Timex sees smartwatches accounting for 30% of sales by 2020

New LG watch sport is displayed at Mobile World Congress in Barcelona, Spain, February 28, 2017. REUTERS/Eric Gaillard - RTS10TC4

The US-headquartered Timex expects 30 percent of its sales to come from watches with smart features by 2020.

"Consumers are evolving and their needs are changing... even from a traditional watch perspective, our customers will want a watch which is analog but has some smart features. By 2020, at least 30 per cent of our sales will come from watches with smart features," Timex Group India Head for Sales and Marketing Anupam Mathur told PTI.

At present, 3-4 per cent of total sales for Timex come from technology-driven watches.

The company, which launched IQ+ Move today -- a traditional watch with smart features -- priced at Rs 9,995, said it will launch several connected products throughout 2017, which will feature enhanced analog functionality.

IQ+ Move is the second generation of the Timex Connected Collection, the first being the Timex Metropolitan+, which was launched last year.

The company, which had reported a turnover of Rs 135 crore in 2015-16, is aiming at 20 per cent year-on-year growth, Mathur said.

At present, all smart watches sold by Timex are imported from the Philippines.

Asked if the company is considering local production of these watches, Mathur said: "Right now, the plans are not drawn up, but as volume gains traction, we will definitely look at manufacturing here. Not in the short term.