World - Watches - Market Analysis, Forecast, Size, Trends and Insights
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The global watch market is expected to experience an upward consumption trend over the next eight years, with a forecasted increase in market volume and value. In 2022, consumption decreased slightly for the first time since 2019, reaching 1.1B units. China, India, and the United States were the top countries in watch consumption, with India showing the highest rate of growth. Watch production remained stable, with China leading in production volume. Watch imports saw a slight increase in 2022, with India and the United States being major importers. Plastic or non-precious metal watches dominated imports structure. Watch export prices varied by product type and country of origin, with Switzerland leading in average export price. Overall, the global watch market is expected to see continued growth in the coming years.
Market Forecast
Driven by rising demand for watch worldwide, the market is expected to start an upward consumption trend over the next eight years. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +2.1% for the period from 2022 to 2030, which is projected to bring the market volume to 1.3B units by the end of 2030.
In value terms, the market is forecast to increase with an anticipated CAGR of +4.9% for the period from 2022 to 2030, which is projected to bring the market value to $48.1B (in nominal prices) by the end of 2030.
Consumption
World Consumption of Watches
In 2022, consumption of watches decreased by -0.3% to 1.1B units for the first time since 2019, thus ending a two-year rising trend. In general, consumption recorded a relatively flat trend pattern. As a result, consumption reached the peak volume of 1.4B units. From 2014 to 2022, the growth of the global consumption remained at a lower figure.
The global watch market revenue shrank to $32.8B in 2022, dropping by -3.6% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, recorded a relatively flat trend pattern. As a result, consumption attained the peak level of $39.4B. From 2014 to 2022, the growth of the global market failed to regain momentum.
Consumption By Country
The countries with the highest volumes of consumption in 2022 were China (275M units), India (240M units) and the United States (183M units), with a combined 63% share of global consumption.
From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by India (with a CAGR of +19.1%), while consumption for the other global leaders experienced more modest paces of growth.
In value terms, China ($6.4B), the United States ($5.2B) and the United Arab Emirates ($1.6B) were the countries with the highest levels of market value in 2022, together comprising 40% of the global market.
China, with a CAGR of +12.9%, saw the highest growth rate of market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.
In 2022, the highest levels of watch per capita consumption was registered in the United Arab Emirates (2,298 units per 1000 persons), followed by Japan (1,019 units per 1000 persons), the United States (547 units per 1000 persons) and China (194 units per 1000 persons), while the world average per capita consumption of watch was estimated at 140 units per 1000 persons.
From 2012 to 2022, the average annual growth rate of the watch per capita consumption in the United Arab Emirates totaled -4.9%. In the other countries, the average annual rates were as follows: Japan (-5.2% per year) and the United States (-8.3% per year).
Production
World Production of Watches
Global watch production totaled 1.1B units in 2022, remaining constant against 2021. Over the period under review, production, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the production volume increased by 147% against the previous year. Global production peaked at 1.1B units in 2014; afterwards, it flattened through to 2022.
In value terms, watch production declined to $33.9B in 2022 estimated in export price. Overall, production saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 with an increase of 23% against the previous year. As a result, production reached the peak level of $41.6B. From 2016 to 2022, global production growth remained at a somewhat lower figure.
Production By Country
The country with the largest volume of watch production was China (809M units), comprising approx. 76% of total volume. Moreover, watch production in China exceeded the figures recorded by the second-largest producer, Japan (111M units), sevenfold. Hong Kong SAR (55M units) ranked third in terms of total production with a 5.1% share.
In China, watch production remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: Japan (-4.7% per year) and Hong Kong SAR (-1.0% per year).
Imports
World Imports of Watches
In 2022, supplies from abroad of watches increased by 12% to 836M units, rising for the second year in a row after two years of decline. In general, imports, however, saw a pronounced shrinkage. The pace of growth appeared the most rapid in 2021 when imports increased by 23%. Over the period under review, global imports reached the maximum at 1.2B units in 2012; however, from 2013 to 2022, imports remained at a lower figure.
In value terms, watch imports shrank to $48B in 2022. The total import value increased at an average annual rate of +2.2% over the period from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The pace of growth was the most pronounced in 2021 when imports increased by 44% against the previous year. As a result, imports reached the peak of $48.1B, leveling off in the following year.
Imports By Country
India (209M units) and the United States (192M units) represented roughly 48% of total imports in 2022. It was distantly followed by Hong Kong SAR (83M units), comprising a 10% share of total imports. Indonesia (25M units), Germany (25M units), the United Arab Emirates (24M units), Japan (18M units), South Africa (15M units), France (15M units) and China (14M units) took a relatively small share of total imports.
From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +26.1%), while purchases for the other global leaders experienced more modest paces of growth.
In value terms, the United States ($7.6B), Hong Kong SAR ($6.3B) and China ($3.8B) constituted the countries with the highest levels of imports in 2022, together accounting for 37% of global imports. France, Germany, Japan, the United Arab Emirates, India, Indonesia and South Africa lagged somewhat behind, together comprising a further 21%.
Indonesia, with a CAGR of +11.1%, recorded the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.
Imports By Type
Plastic or non-precious metal watches prevails in imports structure, resulting at 816M units, which was approx. 98% of total imports in 2022. Precious metal or precious metal-clad watches (21M units) held a minor share of total imports.
From 2012 to 2022, average annual rates of growth with regard to plastic or non-precious metal watches imports of stood at -3.8%. precious metal or precious metal-clad watches (-3.4%) illustrated a downward trend over the same period. The shares of the largest types remained relatively stable throughout the analyzed period.
In value terms, plastic or non-precious metal watches ($29.5B) and precious metal or precious metal-clad watches ($18.5B) appeared to be the products with the highest levels of imports in 2022.
Among the main imported products, precious metal or precious metal-clad watches, with a CAGR of +2.5%, saw the highest rates of growth with regard to the value of imports, over the period under review.
Import Prices By Type
In 2022, the average watch import price amounted to $57 per unit, dropping by -10.8% against the previous year. In general, import price indicated strong growth from 2012 to 2022: its price increased at an average annual rate of +6.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, watch import price increased by +82.7% against 2012 indices. The pace of growth appeared the most rapid in 2020 an increase of 28% against the previous year. Over the period under review, average import prices reached the maximum at $64 per unit in 2021, and then reduced in the following year.
There were significant differences in the average prices amongst the major imported products. In 2022, the product with the highest price was precious metal or precious metal-clad watches ($903 per unit), while the price for plastic or non-precious metal watches stood at $36 per unit.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by precious metal or precious metal-clad watches (+6.1%).
Import Prices By Country
The average watch import price stood at $57 per unit in 2022, which is down by -10.8% against the previous year. Overall, import price indicated a strong increase from 2012 to 2022: its price increased at an average annual rate of +6.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, watch import price increased by +82.7% against 2012 indices. The pace of growth was the most pronounced in 2020 when the average import price increased by 28%. Global import price peaked at $64 per unit in 2021, and then fell in the following year.
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 ($275 per unit), while India ($1.6 per unit) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+14.2%), while the other global leaders experienced more modest paces of growth.
Exports
World Exports of Watches
In 2022, shipments abroad of watches increased by 15% to 799M units, rising for the second consecutive year after two years of decline. Over the period under review, exports, however, continue to indicate a pronounced decline. The pace of growth appeared the most rapid in 2018 with an increase of 146%. The global exports peaked at 1.2B units in 2012; however, from 2013 to 2022, the exports failed to regain momentum.
In value terms, watch exports rose modestly to $46.2B in 2022. The total export value increased at an average annual rate of +1.5% from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 when exports increased by 32% against the previous year. The global exports peaked in 2022 and are expected to retain growth in years to come.
Exports By Country
China was the main exporting country with an export of about 548M units, which reached 69% of total exports. It was distantly followed by Hong Kong SAR (138M units), constituting a 17% share of total exports. The following exporters - Germany (17M units) and Switzerland (16M units) - each amounted to a 4.1% 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 (+7.3%) displayed positive paces of growth. Moreover, Germany emerged as the fastest-growing exporter exported in the world, with a CAGR of +7.3% from 2012-2022. By contrast, Switzerland (-6.0%) and Hong Kong SAR (-9.1%) illustrated a downward trend over the same period. China (+9.6 p.p.) significantly strengthened its position in terms of the global exports, while Hong Kong SAR saw its share reduced by -13.8% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.
In value terms, Switzerland ($24.9B) remains the largest watch supplier worldwide, comprising 54% of global exports. The second position in the ranking was held by Hong Kong SAR ($5.2B), with an 11% share of global exports. It was followed by China, with a 4.4% share.
From 2012 to 2022, the average annual growth rate of value in Switzerland amounted to +1.4%. In the other countries, the average annual rates were as follows: Hong Kong SAR (-2.3% per year) and China (+0.3% per year).
Exports By Type
The exports of the one major types of watches, namely plastic or non-precious metal watches, represented more than two-thirds of total export.
Plastic or non-precious metal watches was also the fastest-growing in terms of exports, with a CAGR of -3.6% from 2012 to 2022. The shares of the largest types remained relatively stable throughout the analyzed period.
In value terms, the largest types of exported watches were plastic or non-precious metal watches ($29B) and precious metal or precious metal-clad watches ($17.2B).
Precious metal or precious metal-clad watches, with a CAGR of +1.9%, recorded the highest rates of growth with regard to the value of exports, among the main exported products over the period under review.
Export Prices By Type
The average watch export price stood at $58 per unit in 2022, waning by -10.8% against the previous year. Overall, the export price, however, showed prominent growth. The growth pace was the most rapid in 2015 an increase of 139% against the previous year. Over the period under review, the average export prices hit record highs at $100 per unit in 2017; however, from 2018 to 2022, the export prices stood at a somewhat lower figure.
Prices varied noticeably by the product type; the product with the highest price was precious metal or precious metal-clad watches ($2,364 per unit), while the average price for exports of plastic or non-precious metal watches stood at $37 per unit.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by plastic or non-precious metal watch (+5.0%).
Export Prices By Country
In 2022, the average watch export price amounted to $58 per unit, waning by -10.8% against the previous year. Over the period under review, the export price, however, showed resilient growth. The most prominent rate of growth was recorded in 2015 when the average export price increased by 139%. The global export price peaked at $100 per unit in 2017; however, from 2018 to 2022, the export prices failed to regain momentum.
Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Switzerland ($1,573 per unit), while China ($3.7 per unit) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Switzerland (+7.9%), while the other global leaders experienced more modest paces of growth.
This report provides an in-depth analysis of the global watch market. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
Product coverage:
- Prodcom 26521100 - Wrist-watches, pocket-watches, with case of precious metal or of metal clad with precious metal
- Prodcom 26521200 - Other wrist-watches, pocket-watches and other watches, i ncluding stop-watches
Country coverage:
Worldwide - the report contains statistical data for 200 countries and includes detailed profiles of the 50 largest consuming countries:
- USA
- China
- Japan
- Germany
- United Kingdom
- France
- Brazil
- Italy
- Russian Federation
- India
- Canada
- Australia
- Republic of Korea
- Spain
- Mexico
- Indonesia
- Netherlands
- Turkey
- Saudi Arabia
- Switzerland
- Sweden
- Nigeria
- Poland
- Belgium
- Argentina
- Norway
- Austria
- Thailand
- United Arab Emirates
- Colombia
- Denmark
- South Africa
- Malaysia
- Israel
- Singapore
- Egypt
- Philippines
- Finland
- Chile
- Ireland
- Pakistan
- Greece
- Portugal
- Kazakhstan
- Algeria
- Czech Republic
- Qatar
- Peru
- Romania
- Vietnam
+ the largest producing countries
Data coverage:
- Global market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Global production, split by region and country
- Global trade (exports and imports)
- Export and import prices
- Market trends, drivers and restraints
- Key market players and their profiles
Company coverage:
Reasons to buy this report:
- Take advantage of the latest data
- Find deeper insights into current market developments
- Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.
In this report, you can find information that helps you to make informed decisions on the following issues:
- How to diversify your business and benefit from new market opportunities
- How to load your idle production capacity
- How to boost your sales on overseas markets
- How to increase your profit margins
- How to make your supply chain more sustainable
- How to reduce your production and supply chain costs
- How to outsource production to other countries
- How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
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2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- CONSUMPTION BY COUNTRY
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. GLOBAL PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
- PRODUCTION BY COUNTRY
8. GLOBAL IMPORTS
The Largest Importers on The Market and How They Succeed
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. GLOBAL EXPORTS
The Largest Exporters on The Market and How They Succeed
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO -
11. COUNTRY PROFILES
The Largest Markets And Their Profiles
This Chapter is Available Only for the Professional Edition PRO- United States
- China
- Japan
- Germany
- United Kingdom
- France
- Brazil
- Italy
- Russian Federation
- India
- Canada
- Australia
- Republic of Korea
- Spain
- Mexico
- Indonesia
- Netherlands
- Turkey
- Saudi Arabia
- Switzerland
- Sweden
- Nigeria
- Poland
- Belgium
- Argentina
- Norway
- Austria
- Thailand
- United Arab Emirates
- Colombia
- Denmark
- South Africa
- Malaysia
- Israel
- Singapore
- Egypt
- Philippines
- Finland
- Chile
- Ireland
- Pakistan
- Greece
- Portugal
- Kazakhstan
- Algeria
- Czech Republic
- Qatar
- Peru
- Romania
- Vietnam
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LIST OF TABLES
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption, By Country, 2018–2023
- Production, In Physical Terms, By Country, 2012–2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Destination, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Origin, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Consumption, By Country, 2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Production, By Country, 2023
- Production, In Physical Terms, By Country, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, 2012–2023
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Explore the top import markets for watches worldwide, including Hong Kong SAR, the United States, China, France, Germany, Japan, Singapore, Switzerland, the United Kingdom, and the United Arab Emirates. Discover key statistics and market insights.
The continued rise in popularity of smartwatches is having a major impact on the watch market.
In value terms, watch straps, watch bands, watch bracelets and parts thereof imports totaled $X in 2016. Overall, it indicated a remarkable expansion from 2007 to 2016: the total imports value decrea...
In value terms, watch cases and parts thereof imports totaled $X in 2016. Overall, it indicated a remarkable increase from 2007 to 2016: the total imports value increased at an average annual rate ...
In value terms, complete, unassembled watch and clock movements imports stood at $X in 2016. Overall, it indicated a temperate expansion from 2007 to 2016: the total imports value increased at an a...
In value terms, watch movements imports totaled $X in 2016. Overall, watch movements imports continue to indicate a relatively flat trend pattern. Global watch movements import peaked of $X in X>
In value terms, wrist-watches, pocket-watches, stop-watches and other watches imports stood at $X in 2016. Overall, it indicated a prominent increase from 2007 to 2016: the total imports value decre...
In value terms, watch straps, watch bands, watch bracelets and parts thereof exports stood at $X in 2016. In general, watch straps, watch bands, watch bracelets and parts thereof exports continue to ...
In value terms, wrist-watches, pocket-watches, stop-watches and other watches exports totaled $X in 2016. Overall, it indicated a strong growth from 2007 to 2016: the total exports value decreased a...
In value terms, watch movements exports stood at $X in 2016. Overall, it indicated a conspicuous growth from 2007 to 2016: the total exports value decreased at an average annual rate of -X% over ...