South-Eastern Asia: Watch Market 2025

Watch Market Size in South-Eastern Asia

In 2021, the Southeast Asian watch market decreased by -11% to $X, falling for the third consecutive year after two years of growth. Overall, consumption continues to indicate a perceptible decrease. Over the period under review, the market hit record highs at $X in 2015; however, from 2016 to 2021, consumption remained at a lower figure.

Watch Production in South-Eastern Asia

In value terms, watch production skyrocketed to $X in 2021 estimated in export price. In general, production showed a perceptible shrinkage. The most prominent rate of growth was recorded in 2019 when the production volume increased by 57%. The level of production peaked at $X in 2015; however, from 2016 to 2021, production failed to regain momentum.

Watch Exports

Exports in South-Eastern Asia

After two years of decline, overseas shipments of watches increased by 22% to X units in 2021. Total exports indicated perceptible growth from 2012 to 2021: its volume increased at an average annual rate of +4.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2015 when exports increased by 36%. Over the period under review, the exports reached the maximum in 2021 and are expected to retain growth in the immediate term.

In value terms, watch exports skyrocketed to $X in 2021. The total export value increased at an average annual rate of +4.3% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of export peaked at $X in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

Exports by Country

Thailand was the main exporting country with an export of around X units, which accounted for 60% of total exports. It was distantly followed by the Philippines (X units) and Singapore (X units), together creating a 36% share of total exports. Malaysia (X units) held a relatively small share of total exports.

Thailand was also the fastest-growing in terms of the watches exports, with a CAGR of +7.9% from 2012 to 2021. At the same time, Malaysia (+7.8%) and the Philippines (+5.1%) displayed positive paces of growth. By contrast, Singapore (-4.7%) illustrated a downward trend over the same period. While the share of Thailand (+13 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Singapore (-14.9 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Singapore ($X) remains the largest watch supplier in South-Eastern Asia, comprising 84% of total exports. The second position in the ranking was taken by the Philippines ($X), with an 8% share of total exports.

From 2012 to 2021, the average annual growth rate of value in Singapore amounted to +4.9%. The remaining exporting countries recorded the following average annual rates of exports growth: the Philippines (+1.5% per year) and Malaysia (+15.3% per year).

Export Prices by Country

The export price in South-Eastern Asia stood at $X per unit in 2021, jumping by 18% against the previous year. In general, the export price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2019 an increase of 26% against the previous year. The level of export peaked at $X per unit in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Singapore ($X per unit), while the Philippines ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+27.8%), while the other leaders experienced more modest paces of growth.

Watch Imports

Imports in South-Eastern Asia

In 2021, approx. X units of watches were imported in South-Eastern Asia; increasing by 8.5% against 2020 figures. Overall, imports, however, recorded a pronounced curtailment. Over the period under review, imports hit record highs at X units in 2012; however, from 2013 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 +1.1% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of import peaked at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

Indonesia was the largest importer of watches in South-Eastern Asia, with the volume of imports finishing at X units, which was near 39% of total imports in 2021. It was distantly followed by Thailand (X units), Singapore (X units), Malaysia (X units), Vietnam (X units) and the Philippines (X units), together committing a 60% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Indonesia (with a CAGR of +49.0%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, Singapore ($X) constitutes the largest market for imported watches in South-Eastern Asia, comprising 70% of total imports. The second position in the ranking was taken by Malaysia ($X), with a 12% share of total imports. It was followed by Indonesia, with an 8.7% share.

From 2012 to 2021, the average annual growth rate of value in Singapore stood at +3.0%. The remaining importing countries recorded the following average annual rates of imports growth: Malaysia (-5.1% per year) and Indonesia (+29.5% per year).

Import Prices by Country

In 2021, the import price in South-Eastern Asia amounted to $X per unit, picking up by 19% against the previous year. Over the last nine years, it increased at an average annual rate of +3.8%. The most prominent rate of growth was recorded in 2013 an increase of 30% against the previous year. The level of import peaked at $X per unit in 2019; however, from 2020 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Singapore ($X per unit), while Indonesia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+21.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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