The market for watch straps and parts made of leather or plastic in South Africa has seen fluctuating trends from 2013 to 2023. Initially, the market experienced growth, reaching a peak in 2018 at $8.66 million. However, since 2019, the market has shown a consistent decline, with a notable year-on-year decrease of 6.9% in 2023, reaching a value of $6.32 million. The compound annual growth rate (CAGR) over the last five years reflects a negative trend at -6.11%, indicating a shrinking market.
Future trends to watch for might include:
- Increased competition from alternative materials or smart watch technology.
- Potential recovery in consumer spending as economic conditions stabilize.
- Innovation in eco-friendly and sustainable materials driving market interest.
| # | 9 Countries | US Dollars | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 Japan | 198,550,000 | 2023 | +0.23% | +0.42% | View data |
| 2 | 2 Germany | 121,790,000 | 2023 | +4.84% | +1.66% | View data |
| 3 | 3 Italy | 99,069,000 | 2023 | -0.34% | +0.18% | View data |
| 4 | 4 Australia | 46,643,000 | 2023 | +3.78% | +3.96% | View data |
| 5 | 5 Mexico | 7,930,500 | 2023 | +0.36% | +1.33% | View data |
| 6 | 6 South Africa | 6,319,500 | 2023 | -6.9% | -6.11% | |
| 7 | 7 New Zealand | 5,291,100 | 2023 | +3.41% | +3.08% | View data |
| 8 | 8 Lithuania | 1,048,400 | 2023 | +2.4% | +0.59% | View data |
