In 2023, China led the global export of watch or clock movements, commanding a significant market share growth of 3.58% from the previous year. In contrast, Japan witnessed a substantial decline of 12.32%, reflecting a notable shift in market dynamics. Switzerland also experienced a sharp decrease of 14.12%, indicative of broader market contractions in European exports. Meanwhile, the United Kingdom and Australia were among the few countries with notable increases in exports, with growths of 7.43% and 4.8% respectively.
Future trends to watch involve the potential shifts in market leadership given the rising power of Asian manufacturers, notably China, which seems poised to further increase its dominance. Additionally, despite recent declines, the luxury segment tied to Swiss precision may embark on strategic transitions to recapture market share, potentially through technological advancements and sustainable practices.
Top countries in Export of Watch or Clock Movements, Complete and Unassembled Share by Country (US Dollars)
| # | 10 Countries | Percent | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 China | 36.8 | 2023 | +1.7% | +3.58% | View data |
| 2 | 2 Japan | 19.28 | 2023 | -13.83% | -12.32% | View data |
| 3 | 3 Thailand | 16.21 | 2023 | -4.84% | -4.03% | View data |
| 4 | 4 Malaysia | 10.93 | 2023 | +4.59% | +2.91% | View data |
| 5 | 5 Singapore | 9.53 | 2023 | +0.34% | -1.83% | View data |
| 6 | 6 Switzerland | 6.01 | 2023 | -20% | -14.12% | View data |
| 7 | 7 United Kingdom | 5.78 | 2023 | +4.18% | +7.43% | View data |
| 8 | 8 United States | 2.29 | 2023 | -4.36% | -3.57% | View data |
| 9 | 9 Germany | 1.59 | 2023 | -6.99% | -7.81% | View data |
| 10 | 10 South Korea | 1.52 | 2023 | +3.26% | +4.63% | View data |
