Iran: Watch Market 2025

Watch Market Size in Iran

In 2021, the Iranian watch market was finally on the rise to reach $X for the first time since 2017, thus ending a three-year declining trend. In general, consumption, however, continues to indicate a deep slump. Over the period under review, the market hit record highs at $X in 2014; however, from 2015 to 2021, consumption remained at a lower figure.

Watch Exports

Exports from Iran

In 2021, overseas shipments of watches were finally on the rise to reach X units for the first time since 2017, thus ending a three-year declining trend. In general, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when exports increased by 6,844% against the previous year. Over the period under review, the exports reached the maximum at X units in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

In value terms, watch exports skyrocketed to $X in 2021. Overall, exports, however, saw a abrupt slump. The most prominent rate of growth was recorded in 2014 with an increase of 1,774% against the previous year. As a result, the exports reached the peak of $X. From 2015 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

The United Arab Emirates (X units) was the main destination for watch exports from Iran, accounting for a 62% share of total exports. Moreover, watch exports to the United Arab Emirates exceeded the volume sent to the second major destination, Italy (X units), more than tenfold. The third position in this ranking was taken by the Netherlands (X units), with a 2.4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United Arab Emirates amounted to +80.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Italy (0.0% per year) and the Netherlands (+26.0% per year).

In value terms, the United Arab Emirates ($X) remains the key foreign market for watches exports from Iran, comprising 37% of total exports. The second position in the ranking was held by Switzerland ($X), with a 12% share of total exports. It was followed by Italy, with an 8.5% share.

From 2012 to 2021, the average annual growth rate of value to the United Arab Emirates stood at +137.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Switzerland (-25.6% per year) and Italy (+235.2% per year).

Export Prices by Country

The average watch export price stood at $X per unit in 2021, with a decrease of -61.6% against the previous year. In general, the export price saw a deep contraction. The most prominent rate of growth was recorded in 2018 an increase of 4,597%. The export price peaked at $X per unit in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Switzerland ($X per unit), while the average price for exports to the Netherlands ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (+31.6%), while the prices for the other major destinations experienced more modest paces of growth.

Watch Imports

Imports into Iran

In 2021, overseas purchases of watches were finally on the rise to reach X units after three years of decline. Overall, imports, however, recorded a deep setback. The most prominent rate of growth was recorded in 2017 with an increase of 228% against the previous year. Imports peaked at X units in 2014; however, from 2015 to 2021, imports remained at a lower figure.

In value terms, watch imports skyrocketed to $X in 2021. In general, imports, however, continue to indicate a drastic downturn. Imports peaked at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

China (X units), the United Arab Emirates (X units) and Hong Kong SAR (X units) were the main suppliers of watch imports to Iran, with a combined 92% share of total imports. Oman, Switzerland and Turkey lagged somewhat behind, together accounting for a further 5.4%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Turkey (with a CAGR of +31.4%), while imports for the other leaders experienced mixed trend patterns.

In value terms, Switzerland ($X), China ($X) and the United Arab Emirates ($X) were the largest watch suppliers to Iran, with a combined 50% share of total imports. Hong Kong SAR, Oman and Turkey lagged somewhat behind, together comprising a further 18%.

In terms of the main suppliers, Turkey, with a CAGR of +18.3%, 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 average watch import price stood at $X per unit in 2021, with an increase of 21% against the previous year. Over the period under review, the import price, however, saw a abrupt slump. The pace of growth was the most pronounced in 2016 an increase of 156% against the previous year. As a result, import price attained the peak level of $X per unit. From 2017 to 2021, the average import prices remained at a somewhat lower figure.

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 2021, the most notable rate of growth in terms of prices was attained by Oman (+29.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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