Global Watch, Clock, Measuring Device Market Research Report 2020 Analysis and Forecast 2025

Mayur Kasrung

Watch, Clock, Measuring Device Market:

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Executive Summary

The global watch, clock, measuring device market was worth $88.79 billion in 2019. It is expected to grow at a compound annual growth rate (CAGR) of 11.85% and reach $138.95 billion by 2023.

The watch, clock, measuring device market has been geographically segmented into North America, Western Europe, Asia-Pacific, Eastern Europe, South America, Middle East and Africa. In 2018, Asia-Pacific was the largest region in the watch, clock, measuring device market. Africa is expected to be the fastest growing region in the watch, clock, measuring device market in the forecast period.

The watch, clock, measuring device market consists of sales of the watch, clock, measuring device and related services for measuring time and physical quantity. Watch is a portable timepiece worn by individuals around the wrist, attached by a strap. Clock is a device used for measuring and indicating time, using pointers moving over a dial. Measuring device is an instrument used to measure various parameters in the physical used to measure various parameters.

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The watch, clock and measuring device market covered in this report is segmented by type into watches and clocks, measuring devices.

Rising trade protectionism acts as a major challenge in the watch, clock, measuring device market. Trade protectionism is characterized as a country, or a group of countries working related as an exchange alliance, making exchange boundaries with the particular objective of protecting its economy from the potential dangers of worldwide trading. The target of trade protectionism is to ensure a country's fundamental monetary interests, for example, its key ventures, wares, and work of laborers. A wide number of trade barriers have been introduced since mid-2018, the major one has been higher tariffs on bilateral trade between the US and China. This increase in protectionism has contributed to a slowdown in global growth through direct effects on trade flows, supply chains and import costs, and indirect effects on business sentiment, uncertainty, and investment around the world. Therefore, rising trade protectionism will negatively impact the watch, clock, measuring device market’s growth.

The rise in disposable incomes was a major driver of the watch, clock, measuring device market. The rise in disposable incomes was mainly driven by economic growth and middle-class population growth in developing countries such as China, India and Brazil. According to the World Bank, the world’s middle -class population – defined as that earning between $10 and $100 per day – increased from approximately 1.5 to 2 billion between 2010 and 2015. In 2017, China’s economy grew at 6.9% and India’s GDP grew at 7.1%. The per capita disposable income in India increased at a CAGR of 9.2% during 2005-2015 to reach $1,154 in 2015. Increased earnings greatly increased disposable incomes in the emerging markets, contributing to the watch, clock, measuring device market’s growth.

In November 2019, Alphabet Inc., the parent company of Google, acquired smart watch maker, Fitbit, Inc. for a deal amount of US$ 2.1 billion. Alphabet said that the acquisition helps them in the advancement of its smart watch software, Wear OS. Fitbit, Inc. is an American company that makes fitness bands, smart watches, and accessories which helps in tracking footsteps, exercises, heart rate, and weight.

Internet of things (IoT) driven smart watches is highly preferred choice of watches. Smart watches connected to the internet offer a wide range of features such as time, health monitoring, and fitness tracking, receives calls and messages, entertainment, cardless payments, and connectivity to other IoT devices to improve the quality of the user’s life. With increasing consumer’s interests towards health and fitness, convenience in day to day activities and smart homes, wearable IoT devices such as smart watches offer various features. The global smart watch shipments rise by 42% annually from 10 million units in 2018 to 14.2 million units in 2019.

Major players in the watch, clock, measuring device market are Apple Inc., Fitbit Inc., Samsung Electronics Co. Ltd., Garmin ltd., Huawei Investment & Holding Co., Ltd., Lvmh Moet Hennessy Louis Vuitton SE and Rolex SA.

Continuous…

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Mayur Kasrung

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