The market is dominated by foreign suppliers, as imports account for 97.4% of total market size in 2023. Households drive market demand, with household spending representing 47.5% of total demand in 2023. South Korea has the fifth largest market size for watches and clocks regionally, with demand reaching USD1.4 billion in 2023. Inscobee Inc is the largest company in South Korea, generating 15.8% of the industry’s total production value in 2023. The industry is fragmented, with the top five companies generating 39.9% of total production value in 2023. The total number of companies decreases in 2023, to 296 units. The costs of the industry increase by 1.7% in 2023, largely driven by rising B2B costs. The industry’s profitability decreases and stands at 2.9% of production value in 2023, the 19th highest regionally. The industry’s exports share decreases in 2023 to 76.7% of total production output. With production value of USD72.4 million, South Korea accounts for 0.4% of the Asia Pacific total in 2023.
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This Euromonitor industrial report provides unique information on Watches and Clocks in South Korea: ISIC 333. With this industrial report, you’ll be able to explore the industry from its sources of supply to its buyers. The Watches and Clocks in South Korea: ISIC 333 report includes: Industry datagraphics including production data, exports, imports, cost structure, and profitability
Household Goods is an aggregation of Furniture, Jewellery and Related Articles, Musical Instruments; Imitation Jewellery, Brushes and Other Personal Items, Sports Goods, Toys and Games, Watches and Clocks.
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