Overview of the Global Market for Plastic or Non-Precious Metal Watches

Market Size for Plastic or Non-Precious Metal Watches

In 2022, the global market for plastic or non-precious metal watches increased by 12% to $X, rising for the second year in a row after five years of decline. In general, consumption, however, recorded a relatively flat trend pattern. Over the period under review, the global market hit record highs at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Production of Plastic or Non-Precious Metal Watches

In value terms, plastic or non-precious metal watch production reduced to $X in 2022 estimated in export price. In general, production continues to indicate a perceptible reduction. The pace of growth appeared the most rapid in 2018 with an increase of 32%. Global production peaked at $X in 2014; however, from 2015 to 2022, production remained at a lower figure.

Exports of Plastic or Non-Precious Metal Watches

Exports

In 2022, the amount of plastic or non-precious metal watches exported worldwide rose markedly to X units, surging by 12% compared with the year before. Overall, exports, however, showed a perceptible contraction. The most prominent rate of growth was recorded in 2018 when exports increased by 149% against the previous year. The global 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 totaled $X in 2022. The total export value increased at an average annual rate of +1.2% from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The pace of growth appeared the most rapid in 2021 with an increase of 29% against the previous year. The global exports peaked in 2022 and are likely to see steady growth in the near future.

Exports by Country

In 2022, China (X units) was the main exporter of plastic or non-precious metal watches, achieving 70% of total exports. It was distantly followed by Hong Kong SAR (X units), comprising a 17% share of total exports. The following exporters - Switzerland (X units) and Germany (X units) - each finished at a 3.9% share of total exports.

Exports from China decreased at an average annual rate of -2.1% from 2012 to 2022. At the same time, Germany (+7.6%) displayed positive paces of growth. Moreover, Germany emerged as the fastest-growing exporter exported in the world, with a CAGR of +7.6% from 2012-2022. By contrast, Switzerland (-6.0%) and Hong Kong SAR (-9.1%) illustrated a downward trend over the same period. While the share of China (+10 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of Hong Kong SAR (-13.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Switzerland ($X) remains the largest plastic or non-precious metal watch supplier worldwide, comprising 55% of global exports. The second position in the ranking was taken by Hong Kong SAR ($X), with a 13% share of global exports. It was followed by China, with a 6.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Switzerland totaled +1.8%. In the other countries, the average annual rates were as follows: Hong Kong SAR (-3.6% per year) and China (-0.2% per year).

Export Prices by Country

In 2022, the average export price for plastic or non-precious metal watches amounted to $X per unit, reducing by -10% against the previous year. Over the period under review, the export price, however, saw prominent growth. The pace of growth was the most pronounced in 2016 an increase of 157% against the previous year. Over the period under review, the average export prices hit record highs at $X per unit in 2017; however, from 2018 to 2022, the export prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Switzerland (+8.4%), while the other global leaders experienced more modest paces of growth.

Imports of Plastic or Non-Precious Metal Watches

Imports

In 2022, approx. X units of plastic or non-precious metal watches were imported worldwide; declining by -3.1% against the previous year. Overall, imports saw a deep contraction. The growth pace was the most rapid in 2021 when imports increased by 21%. Over the period under review, global imports reached the peak figure at X units in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, plastic or non-precious metal watch imports shrank modestly to $X in 2022. The total import value increased at an average annual rate of +1.6% over the period from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations in certain years. The most prominent rate of growth was recorded in 2021 when imports increased by 31%. As a result, imports reached the peak of $X, and then fell slightly in the following year.

Imports by Country

The United States represented the major importing country with an import of around X units, which finished at 31% of total imports. Hong Kong SAR (X units) ranks second in terms of the total imports with a 14% share, followed by Germany (4.7%). Paraguay (X units), the UK (X units), the United Arab Emirates (X units), Japan (X units), the Netherlands (X units), China (X units), Indonesia (X units), France (X units), Spain (X units) and Mexico (X units) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to plastic or non-precious metal watch imports into the United States stood at -7.4%. At the same time, Indonesia (+41.2%), Paraguay (+23.7%), China (+5.8%) and the Netherlands (+2.5%) displayed positive paces of growth. Moreover, Indonesia emerged as the fastest-growing importer imported in the world, with a CAGR of +41.2% from 2012-2022. By contrast, Germany (-1.6%), the UK (-5.1%), Spain (-6.2%), Mexico (-6.7%), the United Arab Emirates (-7.9%), France (-8.7%), Japan (-9.4%) and Hong Kong SAR (-11.8%) illustrated a downward trend over the same period. While the share of Paraguay (+3.3 p.p.), Indonesia (+2 p.p.), Germany (+1.8 p.p.) and China (+1.5 p.p.) increased significantly in terms of the global imports from 2012-2022, the share of the United States (-3.9 p.p.) and Hong Kong SAR (-11.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($X), Hong Kong SAR ($X) and China ($X) appeared to be the countries with the highest levels of imports in 2022, together accounting for 34% of global imports. France, Japan, Germany, the UK, the United Arab Emirates, the Netherlands, Spain, Mexico, Indonesia and Paraguay lagged somewhat behind, together comprising a further 33%.

Among the main importing countries, Indonesia, with a CAGR of +27.0%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other global 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, flattening at the previous year. Overall, the import price enjoyed resilient growth. The pace of growth appeared the most rapid in 2020 when the average import price increased by 29% against the previous year. Global import price peaked in 2022 and is likely to see gradual growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+11.9%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Platform