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

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

The Swiss market for plastic or non-precious metal watches soared to $X in 2022, picking up by 358% against the previous year. In general, consumption continues to indicate significant growth. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Production of Plastic or Non-Precious Metal Watches in Switzerland

In value terms, plastic or non-precious metal watch production fell to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a slight decrease. The most prominent rate of growth was recorded in 2017 when the production volume increased by 8.9%. Over the period under review, production reached the maximum level 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 Switzerland

In 2022, approx. X units of plastic or non-precious metal watches were exported from Switzerland; with a decrease of -1.7% compared with the previous year's figure. Over the period under review, exports saw a abrupt descent. The most prominent rate of growth was recorded in 2021 with an increase of 16% against the previous year. The exports peaked at X units in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, plastic or non-precious metal watch exports rose markedly to $X in 2022. The total export value increased at an average annual rate of +1.8% over the period from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 when exports increased by 31%. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the immediate term.

Exports by Country

The United States (X units), China (X units) and France (X units) were the main destinations of plastic or non-precious metal watch exports from Switzerland, with a combined 34% share of total exports. Italy, Germany, the UK, the United Arab Emirates, Japan, Hong Kong SAR, Spain, South Korea, Singapore and Turkey lagged somewhat behind, together accounting for a further 37%.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +1.2%), while shipments for the other leaders experienced a decline.

In value terms, the United States ($X), China ($X) and Hong Kong SAR ($X) were the largest markets for plastic or non-precious metal watch exported from Switzerland worldwide, with a combined 34% share of total exports. The UK, Japan, Singapore, Germany, the United Arab Emirates, France, Italy, South Korea, Spain and Turkey lagged somewhat behind, together accounting for a further 43%.

In terms of the main countries of destination, the UK, with a CAGR of +7.9%, recorded the highest rates of growth with regard to 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, surging by 7.5% against the previous year. In general, the export price posted strong growth. The pace of growth was the most pronounced in 2020 an increase of 27%. The export price peaked in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Singapore ($X per unit), while the average price for exports to Turkey ($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 the United Arab Emirates (+17.2%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Plastic or Non-Precious Metal Watches

Imports into Switzerland

In 2022, plastic or non-precious metal watch imports into Switzerland reduced to X units, waning by -5% compared with 2021. Overall, imports showed a abrupt setback. The most prominent rate of growth was recorded in 2013 when imports increased by 4.5% against the previous year. As a result, imports reached the peak of X units. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, plastic or non-precious metal watch imports shrank to $X in 2022. In general, total imports indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +6.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +30.0% against 2020 indices. The pace of growth appeared the most rapid in 2021 when imports increased by 39% against the previous year. As a result, imports attained the peak of $X, and then dropped in the following year.

Imports by Country

In 2022, China (X units) constituted the largest supplier of plastic or non-precious metal watch to Switzerland, with a 56% share of total imports. Moreover, plastic or non-precious metal watch imports from China exceeded the figures recorded by the second-largest supplier, Germany (X units), eightfold. The third position in this ranking was held by Taiwan (Chinese) (X units), with a 4.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled -6.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-12.3% per year) and Taiwan (Chinese) (+24.0% per year).

In value terms, the largest plastic or non-precious metal watch suppliers to Switzerland were Hong Kong SAR ($X), the United States ($X) and Italy ($X), together accounting for 30% of total imports. China, France, Germany, Singapore, Taiwan (Chinese), Spain, Vietnam and the Philippines lagged somewhat behind, together accounting for a further 35%.

In terms of the main suppliers, Vietnam, with a CAGR of +76.1%, saw the highest growth rate of the value of imports, 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, therefore, remained relatively stable against the previous year. Overall, the import price, however, continues to indicate a resilient increase. The pace of growth appeared the most rapid in 2021 when the average import price increased by 43% against the previous year. As a result, import price attained the peak level of $X per unit, and then reduced in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was France ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+24.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform