Report Update Nov 1, 2024

Mexico - Watches - Market Analysis, Forecast, Size, Trends and Insights

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Mexico: Watch Market 2024

Watch Market Size in Mexico

In 2021, the Mexican watch market was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. Overall, consumption, however, recorded a perceptible descent. Watch consumption peaked at $X in 2015; however, from 2016 to 2021, consumption stood at a somewhat lower figure.

Watch Exports

Exports from Mexico

In 2021, the amount of watches exported from Mexico declined remarkably to X units, which is down by -40.5% compared with 2020 figures. Over the period under review, exports recorded a precipitous decrease. The growth pace was the most rapid in 2014 with an increase of 52%. The exports peaked at X units in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, watch exports stood at $X in 2021. In general, exports showed a abrupt downturn. The most prominent rate of growth was recorded in 2016 with an increase of 33%. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X units) was the main destination for watch exports from Mexico, with a 81% share of total exports. Moreover, watch exports to the United States exceeded the volume sent to the second major destination, Switzerland (X units), eightfold. Guatemala (X units) ranked third in terms of total exports with a 3.9% share.

From 2012 to 2021, the average annual growth rate of volume to the United States stood at -10.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Switzerland (-19.5% per year) and Guatemala (-36.4% per year).

In value terms, the United States ($X), Switzerland ($X) and Guatemala ($X) constituted the largest markets for watch exported from Mexico worldwide, together comprising 99% of total exports.

In terms of the main countries of destination, the United States, with a CAGR of +6.6%, saw 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 2021, the average watch export price amounted to $X per unit, surging by 69% against the previous year. Overall, the export price enjoyed a significant expansion. The growth pace was the most rapid in 2018 when the average export price increased by 207%. Over the period under review, the average export prices attained the peak figure in 2021 and is expected to retain growth in the near future.

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 Switzerland ($X per unit), while the average price for exports to Cuba ($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 Switzerland (+24.5%), while the prices for the other major destinations experienced more modest paces of growth.

Watch Imports

Imports into Mexico

After five years of decline, overseas purchases of watches increased by 13% to X units in 2021. Over the period under review, imports, however, continue to indicate a abrupt curtailment. The pace of growth appeared the most rapid in 2015 when imports increased by 43%. As a result, imports reached the peak of X units. From 2016 to 2021, the growth of imports remained at a lower figure.

In value terms, watch imports skyrocketed to $X in 2021. In general, imports, however, continue to indicate a slight decrease. Imports peaked at $X in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X units) constituted the largest supplier of watch to Mexico, accounting for a 83% share of total imports. Moreover, watch imports from China exceeded the figures recorded by the second-largest supplier, Japan (X units), tenfold. Switzerland (X units) ranked third in terms of total imports with a 2.7% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to -10.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+0.3% per year) and Switzerland (-11.1% per year).

In value terms, Switzerland ($X) constituted the largest supplier of watches to Mexico, comprising 68% of total imports. The second position in the ranking was taken by China ($X), with a 22% share of total imports. It was followed by Japan, with a 5.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Switzerland was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: China (-2.7% per year) and Japan (-1.1% per year).

Import Prices by Country

The average watch import price stood at $X per unit in 2021, growing by 25% against the previous year. Over the period under review, the import price recorded a prominent increase. The most prominent rate of growth was recorded in 2020 when the average import price increased by 30% against the previous year. The import price peaked in 2021 and is expected to retain 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 2021, the most notable rate of growth in terms of prices was attained by Switzerland (+12.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for watches in the world?

South Africa constituted the country with the largest volume of watch consumption, accounting for 65% of total volume. Moreover, watch consumption in South Africa exceeded the figures recorded by the second-largest consumer, the United States, more than tenfold. China ranked third in terms of total consumption with a 5% share.

What are the largest producers of watches in the world?

The country with the largest volume of watch production was South Africa, accounting for 94% of total volume. Moreover, watch production in South Africa exceeded the figures recorded by the second-largest producer, China, more than tenfold.

What are the leading suppliers of watches to Mexico?

In value terms, Switzerland constituted the largest supplier of watch to Mexico, comprising 68% of total imports. The second position in the ranking was occupied by China, with a 22% share of total imports. It was followed by Japan, with a 6.4% share.

What are the leading importers of watches from Mexico?

In value terms, the largest markets for watch exported from Mexico were the United States, Switzerland and Guatemala, together comprising 100% of total exports.

What is the average export price for watches in Mexico?

In 2021, the average watch export price amounted to $145 per unit, with an increase of 49% against the previous year.

What is the average import price for watches in Mexico?

In 2021, the average watch import price amounted to $94 per unit, increasing by 53% against the previous year.

This report provides an in-depth analysis of the watch market in Mexico. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 26521100 - Wrist-watches, pocket-watches, with case of precious metal or of metal clad with precious metal
Prodcom 26521200 - Other wrist-watches, pocket-watches and other watches, i ncluding stop-watches

Country coverage:

Mexico

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Mexico
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023