Japan: Watch Market 2024

Watch Market Size in Japan

In 2021, the Japanese watch market increased by 1.1% to $X for the first time since 2012, thus ending a eight-year declining trend. Over the period under review, consumption, however, saw a abrupt slump. Watch consumption peaked at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Watch Production in Japan

In value terms, watch production expanded modestly to $X in 2021 estimated in export price. Overall, production, however, showed a deep setback. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Watch Exports

Exports from Japan

In 2021, shipments abroad of watches increased by 36% to X units for the first time since 2014, thus ending a six-year declining trend. In general, exports, however, recorded a abrupt shrinkage. The exports peaked at X units in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, watch exports surged to $X in 2021. Over the period under review, total exports indicated tangible growth from 2012 to 2021: its value increased at an average annual rate of +3.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +97.3% against 2013 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

China (X units) was the main destination for watch exports from Japan, accounting for a 44% share of total exports. Moreover, watch exports to China exceeded the volume sent to the second major destination, Hong Kong SAR (X units), threefold. The United States (X units) ranked third in terms of total exports with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to China amounted to -7.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (-13.0% per year) and the United States (-0.3% per year).

In value terms, the largest markets for watch exported from Japan were China ($X), the United States ($X) and Hong Kong SAR ($X), together accounting for 56% of total exports. The Netherlands, the United Arab Emirates, the UK, Germany, South Korea and Saudi Arabia lagged somewhat behind, together comprising a further 20%.

The Netherlands, with a CAGR of +60.7%, saw the highest growth rate of the value of exports, in terms of 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 watch export price stood at $X per unit in 2021, with a decrease of -5.5% against the previous year. Overall, the export price, however, showed a prominent increase. The most prominent rate of growth was recorded in 2020 an increase of 51%. As a result, the export price reached the peak level of $X per unit, and then reduced in the following year.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per unit), while the average price for exports to Saudi Arabia ($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 States (+14.9%), while the prices for the other major destinations experienced more modest paces of growth.

Watch Imports

Imports into Japan

In 2021, the amount of watches imported into Japan dropped to X units, which is down by -3.3% compared with 2020 figures. Over the period under review, imports recorded a abrupt contraction. The growth pace was the most rapid in 2019 with an increase of 1.3%. Over the period under review, imports hit record highs at X units in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, watch imports expanded sharply to $X in 2021. In general, imports continue to indicate a relatively flat trend pattern. Imports peaked at $X in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X units) constituted the largest watch supplier to Japan, accounting for a 84% share of total imports. Moreover, watch imports from China exceeded the figures recorded by the second-largest supplier, Thailand (X units), ninefold.

From 2012 to 2021, the average annual growth rate of volume from China totaled -10.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+17.4% per year) and Switzerland (-6.9% per year).

In value terms, Switzerland ($X) constituted the largest supplier of watches to Japan, comprising 86% of total imports. The second position in the ranking was held by China ($X), with a 7.9% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from Switzerland totaled +1.6%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-10.8% per year) and Thailand (+14.3% per year).

Import Prices by Country

In 2021, the average watch import price amounted to $X per unit, increasing by 16% against the previous year. Over the period under review, the import price showed a strong expansion. The most prominent rate of growth was recorded in 2020 an increase of 22% against the previous year. Over the period under review, average import prices hit record highs in 2021 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2021, 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 Switzerland (+9.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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