From 2013 to 2023, the market size value per capita of watch straps and parts of base metal in Australia showed a declining trend. In 2013, the value was $0.36 and reached $0.31 in 2023. During 2020, a significant dip to $0.25 occurred, likely due to the pandemic, but the market quickly rebounded in 2021. Year-on-year during 2022 and 2023, the market remained stable. The CAGR over the last 5 years illustrates a relatively constant market trend with little variation.
Future trends to watch for:
- Potential influence of smartwatches affecting traditional watch parts market.
- Shift in consumer preferences towards sustainable and innovative materials.
- Technological advancements in production and customization.
