Report Update Nov 1, 2024

Saudi Arabia - Watches - Market Analysis, Forecast, Size, Trends and Insights

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Saudi Arabia: Watch Market 2024

Watch Market Size in Saudi Arabia

The Saudi watch market soared to $X in 2021, increasing by 37% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, recorded a perceptible curtailment. Watch consumption peaked at $X in 2015; however, from 2016 to 2021, consumption failed to regain momentum.

Watch Exports

Exports from Saudi Arabia

Watch exports from Saudi Arabia fell markedly to X units in 2021, declining by -35.2% compared with the previous year. In general, exports recorded a pronounced decrease. The most prominent rate of growth was recorded in 2017 when exports increased by 2,658% against the previous year. As a result, the exports reached the peak of X units. From 2018 to 2021, the growth of the exports remained at a lower figure.

In value terms, watch exports skyrocketed to $X in 2021. Over the period under review, exports, however, recorded a remarkable increase. The growth pace was the most rapid in 2020 when exports increased by 303% against the previous year. Over the period under review, the exports attained the maximum in 2021 and are likely to see gradual growth in the near future.

Exports by Country

Bahrain (X units), Switzerland (X units) and the United Arab Emirates (X units) were the main destinations of watch exports from Saudi Arabia, together accounting for 74% of total exports. These countries were followed by Hong Kong SAR, Singapore and France, which together accounted for a further 20%.

From 2012 to 2021, the biggest increases were recorded for France (with a CAGR of +42.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Hong Kong SAR ($X) remains the key foreign market for watches exports from Saudi Arabia, comprising 77% of total exports. The second position in the ranking was held by Switzerland ($X), with a 16% share of total exports. It was followed by Singapore, with a 1.5% share.

From 2012 to 2021, the average annual growth rate of value to Hong Kong SAR amounted to +71.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Switzerland (+13.8% per year) and Singapore (-1.3% per year).

Export Prices by Country

In 2021, the average watch export price amounted to $X per unit, rising by 271% against the previous year. Overall, the export price posted a significant increase. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per unit), while the average price for exports to Bahrain ($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 Hong Kong SAR (+24.9%), while the prices for the other major destinations experienced more modest paces of growth.

Watch Imports

Imports into Saudi Arabia

In 2021, watch imports into Saudi Arabia surged to X units, picking up by 35% compared with 2020 figures. Overall, imports, however, showed a deep reduction. Over the period under review, imports attained the maximum at X units in 2015; however, from 2016 to 2021, imports remained at a lower figure.

In value terms, watch imports soared to $X in 2021. In general, imports, however, showed a relatively flat trend pattern. Over the period under review, imports attained the maximum at $X in 2015; however, from 2016 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X units) was the main supplier of watch to Saudi Arabia, accounting for a 93% share of total imports. It was followed by Switzerland (X units), with a 2.3% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at -6.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Switzerland (-21.3% per year) and Japan (-18.9% per year).

In value terms, Switzerland ($X) constituted the largest supplier of watches to Saudi Arabia, comprising 80% of total imports. The second position in the ranking was taken by China ($X), with a 15% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from Switzerland amounted to +1.4%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-2.5% per year) and Japan (-20.2% per year).

Import Prices by Country

In 2021, the average watch import price amounted to $X per unit, rising by 2.7% against the previous year. Over the period under review, the import price posted a resilient expansion. The most prominent rate of growth was recorded in 2020 an increase of 118%. Over the period under review, average import prices attained the maximum in 2021 and is likely to see steady growth in the immediate term.

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 (+28.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for watches in the world?

South Africa remains the largest watch consuming country worldwide, 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 Saudi Arabia?

In value terms, Switzerland constituted the largest supplier of watch to Saudi Arabia, comprising 71% of total imports. The second position in the ranking was occupied by China, with a 15% share of total imports.

What are the leading importers of watches from Saudi Arabia?

In value terms, the United Arab Emirates remains the key foreign market for watch exports from Saudi Arabia.

What is the average export price for watches in Saudi Arabia?

The average watch export price stood at $477 per unit in 2021, with an increase of 2% against the previous year.

What is the average import price for watches in Saudi Arabia?

In 2021, the average watch import price amounted to $18 per unit, waning by -51.1% against the previous year.

This report provides an in-depth analysis of the watch market in Saudi Arabia. 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:

Saudi Arabia

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Saudi Arabia
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