According to market research firm Gartner, global wearable device shipments are expected to hit 310 million units this year, marking a significant 16.7% increase compared to last year. This surge is set to drive the overall market size to $30.5 billion, with smartwatches leading the charge, contributing $9.3 billion in revenue and representing 13.3% of total shipments. Back in 2012, smartwatch sales accounted for nearly 81 million units, or 16% of all wearable device sales, with revenues climbing to $17.4 billion—making it the standout performer in terms of revenue growth among wearable devices.
A recent image showing the Apple Watch Series II highlights the growing prominence of smartwatches within this segment. Gartner remains optimistic about smartwatch revenue growth, largely due to its confidence in Apple. While the average selling price (ASP) of Apple Watches has been relatively steady, it's projected to decline slightly from $223.25 in 2017 to $214.99 by 2021 as production scales up.
In terms of brand distribution, Gartner anticipates that Apple will maintain its top position in the smartwatch market. However, its market share is expected to drop from around one-third in 2016 to roughly one-quarter by 2021. Competitors like Asus, Huawei, LG, Samsung, and Sony are forecasted to collectively capture 15% of the smartwatch market by 2021. This shift reflects the increasing competition as more brands enter the space, though the impact may be somewhat constrained by the emphasis on personal technology and lifestyle branding.
Looking further ahead, Gartner predicts a rise in children’s smartwatches, which could account for 30% of all smartwatch shipments by 2021. Meanwhile, traditional watch brands, including luxury and fashion labels, are expected to claim 25% of total smartwatch shipments, capitalizing on their established reputations and niche markets.
This rapid evolution underscores the dynamic nature of the wearable tech industry, where innovation and consumer preferences continue to shape future trends. As brands diversify their offerings and cater to specific demographics, the landscape promises to become even more competitive and exciting.
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