Nigeria - Watches - Market Analysis, Forecast, Size, Trends and Insights
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View PricingNigeria: Watch Market 2024
Watch Market Size in Nigeria
In 2023, the Nigerien watch market decreased by X% to $X for the first time since 2020, thus ending a two-year rising trend. In general, consumption saw a dramatic slump. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2023, consumption failed to regain momentum.
Watch Exports
Exports from Nigeria
In 2023, shipments abroad of watches decreased by X% to X units, falling for the second consecutive year after three years of growth. Over the period under review, exports continue to indicate a noticeable slump. The most prominent rate of growth was recorded in 2013 with an increase of X%. As a result, the exports reached the peak of X units. From 2014 to 2023, the growth of the exports failed to regain momentum.
In value terms, watch exports fell rapidly to $X in 2023. In general, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2022 when exports increased by X%. The exports peaked at $X in 2016; however, from 2017 to 2023, the exports stood at a somewhat lower figure.
Exports by Country
Switzerland (X units) was the main destination for watch exports from Nigeria, with a X% share of total exports. Moreover, watch exports to Switzerland exceeded the volume sent to the second major destination, Hong Kong SAR (X units), fourfold. The third position in this ranking was held by South Africa (X units), with a X% share.
From 2012 to 2023, the average annual rate of growth in terms of volume to Switzerland stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (X% per year) and South Africa (X% per year).
In value terms, Switzerland ($X) emerged as the key foreign market for watches exports from Nigeria, comprising X% of total exports. The second position in the ranking was held by Hong Kong SAR ($X), with a X% share of total exports. It was followed by the UK, with a X% share.
From 2012 to 2023, the average annual growth rate of value to Switzerland was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (X% per year) and the UK (X% per year).
Export Prices by Country
The average watch export price stood at $X per unit in 2023, reducing by X% against the previous year. In general, the export price, however, continues to indicate a noticeable increase. The growth pace was the most rapid in 2022 an increase of X% against the previous year. The export price peaked at $X per unit in 2016; however, from 2017 to 2023, the export prices stood at a somewhat lower figure.
Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Switzerland ($X per unit), while the average price for exports to Canada ($X per unit) was amongst the lowest.
From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (X%), while the prices for the other major destinations experienced more modest paces of growth.
Watch Imports
Imports into Nigeria
In 2023, after two years of growth, there was significant decline in supplies from abroad of watches, when their volume decreased by X% to X units. In general, imports recorded a precipitous setback. The most prominent rate of growth was recorded in 2019 with an increase of X% against the previous year. Over the period under review, imports attained the maximum at X units in 2012; however, from 2013 to 2023, imports stood at a somewhat lower figure.
In value terms, watch imports fell notably to $X in 2023. Overall, imports, however, continue to indicate a slight increase. The growth pace was the most rapid in 2019 when imports increased by X% against the previous year. As a result, imports attained the peak of $X. From 2020 to 2023, the growth of imports remained at a lower figure.
Imports by Country
China (X units), Switzerland (X units) and the UK (X units) were the main suppliers of watch imports to Nigeria, together comprising X% of total imports. The United Arab Emirates, the United States, South Korea, Hong Kong SAR, Malaysia, Japan, Germany, France and Italy lagged somewhat behind, together accounting for a further X%.
From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by South Korea (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.
In value terms, the largest watch suppliers to Nigeria were the United States ($X), Switzerland ($X) and Hong Kong SAR ($X), together comprising X% of total imports. The United Arab Emirates, China, the UK, Germany, France, South Korea, Malaysia, Japan and Italy lagged somewhat behind, together accounting for a further X%.
Germany, with a CAGR of X%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.
Import Prices by Country
The average watch import price stood at $X per unit in 2023, surging by X% against the previous year. Overall, the import price enjoyed significant growth. The pace of growth was the most pronounced in 2015 when the average import price increased by X% against the previous year. Over the period under review, average import prices attained the maximum in 2023 and is expected to retain growth in the immediate term.
There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was Germany ($X per unit), while the price for China ($X per unit) was amongst the lowest.
From 2012 to 2023, the most notable rate of growth in terms of prices was attained by the United States (X%), while the prices for the other major suppliers experienced more modest paces of growth.
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This report provides an in-depth analysis of the watch market in Nigeria. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
Product coverage:
- Prodcom 26521100 - Wrist-watches, pocket-watches, with case of precious metal or of metal clad with precious metal
- Prodcom 26521200 - Other wrist-watches, pocket-watches and other watches, i ncluding stop-watches
Country coverage:
- Nigeria
Data coverage:
- Market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Trade (exports and imports) in Nigeria
- Export and import prices
- Market trends, drivers and restraints
- Key market players and their profiles
Reasons to buy this report:
- Take advantage of the latest data
- Find deeper insights into current market developments
- Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.
In this report, you can find information that helps you to make informed decisions on the following issues:
- How to diversify your business and benefit from new market opportunities
- How to load your idle production capacity
- How to boost your sales on overseas markets
- How to increase your profit margins
- How to make your supply chain more sustainable
- How to reduce your production and supply chain costs
- How to outsource production to other countries
- How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
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2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- MARKET STRUCTURE
- TRADE BALANCE
- PER CAPITA CONSUMPTION
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO -
LIST OF TABLES
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption In 2012-2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
- Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
- Trade Balance, In Physical Terms, 2012-2023
- Trade Balance, In Value Terms, 2012-2023
- Per Capita Consumption, 2012-2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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