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

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

The Iranian market for plastic or non-precious metal watches contracted sharply to $X in 2022, which is down by -23.1% 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). In general, consumption continues to indicate a deep setback. Over the period under review, the market reached the peak level at $X in 2014; however, from 2015 to 2022, consumption stood at a somewhat lower figure.

Exports of Plastic or Non-Precious Metal Watches

Exports from Iran

In 2022, overseas shipments of plastic or non-precious metal watches increased by 46% to X units, rising for the second year in a row after three years of decline. In general, exports enjoyed a slight increase. The most prominent rate of growth was recorded in 2016 when exports increased by 4,400% against the previous year. The exports peaked at X units in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, plastic or non-precious metal watch exports contracted to $X in 2022. Over the period under review, exports, however, recorded a pronounced downturn. The growth pace was the most rapid in 2016 with an increase of 242%. Over the period under review, the exports attained the peak figure at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

The United Arab Emirates (X units) was the main destination for plastic or non-precious metal watch exports from Iran, with a 63% share of total exports. Moreover, plastic or non-precious metal watch exports to the United Arab Emirates exceeded the volume sent to the second major destination, Georgia (X units), fivefold. Switzerland (X units) ranked third in terms of total exports with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United Arab Emirates totaled +68.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Georgia (-14.0% per year) and Switzerland (-0.6% per year).

In value terms, the largest markets for plastic or non-precious metal watch exported from Iran were the United Arab Emirates ($X), Switzerland ($X) and Georgia ($X), together comprising 88% of total exports.

In terms of the main countries of destination, the United Arab Emirates, with a CAGR of +122.5%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2022, the average export price for plastic or non-precious metal watches amounted to $X per unit, waning by -38.4% against the previous year. In general, the export price showed a abrupt slump. The most prominent rate of growth was recorded in 2018 when the average export price increased by 4,308% against the previous year. Over the period under review, the average export prices reached the maximum at $X per unit in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Switzerland ($X per unit), while the average price for exports to Georgia ($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 Arab Emirates (+32.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Plastic or Non-Precious Metal Watches

Imports into Iran

In 2022, approx. X units of plastic or non-precious metal watches were imported into Iran; dropping by -28.6% on 2021. Overall, imports faced a abrupt descent. The growth pace was the most rapid in 2017 when imports increased by 196% against the previous year. Over the period under review, imports reached the maximum at X units in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

In value terms, plastic or non-precious metal watch imports shrank to $X in 2022. In general, imports showed a abrupt decrease. The pace of growth appeared the most rapid in 2017 when imports increased by 68% against the previous year. Over the period under review, imports reached the maximum at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X units) constituted the largest plastic or non-precious metal watch supplier to Iran, accounting for a 80% share of total imports. Moreover, plastic or non-precious metal watch imports from China exceeded the figures recorded by the second-largest supplier, Hong Kong SAR (X units), tenfold. The third position in this ranking was taken by Turkey (X units), with a 3.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled +8.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Hong Kong SAR (-21.2% per year) and Turkey (+20.6% per year).

In value terms, Switzerland ($X), China ($X) and Hong Kong SAR ($X) constituted the largest plastic or non-precious metal watch suppliers to Iran, together comprising 74% of total imports. Turkey, Oman and the United Arab Emirates lagged somewhat behind, together comprising a further 7.7%.

Turkey, with a CAGR of +32.9%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average import price for plastic or non-precious metal watches stood at $X per unit in 2022, increasing by 20% against the previous year. Over the period under review, the import price, however, recorded a perceptible contraction. The growth pace was the most rapid in 2015 when the average import price increased by 53%. Over the period under review, average import prices attained the maximum at $X per unit in 2016; however, from 2017 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: 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 Hong Kong SAR (+17.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform