MOUNTAIN VIEW, California, May 20, 2014 /PRNewswire/ -- The global measurement gages market has limited technological advancement, thus pricing strategy is a key differentiator for companies operating in this space. Realizing this, manufacturers are wooing price-sensitive end-users by offshoring their manufacturing to cost-efficient countries in Asia.
To roll out cost-effective products, market participants are expanding their manufacturing capabilities in Asia-Pacific (APAC), which accounts for 70 percent of global measurement gages production and will remain the key revenue-generating market, followed by North America and Europe.
Frost & Sullivan's Analysis of the Global Measurement Gages Market, finds that the market earned revenue of $178.8 million in 2013 and estimates this to reach $201.8 million in 2017 and covers height gages, depth gages, plug-and-bore gages, and ring gages.
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Increasing industrialization in APAC, as well as the growth of the automotive industry and machine shops in the region, continue fueling demand for measurement gages. End-users are looking for simple gages as they have a limited budget allocated towards inspection and measurement tools.
The presence of established market participants limits business opportunities for smaller-sized companies. Furthermore, the availability of low-cost coordinate measuring machines and scanners hinders the growth of the measurement gages market in North America and Europe.
"Although established market participants dominate the market, several Chinese measurement gages manufacturers have made inroads into APAC with their low-cost products," explained Frost & Sullivan Senior Research Analyst Aravind Govindan. "Research indicates that a lack of marketing capabilities similar to some of their larger counterparts likely restricts the growth and business potential of some smaller participants."
Brand visibility is evaluated as a key competitive criterion, which garners greater focus on this area by market participants through the use of online channels and eCommerce websites as retailing points for measurement gages.
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Analysis of the Global Measurement Gages Market
SOURCE Frost & Sullivan