Press release
Soaring Demand Set to Propel Watch, Clock, Measuring Device Market to $171.61 Billion by 2029
Watch, Clock, Measuring Device
What Is the Expected CAGR for the Watch, Clock, Measuring Device Market Through 2025?
In the last few years, the market size for watches, clocks, and measuring devices has seen rapid expansion. The market, which stood at $109.17 billion in 2024, is projected to grow to $120.9 billion by the end of 2025, marking a compound annual growth rate (CAGR) of 10.7%. Factors that have contributed to this growth during the historical period include industrialization, navigation and exploration, scientific progress, and trade and economic activities.
What's the Projected Size of the Global Watch, Clock, Measuring Device Market by 2029?
Expectations are high for significant expansion in the watch, clock, measuring device market in the foroming years. By 2029, the market is projected to reach a value of $171.62 billion, with a compound annual growth rate (CAGR) of 9.2%. This uptick during the forecast period can be correlated with factors such as the integration of sensors and digital interfaces, emphasis on health and fitness, IoT and connectivity, environmental monitoring, as well as customization and personalization. Noteworthy trends for the forecast period encompass smartwatches and wearables, precision and accuracy, vintage and retro aesthetics, the use of sustainable materials, and exclusive collaborations and limited editions.
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Top Growth Drivers in the Watch, Clock, Measuring Device Industry: What's Accelerating the Market?
The increase in disposable resources emerged as a significant factor propelling the market for watches, clocks, and measuring devices. The augmentation of disposable financial means is chiefly attributed to economic expansion and the surge in the middle-class populace in emerging countries like China, India, and Brazil. The World Bank reports an upward trend in the global middle-class populace, which is classified within the daily earnings scope of $10 to $100, escalating from an approximate count of 1.5 to 2 billion. China's economy swelled by 6.9% simultaneously with an enhancement of 7.1% in India's GDP. The consequent boost in earnings significantly amplified disposable incomes in burgeoning markets, which in turn fueled the growth of the watch, clock, and measuring device market.
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What Trends Will Shape the Watch, Clock, Measuring Device Market Through 2029 and Beyond?
Smartwatches powered by the Internet of Things (IoT) are becoming the watch type of choice due to their wide array of features. These web-connected devices offer functionality such as health and fitness monitoring, notification for calls and messages, entertainment capabilities, the ability to make cardless payments, and compatibility with other IoT devices, which altogether enhance the quality of life for the user. The rising interest among consumers in health, fitness, convenience, and smart homes is driving the demand for wearable IoT devices like smartwatches that offer a variety of features. For example, in September 2023, US-based tech manufacturer Apple Inc. unveiled the Apple Watch Series 9. This innovative device comes with the S9 chip for improved performance, new gesture control features, and upgraded Siri capabilities. The Series 9 also boasts a brighter screen and advanced health-tracking features, including the ability to record health data directly with Siri on the device itself.
What Are the Main Segments in the Watch, Clock, Measuring Device Market?
The watch, clock, measuring device market covered in this report is segmented -
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
Subsegments:
1) By Watches And Clocks: Wristwatches, Wall Clocks, Table Clocks, Mantel Clocks, Grandfather Clocks, Pocket Watches
2) By Measuring Devices: Time Measuring Devices, Pressure Measuring Devices, Temperature Measuring Devices, Distance Measuring Devices, Speed Measuring Devices, Voltage And Current Measuring Devices, Weight Measuring Devices
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Which Top Companies are Driving Growth in the Watch, Clock, Measuring Device Market?
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
Which Regions Will Dominate the Watch, Clock, Measuring Device Market Through 2029?
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
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