Middle East: Watch Market 2024

Watch Market Size in the Middle East

In 2021, the Middle Eastern watch market was finally on the rise to reach $X for the first time since 2017, thus ending a three-year declining trend. In general, consumption recorded a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2015; however, from 2016 to 2021, consumption failed to regain momentum.

Watch Production in the Middle East

In value terms, watch production reduced markedly to $X in 2021 estimated in export price. Overall, production recorded a strong increase. The growth pace was the most rapid in 2017 with an increase of 162% against the previous year. As a result, production attained the peak level of $X. From 2018 to 2021, production growth failed to regain momentum.

Watch Exports

Exports in the Middle East

In 2021, overseas shipments of watches were finally on the rise to reach X units for the first time since 2017, thus ending a three-year declining trend. Over the period under review, exports posted a temperate expansion. The growth pace was the most rapid in 2017 with an increase of 77%. As a result, the exports attained the peak of X units. From 2018 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, watch exports skyrocketed to $X in 2021. Overall, exports recorded prominent growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2021, Turkey (X units), the United Arab Emirates (X units) and Israel (X units) was the main exporter of watches in the Middle East, generating 80% of total export. It was distantly followed by Oman (X units), constituting a 12% 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 biggest increases were recorded for Bahrain (with a CAGR of +29.8%), while shipments for the other leaders experienced more modest paces of growth.

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

In the United Arab Emirates, watch exports increased at an average annual rate of +16.8% over the period from 2012-2021. 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 the Middle East amounted to $X per unit, waning by -3.3% against the previous year. Over the period under review, the export price, however, showed buoyant growth. The pace of growth was the most pronounced in 2020 an increase of 67%. As a result, the export price reached the peak level of $X per unit, and then declined modestly in the following year.

Prices varied noticeably by country of origin: 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 the Middle East

In 2021, watch imports in the Middle East skyrocketed to X units, with an increase of 33% on 2020 figures. Over the period under review, imports, however, continue to indicate a deep downturn. Over the period under review, imports hit record highs at X units in 2015; however, from 2016 to 2021, imports failed to regain momentum.

In value terms, watch imports soared 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 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) represented roughly 68% of total imports in 2021. Turkey (X units) took a 10% share (based on physical terms) of total imports, which put it in second place, followed by Israel (5.1%) and Qatar (4.7%). The following importers - Iraq (X units) and Kuwait (X units) - together made up 5.1% of total imports.

From 2012 to 2021, the biggest increases were recorded for Qatar (with a CAGR of +17.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported watches in the Middle East, comprising 47% of total imports. The second position in the ranking was held by Saudi Arabia ($X), with a 13% share of total imports. It was followed by Qatar, with an 8.1% share.

In the United Arab Emirates, watch imports increased at an average annual rate of +2.9% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Saudi Arabia (-0.1% per year) and Qatar (+6.0% per year).

Import Prices by Country

The import price in the Middle East stood at $X per unit in 2021, surging by 6% against the previous year. In general, the import price enjoyed resilient growth. The most prominent rate of growth was recorded in 2020 when the import price increased by 74%. Over the period under review, import prices attained the maximum in 2021 and is likely to see gradual growth in years to come.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Kuwait ($X per unit), while Iraq ($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

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