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Smartwatch Sales To Double In Next 5 Years

Smartwatch Sales To Double In Next 5

Years

 

The US wearable tech market is set to almost double by 2022 as “critical mass adoption” takes place. Analyst firm Forrester states that wearables will grow from a $4.8 billion industry last year to just over $9 Billion in 2022, representing a CAGR of 9 percent from 2017 to 2022.

The company forecasts that smartwatches will lead the way, increasing from 21 percent of all wearable tech devices sold in 2016, to a 51 percent share in 2022.

Smartwatch sales are currently dominated by Apple, who recently launched its third-generation smartwatch. In the second quarter of 2017, it’s estimated that the Cupertino tech giant’s Apple Watch series accounted for just under half of all smartwatch shipments. Although Apple keeps tight lipped on exact Watch sales figures, it’s estimated that in Q2 2017, 3.4 million units were shipped. Samsung and Garmin came in second and third, with 800,000 and 600,000 shipments respectively.

With the likes of Android Wear and its army of brands adding to those three – from both the tech and the fashion worlds – plus the likes of the much-anticipated Fitbit Ionic, it’s easy to understand why Forrester is backing the smartwatch to boom in popularity.

 

 

The analyst is pinpointing a couple of main reasons for its predicted surge in smartwatch shipments. Firstly, the report mentions that the public is increasingly driven to purchase consumer technology that incorporates health and fitness (30 percent of consumers reporting they would use a wearable to capture or store personal health-related information and 17% saying they are already using a wearable for this). There are already schemes that better integrate wearables into the health care system, such as companies subsidizing wearables if certain exercise criteria is met.

The second reason is that smartwatch prices – on the whole – are falling. As component costs continue to fall, more companies can make more affordable smartwatches. For example, just this week the Ticwatch E went live; the latest Android Wear smartwatch costs less than $160 but still packs in a heart rate monitor and GPS connectivity.

 

Forrester also states that wearable device usage is driven by a consumer desire for more convenience (35% of US online adults who use wearables do so to simplify their lives) and information (44% of US online adults like that wearable devices can deliver important notifications instantly).

 

 

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