Watch, Clock, Measuring Device Market Share, Growth, Trends And Forecast 2024-2033

The Business Research Company recently released a comprehensive report on the Global Watch, Clock, Measuring Device Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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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Market Drivers and Trends:

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.

Internet of things (IoT) driven smartwatches are the highly preferred choice of watches. Smartwatches connected to the internet offer a wide range of features such as time, health monitoring, fitness tracking, receiving calls and messages, entertainment, cardless payments, and connectivity to other IoT devices to improve the quality of the user's life. With increasing consumers' interests in health and fitness, convenience in day-to-day activities, and smart homes, wearable IoT devices such as smartwatches offer various features. For instance, in February 2021, according to Eurostat, the Luxembourg-based statistical office of the European Union, responsible for publishing high-quality statistics, the use of smartwatches, fitness bands, internet-linked goggles or headsets, and other internet-connected accessories was reported by nearly one-fifth (19%) of EU citizens ages 16 to 74. Moreover, younger individuals (aged 16-24) utilized these smart wearables more frequently (28%) than older individuals (aged 25-54) (23%), who were followed by older individuals (aged 55-64) with 11%.

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Major Key Players of the Market:

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

Watch, Clock, Measuring Device Market 2024 Key Insights:

• 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%.
• Rising Disposable Income Is Driving The Growth Of The Watch, Clock, And Measuring Device Market
• The Dominance Of IOT-Driven Smartwatches
• The Asia-Pacific was the largest region in the watch, clock, measuring device market in 2023

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