Southern Asia: Watch Market 2025

Watch Market Size in Southern Asia

The South Asian watch market skyrocketed to $X in 2021, increasing by 23% against the previous year. The total consumption indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +6.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Watch Production in Southern Asia

In value terms, watch production declined to $X in 2021 estimated in export price. The total production indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +8.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +61.1% against 2015 indices. The pace of growth appeared the most rapid in 2013 when the production volume increased by 31% against the previous year. Over the period under review, production hit record highs at $X in 2020, and then shrank in the following year.

Watch Exports

Exports in Southern Asia

In 2021, watch exports in Southern Asia reached X units, with an increase of 12% on 2020. Over the period under review, exports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2018 when exports increased by 53%. Over the period under review, the exports hit record highs at X units in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

In value terms, watch exports expanded rapidly to $X in 2021. The total export value increased at an average annual rate of +1.6% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2015 with an increase of 25%. The level of export peaked at $X in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

In 2021, India (X units) represented the major exporter of watches in Southern Asia, achieving 99% of total export.

India experienced a relatively flat trend pattern with regard to volume of exports of watches. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, India ($X) also remains the largest watch supplier in Southern Asia.

From 2012 to 2021, the average annual growth rate of value in India amounted to +1.9%.

Export Prices by Country

The export price in Southern Asia stood at $X per unit in 2021, with an increase of 1.9% against the previous year. Over the last nine-year period, it increased at an average annual rate of +1.5%. The pace of growth was the most pronounced in 2013 when the export price increased by 23% against the previous year. The level of export peaked at $X per unit in 2017; however, from 2018 to 2021, the export prices stood at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for India.

From 2012 to 2021, the rate of growth in terms of prices for India amounted to +1.8% per year.

Watch Imports

Imports in Southern Asia

In 2021, overseas purchases of watches were finally on the rise to reach X units for the first time since 2017, thus ending a three-year declining trend. Overall, imports showed tangible growth. The volume of import peaked at X units in 2017; however, from 2018 to 2021, imports failed to regain momentum.

In value terms, watch imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +3.2% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

India dominates imports structure, recording X units, which was near 85% of total imports in 2021. It was distantly followed by Pakistan (X units), generating a 7.4% share of total imports. Nepal (X units), Sri Lanka (X units) and Bangladesh (X units) followed a long way behind the leaders.

Imports into India increased at an average annual rate of +4.0% from 2012 to 2021. At the same time, Nepal (+31.6%), Bangladesh (+12.2%), Sri Lanka (+6.6%) and Pakistan (+5.6%) displayed positive paces of growth. Moreover, Nepal emerged as the fastest-growing importer imported in Southern Asia, with a CAGR of +31.6% from 2012-2021. Nepal (+2.5 p.p.) significantly strengthened its position in terms of the total imports, while India saw its share reduced by -3.9% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) constitutes the largest market for imported watches in Southern Asia, comprising 77% of total imports. The second position in the ranking was held by Pakistan ($X), with a 9.5% share of total imports. It was followed by Sri Lanka, with a 7.6% share.

From 2012 to 2021, the average annual growth rate of value in India amounted to +2.7%. In the other countries, the average annual rates were as follows: Pakistan (+4.9% per year) and Sri Lanka (+8.5% per year).

Import Prices by Country

In 2021, the import price in Southern Asia amounted to $X per unit, shrinking by -14.1% against the previous year. In general, the import price recorded a mild setback. The pace of growth was the most pronounced in 2020 an increase of 31%. The level of import peaked at $X per unit in 2013; however, from 2014 to 2021, import prices remained at a lower figure.

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 Sri Lanka ($X per unit), while Nepal ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Sri Lanka (+1.7%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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