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Watch, Clock, Measuring Device Market Manufacturers Analysis, On Going Trends, Share Estimation, Size, Global Growth And Forecast To 2033
Watch, Clock, Measuring Device Market Analysis
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the watch, clock, measuring device industry. This report on watch, clock, measuring device market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
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 historic period can be attributed to industrialization, navigation and exploration, scientific advancements, 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%. The growth in the forecast period can be attributed to integration of sensors and digital interfaces, health and fitness, iot and connectivity, environmental monitoring, customization and personalization. Major trends in the forecast period include smartwatches and wearables, precision and accuracy, vintage and retro designs, sustainable materials, collaborations and limited editions.
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Key Market Players:
Apple Inc., Fitbit Inc., Samsung Electronics Co. Ltd., Garmin ltd., Huawei Investment & Holding Co. Ltd., Lvmh Moet Hennessy Louis Vuitton SE are prominent players in the watch, clock, measuring device industry.
Market Drivers:
According to the Watch, Clock, Measuring Device Market Report 2024 by The Business Research Company, the rise in disposable incomes was a major driver of the watch, clock, and 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 earning between $10 and $100 per day - increased from approximately 1.5 to 2 billion. Moreover, China's economy grew by 6.9% and India's GDP grew by 7.1%. Increased earnings greatly increased disposable incomes in emerging markets, contributing to the watch, clock, and measuring device market growth.
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Market segments for watch, clock, measuring device include:
1) By Type: Watches and Clocks, Measuring Devices
2) By Price Range: Low Range, Mid Range, Luxury
3) By Distribution Channel: Offline Retail Stores, Online Retail Stores
4) By End User Sex: Women, Men, Unisex
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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