Watch, Clock, Measuring Device Global Market Report 2024

The watch, clock, measuring device market size has grown strongly in recent years. It will grow from $103.65 billion in 2023 to $113.69 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The growth in the historical period can be attributed to factors such as industrialization, navigation and exploration, scientific advancements, and economic trade and commerce.

The watch, clock, measuring device market size is expected to see strong growth in the next few years. It will grow to $160.06 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%. Looking ahead to the forecast period, the growth can be attributed to the integration of sensors and digital interfaces, a focus on health and fitness, the increasing role of IoT and connectivity, environmental monitoring, and a growing demand for customization and personalization. Notable trends expected in the forecast period include the rise of smartwatches and wearables, an emphasis on precision and accuracy, a resurgence of vintage and retro designs, the use of sustainable materials, and an increase in collaborations and limited-edition products.

The growth in disposable incomes played a significant role in driving the watch, clock, and measuring device market. This increase in disposable incomes was primarily a result of economic growth and the expansion of the middle-class population in developing countries like China, India, and Brazil. The World Bank reported an increase in the global middle-class population, defined as individuals earning between $10 and $100 per day, from approximately 1.5 billion to 2 billion. Additionally, both China and India experienced robust economic growth, with China's economy expanding by 6.9% and India's GDP growing by 7.1%. These rising incomes in emerging markets had a substantial impact on the growth of the watch, clock, and measuring device market.

The primary categories of these items are watches and clocks, as well as measuring devices, which help in estimating various parameters. Measurement entails the process of collecting and analyzing physical quantities related to real-world objects and events, and it is vital in the fields of physical sciences, quality assurance, and engineering. These products can be classified into low, mid, and luxury price ranges and are available through offline retail stores and online retail stores. They cater to diverse end-users, including women, men, and unisex customers.

The watch, clock, measuring device market research report is one of a series of new reports that provides watch, clock, measuring device market statistics, including watch, clock, measuring device industry global market size, regional shares, competitors with a watch, clock, measuring device market share, detailed watch, clock, measuring device market segments, market trends and opportunities, and any further data you may need to thrive in the watch, clock, measuring device industry. This watch, clock, and measuring device market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The increasing demand for health and fitness tracking wearables is expected to be a significant driver of the watch, clock, and measuring device market in the future. This demand is being fueled by a growing awareness of health, a desire for proactive health monitoring, and the convenience of real-time access to essential fitness data. These wearables serve as multifunctional devices, functioning as watches and measuring tools while also monitoring vital health metrics and physical activities. They provide valuable data that empowers users to make informed decisions about their well-being and lead healthier lives. For example, in January 2022, global smartwatch shipments witnessed a 47% annual increase in the second quarter of 2021, marking the industry's fastest growth rate since 2018, as reported by CNET. Modern wrist-worn devices offer a wide range of fitness features, including wrist-based ECG readings, sleep quality monitoring, and blood oxygen saturation measurement, among others. As the demand for health and fitness tracking wearables continues to rise, it is expected to drive the growth of the watch, clock, and measuring device market in the forecast period.

Increasing trade protectionism poses a significant challenge to the watch, clock, and measuring device market. Trade protectionism is a strategy employed by individual countries or trade alliances to safeguard their economies by imposing trade barriers and restrictions. Its aim is to protect vital economic interests, including key industries, commodities, and the workforce. Since the mid-2018 period, there has been a notable increase in trade protectionism measures, particularly exemplified by the imposition of higher tariffs on bilateral trade between the United States and China. This surge in protectionist policies has had a detrimental impact on global economic growth. It has directly affected trade flows, supply chains, and import costs, while also indirectly influencing business confidence, generating uncertainty, and impacting global investment. As a result, the watch, clock, and measuring device market is likely to face adverse consequences due to the rise in trade protectionism.

Internet of Things (IoT)-enabled smartwatches have become the preferred choice for consumers. These smartwatches, which are connected to the internet, offer a wide array of features, including timekeeping, health monitoring, fitness tracking, call and message reception, entertainment, contactless payments, and connectivity with other IoT devices, all aimed at enhancing the user's quality of life. As consumer interest in health, convenience, and smart home integration continues to grow, wearable IoT devices like smartwatches are in high demand due to their diverse functionality. For example, a Eurostat report from February 2021 revealed that 19% of European Union citizens between the ages of 16 and 74 reported using smartwatches, fitness bands, internet-connected eyewear or headsets, and other IoT-related accessories. Notably, younger individuals (aged 16-24) had a higher adoption rate (28%) compared to individuals aged 25-54 (23%), while older individuals (aged 55-64) lagged behind with 11% adoption.

In August 2023, Rolex, a Switzerland-based luxury watch manufacturer acquired Bucherer for an undisclosed amount. This strategic move is aimed at expanding Rolex's presence in the luxury watch market by making its product offerings available in more than 100 Bucherer stores across Europe and the United States. Bucherer a Swiss company specializes in crafting luxury mechanical watches for both men and women.

Major companies operating in the watch, clock, measuring device market include Apple Inc., Fitbit Inc., Samsung Electronics Co. Ltd., Garmin ltd., Huawei Investment & Holding Co. Ltd., Lvmh Moet Hennessy Louis Vuitton SE, Rolex SA, Citizen Watch Co. Ltd., Seiko Holdings Corporation, Casio Computer Co. Ltd., Fossil Group Inc., Timex Group B.V., Swatch Group AG, Patek Philippe SA, The Timken Company, The L.S. Starrett Company, The G-SHOCK Company Ltd., The Bulova Corporation, The Movado Group Inc., The Tissot Company, The Invicta Watch Group, The Shinola Company, Breitling SA, Omega SA, Longines Watch Co. Francillon Ltd., TAG Heuer SA, Audemars Piguet Holding SA, Vacheron Constantin SA, Jaeger-LeCoultre SA, IWC Schaffhausen, Panerai, Cartier SA, Piaget SA, Montblanc International GmbH, Girard-Perregaux SA, Ulysse Nardin SA, Zenith SA, Breguet SA, Blancpain SA, Chopard SA, Hublot SA

The Asia-Pacific was the largest region in the watch, clock, measuring device market in 2023. North America is the second-largest region in the watch, clock, measuring device market. The regions covered in the watch, clock, measuring device market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the watch, clock, measuring device market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada

The watch, clock, and measuring device market consists of sales of alarm clocks, clock materials and parts, time clocks, wall clocks, electrodes, level and bulk measuring instruments, nanofluidic measurement and control devices, orifice plates, and other watches, clock, measuring devices. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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