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

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

In 2022, the Japanese market for plastic or non-precious metal watches was finally on the rise to reach $X for the first time since 2019, thus ending a two-year declining trend. Overall, consumption saw a perceptible shrinkage. As a result, consumption reached the peak level of $X. From 2015 to 2022, the growth of the market remained at a somewhat lower figure.

Production of Plastic or Non-Precious Metal Watches in Japan

In value terms, plastic or non-precious metal watch production surged to $X in 2022 estimated in export price. In general, production, however, saw a abrupt shrinkage. Plastic or non-precious metal watch production peaked at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

Exports of Plastic or Non-Precious Metal Watches

Exports from Japan

In 2022, the amount of plastic or non-precious metal watches exported from Japan contracted to X units, reducing by -14.8% against the previous year's figure. Over the period under review, exports recorded a abrupt setback. The most prominent rate of growth was recorded in 2021 with an increase of 36%. Over the period under review, the exports attained the peak figure at X units in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, plastic or non-precious metal watch exports expanded to $X in 2022. Overall, total exports indicated a moderate increase from 2012 to 2022: its value increased at an average annual rate of +2.9% 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 +98.8% against 2013 indices. The pace of growth was the most pronounced in 2021 when exports increased by 28% against the previous year. The exports peaked in 2022 and are likely to continue growth in the near future.

Exports by Country

China (X units), the United States (X units) and Hong Kong SAR (X units) were the main destinations of plastic or non-precious metal watch exports from Japan, together comprising 66% of total exports. Germany, the Netherlands, Vietnam, the United Arab Emirates, the UK, Singapore, Malaysia, Australia, Saudi Arabia and South Korea lagged somewhat behind, together comprising a further 26%.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +114.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), China ($X) and Hong Kong SAR ($X) were the largest markets for plastic or non-precious metal watch exported from Japan worldwide, with a combined 52% share of total exports. The Netherlands, Singapore, the United Arab Emirates, the UK, Germany, Australia, Malaysia, South Korea, Vietnam and Saudi Arabia lagged somewhat behind, together accounting for a further 32%.

Vietnam, with a CAGR of +106.2%, recorded the highest growth rate of 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

In 2022, the average export price for plastic or non-precious metal watches amounted to $X per unit, picking up by 22% against the previous year. Overall, the export price showed prominent growth. The pace of growth appeared the most rapid in 2020 when the average export price increased by 49%. The export price peaked in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Singapore ($X per unit), while the average price for exports to Vietnam ($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 (+13.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Plastic or Non-Precious Metal Watches

Imports into Japan

In 2022, approx. X units of plastic or non-precious metal watches were imported into Japan; which is down by -9.9% against the previous year's figure. In general, imports continue to indicate a abrupt setback. The most prominent rate of growth was recorded in 2019 with an increase of 1.2% against the previous year. Imports peaked at X units in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, plastic or non-precious metal watch imports expanded slightly to $X in 2022. Over the period under review, imports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2019 when imports increased by 11%. As a result, imports reached the peak of $X. From 2020 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, China (X units) constituted the largest plastic or non-precious metal watch supplier to Japan, with a 83% share of total imports. Moreover, plastic or non-precious metal watch imports from China exceeded the figures recorded by the second-largest supplier, Thailand (X units), eightfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at -10.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+15.2% per year) and Switzerland (-5.4% per year).

In value terms, Switzerland ($X) constituted the largest supplier of plastic or non-precious metal watches to Japan, comprising 87% of total imports. The second position in the ranking was taken by China ($X), with an 8.6% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Switzerland stood at +2.8%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-10.9% per year) and Thailand (+12.4% per year).

Import Prices by Country

In 2022, the average import price for plastic or non-precious metal watches amounted to $X per unit, growing by 14% against the previous year. In general, the import price recorded strong growth. The pace of growth was the most pronounced in 2020 an increase of 28% against the previous year. The import price peaked in 2022 and is likely to see steady growth in years to come.

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 Switzerland (+8.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform