Scandinavia: Watch Market 2025

Watch Market Size in Scandinavia

The Scandinavia watch market was finally on the rise to reach $X in 2021, after five years of decline. Overall, consumption, however, saw a noticeable reduction. The level of consumption peaked at $X in 2015; however, from 2016 to 2021, consumption stood at a somewhat lower figure.

Watch Production in Scandinavia

In value terms, watch production shrank dramatically to $X in 2021 estimated in export price. Overall, production recorded a abrupt decline. The pace of growth appeared the most rapid in 2015 with an increase of 82%. As a result, production reached the peak level of $X. From 2016 to 2021, production growth remained at a somewhat lower figure.

Watch Exports

Exports in Scandinavia

In 2021, overseas shipments of watches decreased by -0.7% to X units, falling for the fifth year in a row after three years of growth. In general, exports, however, posted notable growth. The most prominent rate of growth was recorded in 2015 with an increase of 81%. Over the period under review, the exports reached the maximum at X units in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

In value terms, watch exports surged to $X in 2021. Over the period under review, exports, however, showed a strong increase. The pace of growth was the most pronounced in 2014 when exports increased by 54%. Over the period under review, the exports attained the maximum at $X in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

Exports by Country

Sweden represented the largest exporting country with an export of about X units, which recorded 74% of total exports. It was distantly followed by Finland (X units) and Norway (X units), together constituting a 26% share of total exports.

Sweden experienced a relatively flat trend pattern with regard to volume of exports of watches. At the same time, Finland (+18.6%) and Norway (+5.2%) displayed positive paces of growth. Moreover, Finland emerged as the fastest-growing exporter exported in Scandinavia, with a CAGR of +18.6% from 2012-2021. While the share of Finland (+15 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Sweden (-15.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Sweden ($X) remains the largest watch supplier in Scandinavia, comprising 62% of total exports. The second position in the ranking was taken by Finland ($X), with a 31% share of total exports.

In Sweden, watch exports expanded at an average annual rate of +4.3% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Finland (+12.3% per year) and Norway (+0.1% per year).

Export Prices by Country

The export price in Scandinavia stood at $X per unit in 2021, picking up by 41% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +3.0%. Over the period under review, the export prices attained the peak figure at $X per unit in 2014; however, from 2015 to 2021, the export prices stood at a somewhat lower figure.

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 Finland ($X per unit), while Sweden ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Sweden (+3.8%), while the other leaders experienced a decline in the export price figures.

Watch Imports

Imports in Scandinavia

In 2021, after four years of decline, there was significant growth in supplies from abroad of watches, when their volume increased by 22% to X units. Overall, imports, however, continue to indicate a noticeable descent. Over the period under review, imports hit record highs at X units in 2016; however, from 2017 to 2021, imports remained at a lower figure.

In value terms, watch imports surged to $X in 2021. Total imports indicated a modest increase from 2012 to 2021: its value increased at an average annual rate of +1.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, imports attained the maximum at $X in 2016; however, from 2017 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Sweden was the key importer of watches in Scandinavia, with the volume of imports finishing at X units, which was near 72% of total imports in 2021. Norway (X units) held the second position in the ranking, followed by Finland (X units). All these countries together took approx. 28% share of total imports.

Sweden was also the fastest-growing in terms of the watches imports, with a CAGR of -1.5% from 2012 to 2021. Finland (-5.3%) and Norway (-7.8%) illustrated a downward trend over the same period. While the share of Sweden (+11 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Finland (-2.7 p.p.) and Norway (-8.1 p.p.) displayed negative dynamics.

In value terms, the largest watch importing markets in Scandinavia were Sweden ($X), Norway ($X) and Finland ($X).

In terms of the main importing countries, Norway, with a CAGR of +2.7%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

In 2021, the import price in Scandinavia amounted to $X per unit, increasing by 9.8% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +4.6%. The growth pace was the most rapid in 2014 when the import price increased by 20%. The level of import peaked in 2021 and is expected to retain growth in the immediate term.

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 Norway ($X per unit), while Sweden ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Norway (+11.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform