Watch, clock and measuring device market comprises of the sales of watch, clock, measuring device & related services to measure the time and physical quantity. Watch is portable timepiece, which is worn by people around the wrist, attached by a strap. Clock is a device used to measure and indicate time, using the pointers moving over a dial. Measuring device is an instrument used for measuring the various parameters in the physical for measuring various parameters. Measuring devices accounted for the major share of the market for watch, clock and measuring devices owing to economic growth and technological advancements.
According to study, “Watch, Clock, Measuring Device Global Market Report 2020-30: Covid 19 Impact and Recovery” the key companies operating in the global watch, clock, measuring device market are Fitbit Inc., Garmin ltd., Samsung Electronics Co. Ltd., Apple Inc., Diesel, Piaget, Lvmh Moet Hennessy Louis Vuitton SE, Rolex SA, Tissot, Huawei Investment & Holding Co., Ltd., Balmain, Rado, Tag Huer S.A., Swatch Group India Private Limited (SWATCH), LVMH, Breguet, Blancpain, Hamilton, Omega, Titan, Fossil, Maxima,, Timex, Casio, Sonata, Zoop, Citizen, Versace, DKNY, Skagen, Seiko, International Watch Company (IWC), Hublot, JLC (Jaeger Le-Coultre), Armani, Jaquet Droz.
The key vendors in the market follow some criticality of inputs, which include research & development (R&D), technology and brand to compete with other vendors and improve the global market demand. Furthermore, they are making considerable investments in the procurement of high-quality raw materials and concentrating on R&D to manufacture advanced watches. They are also working on building the brand equity to differentiate them from competing the brands.
Based on type, watch, clock, measuring device market is segmented as watches & clocks and measuring devices. Based on watches product type, market is segmented as digital watches and quartz watches. Based on distribution channel, market is segmented as online retail stores and offline retail stores. In addition, based on end-user, market is segmented as men and women.
The watch, clock, measuring device market is driven by growth in technologies, followed by rise in disposable income. Rise in disposable incomes is primarily driven by growth in economy and middle-class population in developing countries such as India, China, and Brazil. However, market is challenged by restraints such as decreasing public investments in scientific research, shortage of skilled labor, and rise in trade protectionism.
Based on geography, the Asian-Pacific region, followed by North-American and Western European region, holds major region in global watch, clock, measuring device market owing to introduction of global brands and products. The African region is estimated to exhibit substantial growth rate due to change in customer tastes & preferences over the forecast period. It is projected that future of the global market will be optimistic on account of rise in disposable income of consumers during the forecast period. It is also projected that the global watch, clock, measuring device market will be reached at US $138.95 billion by 2023, at a CAGR of 11.85%.
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Ankur Gupta, Head Marketing & Communications