MENA: Watch Market 2024

Watch Market Size in MENA

In 2021, the MENA's watch market increased by 46% to $X for the first time since 2017, thus ending a three-year declining trend. In general, consumption continues to indicate a relatively flat trend pattern. The level of consumption peaked at $X in 2015; however, from 2016 to 2021, consumption remained at a lower figure.

Watch Production in MENA

In value terms, watch production declined notably to $X in 2021 estimated in export price. Over the period under review, production enjoyed strong growth. The growth pace was the most rapid in 2017 when the production volume increased by 162% against the previous year. As a result, production attained the peak level of $X. From 2018 to 2021, production growth remained at a lower figure.

Watch Exports

Exports in MENA

In 2021, after three years of decline, there was significant growth in overseas shipments of watches, when their volume increased by 63% to X units. Over the period under review, exports posted a slight expansion. The growth pace was the most rapid in 2017 when exports increased by 77%. As a result, the exports attained the peak of X units. From 2018 to 2021, the growth of the exports remained at a lower figure.

In value terms, watch exports surged to $X in 2021. Overall, exports saw a strong expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Turkey (X units), the United Arab Emirates (X units) and Israel (X units) represented roughly 79% of total exports in 2021. It was distantly followed by Oman (X units), making up an 11% share of total exports. Bahrain (X units), Jordan (X units) and Saudi Arabia (X units) took a minor share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Bahrain (with a CAGR of +29.8%), while the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X) remains the largest watch supplier in MENA, comprising 59% of total exports. The second position in the ranking was taken by Bahrain ($X), with a 10% share of total exports. It was followed by Oman, with a 7.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value in the United Arab Emirates stood at +16.8%. The remaining exporting countries recorded the following average annual rates of exports growth: Bahrain (+57.2% per year) and Oman (+30.7% per year).

Export Prices by Country

In 2021, the export price in MENA amounted to $X per unit, falling by -2.7% against the previous year. Overall, the export price, however, enjoyed buoyant growth. The most prominent rate of growth was recorded in 2020 an increase of 67% against the previous year. As a result, the export price reached the peak level of $X per unit, and then declined in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Saudi Arabia ($X per unit), while Turkey ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+23.8%), while the other leaders experienced more modest paces of growth.

Watch Imports

Imports in MENA

In 2021, watch imports in MENA surged to X units, rising by 35% against the year before. Over the period under review, imports, however, continue to indicate a abrupt curtailment. Over the period under review, imports hit record highs at X units in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

In value terms, watch imports surged to $X in 2021. The total import value increased at an average annual rate of +2.7% from 2012 to 2021; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

The United Arab Emirates (X units) and Saudi Arabia (X units) were the largest importers of watches in 2021, resulting at near 35% and 28% of total imports, respectively. Turkey (X units) took the next position in the ranking, followed by Israel (X units). All these countries together took near 14% share of total imports. Qatar (X units), Iraq (X units), Morocco (X units), Kuwait (X units), Iran (X units) and Djibouti (X units) took a relatively small share of total imports.

From 2012 to 2021, the biggest increases were recorded for Djibouti (with a CAGR of +34.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported watches in MENA, comprising 46% of total imports. The second position in the ranking was held by Saudi Arabia ($X), with a 13% share of total imports. It was followed by Qatar, with a 7.9% share.

In the United Arab Emirates, watch imports expanded at an average annual rate of +2.9% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Saudi Arabia (-0.1% per year) and Qatar (+6.0% per year).

Import Prices by Country

The import price in MENA stood at $X per unit in 2021, surging by 5% against the previous year. In general, the import price saw a strong expansion. The pace of growth appeared the most rapid in 2020 when the import price increased by 71%. The level of import peaked in 2021 and is likely to see gradual growth in the near future.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Kuwait ($X per unit), while Djibouti ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+11.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform