May 10, 2018
WELLESLEY, Mass., May 10, 2018– Emerging technologies and rising disposable incomes are helping to drive growth in the global watch, clock and measuring device manufacturing market, according to a report by BCC Research. The industry is moderately concentrated, with a few large manufacturers dominating sales.
The international market is expected to see a compound annual growth rate (CAGR) of 11.2% through 2022, when it could be worth $124.2 billion, according to the report Watch, Clock and Measuring Device Manufacturing: Global Markets Through 2022.
Major players in the market include Apple Inc., Samsung, Fitbit, Huawei Technologies Co. and Garmin Ltd.
“The watch, clock and measuring devices manufacturing market is expected to grow from steady economic growth forecasted in many developed and developing countries,” the report noted. “The U.S. economy has been growing since 2015 and is expected to grow during the forecast period as well. Emerging markets would continue to grow significantly and are expected to reach slightly higher than the developed markets in the forecast period.”
Smart Watches Suffer From Poor Battery Life, While Phones Seen as a Chief Threat
A number of factors are restraining growth in the market, the report notes. Chief among them is the presence of smart-phones, many of which track time and measurements just as well as dedicated instruments do and offer equal or greater connectivity. Meanwhile, smart watches are seen by many as inferior technology due to their expense, bulky size and poor battery life. In 2017, just 15.6% of American consumers owned smart watches, while 77% of Americans owned smart phones.
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Watch, Clock and Measuring Device Manufacturing: Global Markets Through 2022( IAS053A )
Publish Date: May 2018
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