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

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

The Irish market for plastic or non-precious metal watches skyrocketed to $X in 2022, rising by 200% against the previous year. In general, consumption posted pronounced growth. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Production of Plastic or Non-Precious Metal Watches in Ireland

In value terms, plastic or non-precious metal watch production expanded sharply to $X in 2022 estimated in export price. Overall, production, however, saw a abrupt decrease. The most prominent rate of growth was recorded in 2020 when the production volume increased by 85% against the previous year. Plastic or non-precious metal watch production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Exports of Plastic or Non-Precious Metal Watches

Exports from Ireland

After five years of growth, shipments abroad of plastic or non-precious metal watches decreased by -67.2% to X units in 2022. Over the period under review, exports, however, showed a strong expansion. The pace of growth was the most pronounced in 2020 with an increase of 234%. Over the period under review, the exports reached the peak figure at X units in 2021, and then dropped dramatically in the following year.

In value terms, plastic or non-precious metal watch exports soared to $X in 2022. Overall, exports, however, continue to indicate significant growth. The pace of growth appeared the most rapid in 2020 when exports increased by 1,004%. The exports peaked in 2022 and are expected to retain growth in the near future.

Exports by Country

The United Arab Emirates (X units), the UK (X units) and Switzerland (X units) were the main destinations of plastic or non-precious metal watch exports from Ireland, together accounting for 54% of total exports. Poland, Hong Kong SAR, the Netherlands, Japan, the United States, Italy, France, South Korea, China and Germany lagged somewhat behind, together accounting for a further 33%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by South Korea (with a CAGR of +176.3%), while the other leaders experienced more modest paces of growth.

In value terms, Switzerland ($X) emerged as the key foreign market for plastic or non-precious metal watches exports from Ireland, comprising 20% of total exports. The second position in the ranking was taken by Japan ($X), with an 8.7% share of total exports. It was followed by the United States, with a 7.7% share.

From 2012 to 2022, the average annual growth rate of value to Switzerland totaled +61.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+135.8% per year) and the United States (+89.5% per year).

Export Prices by Country

In 2022, the average export price for plastic or non-precious metal watches amounted to $X per unit, growing by 255% against the previous year. Over the period under review, the export price enjoyed a significant increase. As a result, the export 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 suppliers, the country with the highest price was China ($X per unit), while the average price for exports to Poland ($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 South Korea (+117.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Plastic or Non-Precious Metal Watches

Imports into Ireland

In 2022, the amount of plastic or non-precious metal watches imported into Ireland skyrocketed to X units, rising by 248% against the previous year. In general, total imports indicated a notable increase from 2012 to 2022: its volume increased at an average annual rate of +4.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, plastic or non-precious metal watch imports surged to $X in 2022. Over the period under review, imports showed a significant expansion. The pace of growth appeared the most rapid in 2020 with an increase of 182% against the previous year. Imports peaked in 2022 and are likely to continue growth in the near future.

Imports by Country

Switzerland (X units), China (X units) and Germany (X units) were the main suppliers of plastic or non-precious metal watch imports to Ireland, together accounting for 92% of total imports.

From 2012 to 2022, the biggest increases were recorded for Switzerland (with a CAGR of +31.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Switzerland ($X) constituted the largest supplier of plastic or non-precious metal watches to Ireland, comprising 85% of total imports. The second position in the ranking was held by China ($X), with a 7.9% share of total imports. It was followed by the UK, with a 2.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Switzerland totaled +38.7%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+17.2% per year) and the UK (-9.8% per year).

Import Prices by Country

In 2022, the average import price for plastic or non-precious metal watches amounted to $X per unit, shrinking by -65.4% against the previous year. Overall, the import price, however, showed a resilient expansion. The most prominent rate of growth was recorded in 2021 an increase of 185% against the previous year. As a result, import price reached the peak level of $X per unit, and then dropped rapidly in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+13.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform