Instrument Panel And Wall Clock Market

The global market for instrument panel and wall clocks is projected to experience a positive growth trend over the period from 2022 to 2030, with an anticipated CAGR of +4.8% in volume and +5.2% in value. Consumption, production, imports, and exports of these clocks are analyzed, highlighting key trends and market dynamics. Myanmar emerges as a dominant player in both consumption and imports, while India leads in production. The report also delves into average import and export prices, showcasing fluctuations and notable trends in the market.

Market Forecast

Driven by increasing demand for instrument panel and wall clocks worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +4.8% for the period from 2022 to 2030, which is projected to bring the market volume to 1.1B units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.2% for the period from 2022 to 2030, which is projected to bring the market value to $22.5B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Instrument Panel And Wall Clocks

In 2022, consumption of instrument panel and wall clocks increased by 4.3% to 735M units, rising for the third consecutive year after four years of decline. Overall, consumption recorded buoyant growth. As a result, consumption reached the peak volume of 1.8B units. From 2016 to 2022, the growth of the global consumption remained at a lower figure.

The value of the market for instrument panel and wall clocks worldwide rose modestly to $15B in 2022, picking up by 5% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption posted significant growth. As a result, consumption reached the peak level of $37.3B. From 2016 to 2022, the growth of the global market remained at a lower figure.

Consumption By Country

Myanmar (583M units) remains the largest instrument panel and wall clock consuming country worldwide, comprising approx. 86% of total volume. It was followed by the United States (17M units), with a 2.5% share of total consumption.

From 2012 to 2020, the average annual growth rate of volume in Myanmar stood at +199.6%.

In value terms, Myanmar ($12.5B) led the market, alone. The second position in the ranking was taken by the United States ($187M).

From 2012 to 2020, the average annual growth rate of value in Myanmar totaled +199.6%.

In Myanmar, instrument panel and wall clock per capita consumption expanded at an average annual rate of +197.1% over the period from 2012-2020.

Production

World Production of Instrument Panel And Wall Clocks

In 2020, production of instrument panel and wall clocks increased by 10% to 4.5M units, rising for the third year in a row after two years of decline. The total output volume increased at an average annual rate of +3.1% over the period from 2012 to 2020; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The pace of growth appeared the most rapid in 2015 with an increase of 14%. Over the period under review, global production attained the peak volume in 2020 and is expected to retain growth in the immediate term.

In value terms, instrument panel and wall clock production reached $544M in 2020 estimated in export price. Over the period under review, production, however, continues to indicate a slight setback. The most prominent rate of growth was recorded in 2015 with an increase of 19% against the previous year. Over the period under review, global production attained the peak level at $632M in 2012; however, from 2013 to 2020, production failed to regain momentum.

Production By Country

The country with the largest volume of instrument panel and wall clock production was India (1.9M units), comprising approx. 43% of total volume. Moreover, instrument panel and wall clock production in India exceeded the figures recorded by the second-largest producer, China (801K units), twofold. Romania (198K units) ranked third in terms of total production with a 4.4% share.

From 2012 to 2020, the average annual growth rate of volume in India totaled +30.8%. The remaining producing countries recorded the following average annual rates of production growth: China (+3.6% per year) and Romania (+38.6% per year).

Imports

World Imports of Instrument Panel And Wall Clocks

In 2020, overseas purchases of instrument panel and wall clocks increased by 449% to 690M units for the first time since 2015, thus ending a four-year declining trend. Overall, imports recorded strong growth. The pace of growth appeared the most rapid in 2015 when imports increased by 742%. As a result, imports attained the peak of 1.8B units. From 2016 to 2020, the growth of global imports remained at a lower figure.

In value terms, instrument panel and wall clock imports declined significantly to $1B in 2020. In general, imports, however, continue to indicate a perceptible shrinkage. The growth pace was the most rapid in 2013 with an increase of 1.6% against the previous year. As a result, imports reached the peak of $1.4B. From 2014 to 2020, the growth of global imports remained at a lower figure.

Imports By Country

Myanmar dominates imports structure, resulting at 583M units, which was near 84% of total imports in 2020. The United States (19M units) followed a long way behind the leaders.

Myanmar was also the fastest-growing in terms of the instrument panel and wall clocks imports, with a CAGR of +199.5% from 2012 to 2020. the United States (-5.6%) illustrated a downward trend over the same period. Myanmar (+84 p.p.) significantly strengthened its position in terms of the global imports, while the United States saw its share reduced by -13.4% from 2012 to 2020, respectively.

In value terms, the United States ($207M) constitutes the largest market for imported instrument panel and wall clocks worldwide, comprising 20% of global imports. The second position in the ranking was held by Myanmar ($3M), with a 0.3% share of global imports.

From 2012 to 2020, the average annual rate of growth in terms of value in the United States stood at -3.6%.

Imports By Type

Clocks, other than watches, wall clocks and instrument panel clocks dominates imports structure, finishing at 217M units, which was approx. 93% of total imports in 2022. It was distantly followed by clocks; with watch movements, excluding clocks of heading no. 9104 (13M units), mixing up a 5.6% share of total imports.

Clocks, other than watches, wall clocks and instrument panel clocks was also the fastest-growing in terms of imports, with a CAGR of +2.5% from 2012 to 2022. clocks; with watch movements, excluding clocks of heading no. 9104 (-41.2%) illustrated a downward trend over the same period. Clocks, other than watches, wall clocks and instrument panel clocks (+87 p.p.) significantly strengthened its position in terms of the global imports, while clocks; with watch movements, excluding clocks of heading no. 9104 saw its share reduced by -88.2% from 2012 to 2022, respectively.

In value terms, clocks, other than watches, wall clocks and instrument panel clocks ($1.1B) constitutes the largest type of instrument panel and wall clocks imported worldwide, comprising 89% of global imports. The second position in the ranking was taken by instrument panel clocks and clocks of a similar type for vehicles, aircraft, spacecraft or vessels ($72M), with a 5.8% share of global imports.

From 2012 to 2022, the average annual rate of growth in terms of the value of clocks, other than watches, wall clocks and instrument panel clocks imports totaled -2.5%. For the other products, the average annual rates were as follows: instrument panel clocks and clocks of a similar type for vehicles, aircraft, spacecraft or vessels (-5.8% per year) and clocks; with watch movements, excluding clocks of heading no. 9104 (-5.9% per year).

Import Prices By Type

In 2022, the average import price for instrument panel and wall clocks amounted to less than $0.1 per unit, remaining relatively unchanged against the previous year. In general, the import price continues to indicate a abrupt contraction. The most prominent rate of growth was recorded in 2017 an increase of 1,096% against the previous year. Global import price peaked at $10 per unit in 2019; however, from 2020 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by the product type; the product with the highest price was instrument panel clocks and clocks of a similar type for vehicles, aircraft, spacecraft or vessels ($30 per unit), while the price for clocks; with watch movements, excluding clocks of heading no. 9104 ($5.1 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by clocks; with watch movements, excluding clocks of heading no. 9104 (+60.2%), while the other products experienced mixed trends in the import price figures.

Import Prices By Country

The average import price for instrument panel and wall clocks stood at $1.5 per unit in 2020, waning by -85.1% against the previous year. Over the period under review, the import price saw a deep reduction. The growth pace was the most rapid in 2017 when the average import price increased by 1,096%. Over the period under review, average import prices attained the peak figure at $10 per unit in 2019, and then reduced dramatically in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the United States ($11 per unit), while Myanmar amounted to less than $0.1 per unit.

From 2012 to 2020, the most notable rate of growth in terms of prices was attained by the United States (+2.1%).

Exports

World Exports of Instrument Panel And Wall Clocks

In 2020, after two years of decline, there was growth in shipments abroad of instrument panel and wall clocks, when their volume increased by 1.2% to 18M units. Overall, exports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of 5.5% against the previous year. As a result, the exports attained the peak of 20M units. From 2018 to 2020, the growth of the global exports failed to regain momentum.

In value terms, instrument panel and wall clock exports dropped markedly to $437M in 2020. Over the period under review, exports, however, continue to indicate a pronounced curtailment. The pace of growth appeared the most rapid in 2013 when exports increased by 2.3% against the previous year. As a result, the exports attained the peak of $637M. From 2014 to 2020, the growth of the global exports failed to regain momentum.

Exports By Country

The Netherlands (3M units) and Germany (2.7M units) were the major exporters of instrument panel and wall clocks in 2020, reaching approx. 16% and 15% of total exports, respectively. It was followed by the United States (1.8M units), Hong Kong SAR (1.8M units), France (1.2M units), Belgium (1.1M units), Poland (0.9M units) and Thailand (0.8M units), together achieving a 41% share of total exports. The UK (728K units), Canada (491K units), Romania (396K units), Spain (368K units) and the Czech Republic (351K units) followed a long way behind the leaders.

From 2012 to 2020, the biggest increases were recorded for Romania (with a CAGR of +82.2%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, Germany ($81M), Hong Kong SAR ($63M) and France ($41M) were the countries with the highest levels of exports in 2020, with a combined 42% share of global exports. The Netherlands, the United States, the UK, Romania, Poland, Thailand, Belgium, Spain, the Czech Republic and Canada lagged somewhat behind, together accounting for a further 38%.

Romania, with a CAGR of +85.2%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Exports By Type

The products with the highest levels of instrument panel and wall clock exports in 2022 were clocks; with watch movements, excluding clocks of heading no. 9104 (18B units), together accounting for 99% of total export.

Clocks; with watch movements, excluding clocks of heading no. 9104 was also the fastest-growing in terms of exports, with a CAGR of +79.2% from 2012 to 2022. From 2012 to 2022, the share of clocks; with watch movements, excluding clocks of heading no. 9104 increased by +73 percentage points, while the shares of the other products remained relatively stable throughout the analyzed period.

In value terms, clocks, other than watches, wall clocks and instrument panel clocks ($1.5B) remains the largest type of instrument panel and wall clocks supplied worldwide, comprising 93% of global exports. The second position in the ranking was held by instrument panel clocks and clocks of a similar type for vehicles, aircraft, spacecraft or vessels ($67M), with a 4.3% share of global exports.

From 2012 to 2022, the average annual growth rate of the value of clocks, other than watches, wall clocks and instrument panel clocks exports totaled -1.0%. With regard to the other exported products, the following average annual rates of growth were recorded: instrument panel clocks and clocks of a similar type for vehicles, aircraft, spacecraft or vessels (-5.1% per year) and clocks; with watch movements, excluding clocks of heading no. 9104 (-10.6% per year).

Export Prices By Type

In 2022, the average export price for instrument panel and wall clocks amounted to less than $0.1 per unit, approximately mirroring the previous year. Overall, the export price showed a noticeable reduction. The pace of growth was the most pronounced in 2013 an increase of 4.4%. As a result, the export price reached the peak level of $34 per unit. From 2014 to 2022, the average export prices remained at a lower figure.

Prices varied noticeably by the product type; the product with the highest price was instrument panel clocks and clocks of a similar type for vehicles, aircraft, spacecraft or vessels ($39 per unit), while the average price for exports of clocks; with watch movements, excluding clocks of heading no. 9104 (less than $0.1 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by instrument panel clocks and clocks of a similar type for vehicles, aircraft, spacecraft or vessels (-2.4%), while the other products experienced a decline in the export price figures.

Export Prices By Country

In 2020, the average export price for instrument panel and wall clocks amounted to $24 per unit, reducing by -17.2% against the previous year. In general, the export price continues to indicate a noticeable downturn. The growth pace was the most rapid in 2013 an increase of 4.4% against the previous year. As a result, the export price attained the peak level of $34 per unit. From 2014 to 2020, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2020, amid the top suppliers, the country with the highest price was Romania ($47 per unit), while Canada ($8.7 per unit) was amongst the lowest.

From 2012 to 2020, the most notable rate of growth in terms of prices was attained by Poland (+8.6%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform