According to market research firm Gartner, global wearable device shipments are expected to hit 310 million units this year, marking an impressive 16.7% increase compared to last year. The overall market size is projected to reach $30.5 billion, with smartwatches accounting for 13.3% of these shipments and generating $9.3 billion in revenue. Back in 2012, smartwatch sales reached nearly 81 million units, representing 16% of the total wearable device market. That year, revenues soared to $17.4 billion, making smartwatches the fastest-growing segment in terms of revenue among all wearable devices.
The accompanying image below shows the rising popularity of smartwatches like the Apple Watch Series II, which continues to lead the pack in innovation and consumer interest.
[Image: Market research firm Gartner: smart watch revenue growth in wearable devices]
Gartner remains optimistic about the future of smartwatch revenue, largely due to its confidence in Apple. While the average selling price of Apple Watches has been relatively stable, it's expected to decline slightly from $223.25 in 2017 to $214.99 by 2021 as production scales up and competition intensifies.
In terms of brand share, Apple is still anticipated to maintain its dominant position in the smartwatch market. However, with new players entering the arena, Apple’s market share is expected to drop from around one-third in 2016 to roughly one-fourth by 2021. Other brands such as Asus, Huawei, LG, Samsung, and Sony are predicted to collectively capture 15% of the market share by then. This shift is partly due to these brands lacking the same level of brand appeal and consumer loyalty that Apple enjoys.
Looking ahead, Gartner also foresees a significant rise in the popularity of children’s smartwatches, which are projected to make up 30% of total smartwatch shipments by 2021. Additionally, traditional watchmakers, including luxury and fashion brands, are set to capture 25% of the smartwatch market, leveraging their established reputations and aesthetic appeal.
This forecast highlights the evolving landscape of wearable technology, where both established tech giants and niche brands are vying for a piece of the growing pie. As more consumers embrace the convenience and functionality of smartwatches, the market is likely to see further diversification in product offerings and user demographics.
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