DUBLIN--(BUSINESS WIRE)--The "Watch, Clock, Measuring Device Global Market Report 2020-30: Covid 19 Impact and Recovery" report has been added to ResearchAndMarkets.com's offering.
This report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider watch, clock, measuring device market, and compares it with other markets.
The global watch, clock, measuring device market was worth $88.79 billion in 2019. It is expected to grow at a compound annual growth rate (CAGR) of 11.85% and reach $138.95 billion by 2023. In 2018, Asia-Pacific was the largest region in the watch, clock, measuring device market. Africa is expected to be the fastest growing region in the watch, clock, measuring device market in the forecast period.
The rise in disposable incomes was a major driver of the watch, clock, 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 that earning between $10 and $100 per day - increased from approximately 1.5 to 2 billion between 2010 and 2015. In 2017, China's economy grew at 6.9% and India's GDP grew at 7.1%. The per capita disposable income in India increased at a CAGR of 9.2% during 2005-2015 to reach $1,154 in 2015. Increased earnings greatly increased disposable incomes in the emerging markets, contributing to the watch, clock, measuring device market's growth.
Rising trade protectionism acts as a major challenge in the watch, clock, measuring device market. Trade protectionism is characterized as a country, or a group of countries working related as an exchange alliance, making exchange boundaries with the particular objective of protecting its economy from the potential dangers of worldwide trading. The target of trade protectionism is to ensure a country's fundamental monetary interests, for example, its key ventures, wares, and work of laborers. A wide number of trade barriers have been introduced since mid-2018, the major one has been higher tariffs on bilateral trade between the US and China. This increase in protectionism has contributed to a slowdown in global growth through direct effects on trade flows, supply chains and import costs, and indirect effects on business sentiment, uncertainty, and investment around the world. Therefore, rising trade protectionism will negatively impact the watch, clock, measuring device market's growth.
Internet of things (IoT) driven smart watches is highly preferred choice of watches. Smart watches connected to the internet offer a wide range of features such as time, health monitoring, and fitness tracking, receives calls and messages, entertainment, cardless payments, and connectivity to other IoT devices to improve the quality of the user's life. With increasing consumer's interests towards health and fitness, convenience in day to day activities and smart homes, wearable IoT devices such as smart watches offer various features. The global smart watch shipments rise by 42% annually from 10 million units in 2018 to 14.2 million units in 2019.
In November 2019, Alphabet Inc., the parent company of Google, acquired smart watch maker, Fitbit, Inc. for a deal amount of US$ 2.1 billion. Alphabet said that the acquisition helps them in the advancement of its smart watch software, Wear OS. Fitbit, Inc. is an American company that makes fitness bands, smart watches, and accessories which helps in tracking footsteps, exercises, heart rate, and weight.
Major players in the watch, clock, measuring device market are Apple Inc., Fitbit Inc., Samsung Electronics Co. Ltd., Garmin ltd., Huawei Investment & Holding Co., Ltd., Lvmh Moet Hennessy Louis Vuitton SE and Rolex SA.
Key Topics Covered
1. Executive Summary
2. Watch, Clock, Measuring Device Market Characteristics
3. Watch, Clock, Measuring Device Market Size And Growth
3.1. Global Watch, Clock, Measuring Device Historic Market, 2015 - 2019, $ Billion
3.1.1. Drivers Of The Market
3.1.2. Restraints On The Market
3.2. Global Watch, Clock, Measuring Device Forecast Market, 2019 - 2023F, 2025F, 2030F, $ Billion
3.2.1. Drivers Of The Market
3.2.2. Restraints On the Market
4. Watch, Clock, Measuring Device Market Segmentation
4.1. Global Watch, Clock, Measuring Device Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
- Watches and Clocks
- Measuring Devices
5. Watch, Clock, Measuring Device Market Regional And Country Analysis
5.1. Global Watch, Clock, Measuring Device Market, Split By Region, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
5.2. Global Watch, Clock, Measuring Device Market, Split By Country, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
- Apple Inc.
- Fitbit Inc.
- Garmin Ltd.
- Huawei Investment & Holding Co. Ltd.
- LVMH Moet Hennessy Louis Vuitton SE
- Rolex S.A.
- Samsung Electronics Co. Ltd.
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