Precious Metal Watch Market

The article discusses the rising demand for precious metal watches worldwide, with projections for market growth in volume and value terms from 2022 to 2030. Key findings include insights into consumption trends, market performance, production statistics, import/export data, and top countries in terms of consumption, production, imports, and exports of precious metal watches.

Market Forecast

Driven by rising demand for precious metal 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 +0.9% for the period from 2022 to 2030, which is projected to bring the market volume to 26M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.8% for the period from 2022 to 2030, which is projected to bring the market value to $33.2B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Precious Metal Watches

In 2022, consumption of precious metal watches increased by 4.6% to 24M units, rising for the second year in a row after three years of decline. Over the period under review, consumption, however, recorded a pronounced contraction. Global consumption peaked at 36M units in 2014; however, from 2015 to 2022, consumption stood at a somewhat lower figure.

The global precious metal watch market revenue dropped to $24.7B in 2022, reducing by -7.2% 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, showed a deep reduction. Global consumption peaked at $59.9B in 2014; however, from 2015 to 2022, consumption failed to regain momentum.

Consumption By Country

The country with the largest volume of precious metal watch consumption was India (5.2M units), comprising approx. 22% of total volume. Moreover, precious metal watch consumption in India exceeded the figures recorded by the second-largest consumer, Turkey (2.5M units), twofold. The third position in this ranking was held by China (1.9M units), with a 7.9% share.

In India, precious metal watch consumption expanded at an average annual rate of +10.2% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Turkey (+15.3% per year) and China (-6.2% per year).

In value terms, the United States ($1.7B), Saudi Arabia ($1.3B) and France ($1.2B) were the countries with the highest levels of market value in 2022, with a combined 17% share of the global market. China, Belgium, India, the Netherlands, Turkey, Thailand, Malaysia, Mexico, Portugal and Pakistan lagged somewhat behind, together comprising a further 5.8%.

Turkey, with a CAGR of +21.6%, saw the highest rates of growth with regard to market size in terms of the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of precious metal watch per capita consumption in 2022 were Belgium (73 units per 1000 persons), Portugal (64 units per 1000 persons) and the Netherlands (36 units per 1000 persons).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by Thailand (with a CAGR of +15.8%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Precious Metal Watches

In 2022, global production of precious metal watches dropped markedly to 11M units, declining by -18% on the year before. Over the period under review, production continues to indicate a perceptible decline. The most prominent rate of growth was recorded in 2021 with an increase of 64% against the previous year. Over the period under review, global production hit record highs at 19M units in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

In value terms, precious metal watch production stood at $23B in 2022 estimated in export price. Overall, production recorded a drastic downturn. The pace of growth was the most pronounced in 2014 when the production volume increased by 15% against the previous year. As a result, production attained the peak level of $64B. From 2015 to 2022, global production growth failed to regain momentum.

Production By Country

The countries with the highest volumes of production in 2022 were China (3.1M units), Turkey (2.5M units) and the United States (1.2M units), with a combined 64% share of global production. Portugal, Switzerland, Hong Kong SAR, Russia, Ireland, Nigeria and Indonesia lagged somewhat behind, together accounting for a further 21%.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the leading producing countries, was attained by Ireland (with a CAGR of +881.2%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Precious Metal Watches

In 2022, overseas purchases of precious metal watches increased by 16% to 20M units, rising for the second year in a row after three years of decline. Overall, imports, however, continue to indicate a slight curtailment. The pace of growth appeared the most rapid in 2021 with an increase of 36%. Over the period under review, global imports hit record highs at 24M units in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, precious metal watch imports expanded slightly to $17.6B in 2022. The total import value increased at an average annual rate of +2.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 when imports increased by 41%. Global imports peaked in 2022 and are likely to see steady growth in years to come.

Imports By Country

India was the key importer of precious metal watches in the world, with the volume of imports resulting at 5.3M units, which was approx. 26% of total imports in 2022. Saudi Arabia (1.2M units) took the second position in the ranking, followed by Pakistan (1.1M units), the United States (1M units), the Netherlands (1M units) and Belgium (1M units). All these countries together held approx. 26% share of total imports. Malaysia (865K units), France (800K units), Singapore (720K units), Thailand (715K units), Mexico (620K units), the UK (512K units) and Canada (417K units) took a relatively small share of total imports.

From 2012 to 2022, average annual rates of growth with regard to precious metal watch imports into India stood at +13.7%. At the same time, Pakistan (+30.7%), Canada (+19.3%), Belgium (+15.2%), the Netherlands (+13.1%), Saudi Arabia (+6.9%) and France (+5.1%) displayed positive paces of growth. Moreover, Pakistan emerged as the fastest-growing importer imported in the world, with a CAGR of +30.7% from 2012-2022. By contrast, Thailand (-1.2%), the United States (-5.7%), Singapore (-6.1%), the UK (-10.9%), Mexico (-11.3%) and Malaysia (-19.5%) illustrated a downward trend over the same period. From 2012 to 2022, the share of India, Pakistan, Belgium, the Netherlands, Saudi Arabia, France and Canada increased by +20, +5.2, +3.8, +3.7, +3.4, +1.9 and +1.8 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($1.7B), Singapore ($1.3B) and France ($904M) constituted the countries with the highest levels of imports in 2022, together comprising 22% of global imports. The UK, Saudi Arabia, the Netherlands, Malaysia, Thailand, Canada, India, Belgium, Mexico and Pakistan lagged somewhat behind, together comprising a further 11%.

In terms of the main importing countries, Pakistan, with a CAGR of +17.9%, saw the highest rates of growth with regard to 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

In 2022, the average precious metal watch import price amounted to $867 per unit, which is down by -10.9% against the previous year. Overall, import price indicated a tangible increase from 2012 to 2022: its price increased at an average annual rate of +3.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 an increase of 19% against the previous year. Over the period under review, average import prices reached the peak figure at $973 per unit in 2021, and then dropped 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 Singapore ($1,812 per unit), while Pakistan ($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 Malaysia (+22.6%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Precious Metal Watches

Global precious metal watch exports contracted to 6.8M units in 2022, dropping by -9% on the previous year's figure. Overall, exports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2015 when exports increased by 26%. The global exports peaked at 8.7M units in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, precious metal watch exports rose sharply to $17.5B in 2022. The total export value increased at an average annual rate of +2.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 when exports increased by 36%. The global exports peaked in 2022 and are likely to continue growth in years to come.

Exports By Country

In 2022, China (1.3M units) and the United States (1M units) represented the major exporters of precious metal watchesin the world, together finishing at approx. 34% of total exports. Singapore (511K units) took the next position in the ranking, followed by Switzerland (447K units), Malaysia (409K units), the Netherlands (385K units), Hong Kong SAR (352K units) and Ireland (350K units). All these countries together held approx. 36% share of total exports. The following exporters - the UK (220K units), Spain (219K units), the United Arab Emirates (171K units), Denmark (170K units) and Belgium (141K units) - together made up 13% of total exports.

From 2012 to 2022, the biggest increases were recorded for Ireland (with a CAGR of +41.6%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, Switzerland ($9B) remains the largest precious metal watch supplier worldwide, comprising 51% of global exports. The second position in the ranking was taken by Hong Kong SAR ($1.5B), with an 8.7% share of global exports. It was followed by Singapore, with a 7.4% share.

In Switzerland, precious metal watch exports remained relatively stable over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Hong Kong SAR (+1.2% per year) and Singapore (+3.4% per year).

Export Prices By Country

The average precious metal watch export price stood at $2,565 per unit in 2022, surging by 19% against the previous year. Over the period under review, export price indicated a modest increase from 2012 to 2022: its price increased at an average annual rate of +1.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, precious metal watch export price increased by +16.7% against 2019 indices. The pace of growth was the most pronounced in 2018 when the average export price increased by 21%. Over the period under review, the average export prices hit record highs at $2,584 per unit in 2013; afterwards, it flattened through to 2022.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Switzerland ($20,161 per unit), while China ($88 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 Arab Emirates (+22.6%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform