The watch straps and parts market in Japan has exhibited fluctuating per capita values over the past decade. In 2023, the market value was $1.58 per capita. Notably, the market experienced a significant dip in 2020 to $1.3, likely due to pandemic-related impacts, but showed recovery in the subsequent years, ending with a 5-year CAGR of approximately 0.57%. Over the past two years, the market has stabilized with a 0.9% year-on-year growth from 2022 to 2023.
Future trends to watch for:
- Increased demand for customizable and sustainable watch straps.
- Potential market expansion driven by smartwatches and hybrid watches.
- Changing consumer preferences towards eco-friendly materials.
