In 2023, the UK's import of complete and assembled watch movements with automatic winding was valued at approximately 44,000 in thousands. From 2024 onwards, the forecasted data indicates a steady increase, reaching 51,060 in thousands by 2028. This implies a consistent year-on-year growth of around 3-4%. The five-year compound annual growth rate (CAGR) for this period is expected to be approximately 2.6%, signifying a gradual upward trend in imports.
Future trends to watch for include:
- The impact of emerging smart watch technologies on traditional watch movement imports.
- Currency fluctuations post-Brexit potentially affecting import costs.
- Shifts in consumer preferences towards automated movement watches affecting demand.