012 to 2022, the biggest increases were recorded for the Philippines (with a CAGR of +63.5%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, the largest plastic or non-precious metal watch suppliers to India were Switzerland ($X), Hong Kong SAR ($X) and China ($X), with a combined 91% share of total imports. These countries were followed by the Philippines, which accounted for a further 1.4%.

The Philippines, with a CAGR of +35.2%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average import price for plastic or non-precious metal watches amounted to $X per unit, with an increase of 49% against the previous year. In general, the import price showed a prominent increase. The most prominent rate of growth was recorded in 2013 when the average import price increased by 117%. The import price peaked in 2022 and is likely to see gradual growth in years to come.

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 ($X per unit), while the price for the Philippines ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+10.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform