Spain: Market for Plastic or Non-Precious Metal Watches 2024

Market Size for Plastic or Non-Precious Metal Watches in Spain

In 2022, the Spanish market for plastic or non-precious metal watches increased by 34% to $X, rising for the second year in a row after two years of decline. Overall, consumption, however, continues to indicate a mild slump. Plastic or non-precious metal watch consumption peaked at $X in 2014; however, from 2015 to 2022, consumption failed to regain momentum.

Production of Plastic or Non-Precious Metal Watches in Spain

In value terms, plastic or non-precious metal watch production skyrocketed to $X in 2022 estimated in export price. In general, production posted a temperate increase. The most prominent rate of growth was recorded in 2020 when the production volume increased by 342% against the previous year. Plastic or non-precious metal watch production peaked at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

Exports of Plastic or Non-Precious Metal Watches

Exports from Spain

In 2022, exports of plastic or non-precious metal watches from Spain contracted to X units, dropping by -8.4% on 2021 figures. Over the period under review, exports continue to indicate a abrupt curtailment. The most prominent rate of growth was recorded in 2014 with an increase of 28%. Over the period under review, the exports attained the maximum at X units in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

In value terms, plastic or non-precious metal watch exports contracted dramatically to $X in 2022. In general, exports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 30% against the previous year. Over the period under review, the exports hit record highs at $X in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

Exports by Country

France (X units), Italy (X units) and Portugal (X units) were the main destinations of plastic or non-precious metal watch exports from Spain, with a combined 65% share of total exports. Germany, Poland, Belgium, Hong Kong SAR, the Czech Republic, Switzerland and Andorra lagged somewhat behind, together accounting for a further 22%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Poland (with a CAGR of +27.0%), while the other leaders experienced a decline.

In value terms, the largest markets for plastic or non-precious metal watch exported from Spain were Hong Kong SAR ($X), Italy ($X) and Portugal ($X), with a combined 40% share of total exports. France, Switzerland, Germany, Andorra, Poland, Belgium and the Czech Republic lagged somewhat behind, together comprising a further 40%.

In terms of the main countries of destination, Poland, with a CAGR of +42.4%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average export price for plastic or non-precious metal watches stood at $X per unit in 2022, falling by -10% against the previous year. In general, export price indicated prominent growth from 2012 to 2022: its price increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, plastic or non-precious metal watch export price increased by +27.1% against 2019 indices. The growth pace was the most rapid in 2021 when the average export price increased by 22%. As a result, the export price reached the peak level of $X per unit, and then declined in the following year.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per unit), while the average price for exports to France ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Andorra (+18.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Plastic or Non-Precious Metal Watches

Imports into Spain

After three years of decline, overseas purchases of plastic or non-precious metal watches increased by 13% to X units in 2022. Over the period under review, imports, however, continue to indicate a deep contraction. The pace of growth was the most pronounced in 2015 with an increase of 34%. Imports peaked at X units in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, plastic or non-precious metal watch imports soared to $X in 2022. In general, imports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when imports increased by 25%. Over the period under review, imports attained the peak figure at $X in 2015; however, from 2016 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X units) constituted the largest supplier of plastic or non-precious metal watch to Spain, accounting for a 79% share of total imports. Moreover, plastic or non-precious metal watch imports from China exceeded the figures recorded by the second-largest supplier, Switzerland (X units), more than tenfold. Germany (X units) ranked third in terms of total imports with a 2.6% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled -6.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Switzerland (-7.1% per year) and Germany (+8.0% per year).

In value terms, the largest plastic or non-precious metal watch suppliers to Spain were Switzerland ($X), China ($X) and Italy ($X), with a combined 81% share of total imports. Germany, Poland, Portugal and Hong Kong SAR lagged somewhat behind, together accounting for a further 7.8%.

Poland, with a CAGR of +58.0%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average import price for plastic or non-precious metal watches stood at $X per unit in 2022, with an increase of 7.7% against the previous year. In general, import price indicated buoyant growth from 2012 to 2022: its price increased at an average annual rate of +6.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, plastic or non-precious metal watch import price increased by +75.9% against 2016 indices. The growth pace was the most rapid in 2014 when the average import price increased by 47%. Over the period under review, average import prices attained the peak figure in 2022 and is likely to see steady growth in the near future.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Switzerland ($X per unit), while the price for Portugal ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (+22.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform