According to recent reports from international media, Gartner has just released its latest forecast for the global wearable technology market. This year, the global shipment of wearable devices is expected to grow by 16.7%, covering a wide range of products such as smartwatches, wearable cameras, and head-mounted displays.
This growth is illustrated by an image showing a variety of futuristic-looking wearables (Image source: http://i.bosscdn.com/blog/82/57/09/-1FR50Z61HV.jpg). Gartner projects that the global wearable device market will hit 3.004 million units this year, generating a total revenue of $30.5 billion. Notably, smartwatch products, led by the Apple Watch and Samsung Gear, are predicted to contribute $9.3 billion to this figure.
Despite Apple's silence regarding the exact sales figures for the Apple Watch, Gartner estimates that approximately 41.5 million smartwatches will be sold globally this year. These sales are anticipated to peak between 2019 and 2021. By 2021, the annual sales of smartwatches are expected to surpass 81 million units, representing 16% of the total wearable device market. The success of smartwatches will largely hinge on the performance of Apple Watch, which continues to dominate the market.
While Gartner forecasts that Apple will maintain its leadership position in the smartwatch sector, its market share is projected to decline from around one-third in 2016 to roughly one-quarter by 2021. As more competitors enter the market, including brands like ASUS, Huawei, LG, Samsung, and Sony, these companies are expected to collectively capture 15% of the market by 2021. Despite their relatively low individual shares today, their collective influence is expected to grow significantly.
One of the most striking trends highlighted by Gartner is the rise of children’s smartwatches. These devices, primarily targeted at children aged 2 to 13, are expected to account for 30% of total shipments by 2021. Parents who wish to avoid giving their children smartphones find these smartwatches to be an ideal alternative, providing functionality while addressing safety concerns.
Meanwhile, traditional luxury or fashion smartwatches are set to capture 25% of the market by 2021. These products will rely heavily on brand appeal to attract younger consumers looking for style-conscious accessories.
In conclusion, the wearable tech industry is poised for significant expansion over the next several years, with innovations across multiple sectors driving both demand and revenue. From kids’ smartwatches to luxury fashion pieces, the market is evolving rapidly, offering opportunities for both established players and emerging brands.
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