The wearable market may not be the most useful and essential to a lot people at its current state, but analysts predict that it is still expected to grow next year. According to a report by Gartner, the market is expected to grow to $28.7 billion in sales by the end of this year.
The Smartwatch Market in Numbers
Overall, sales are also expected to grow 274.6 million units, a marked increase of 18.4 percent from last year’s 232 million.
Smartwatch sales, when combined, make up $11.5 billion out of that and will sell around 50 million units throughout the year. The category is also expected to swell to $17.5 billion, or 66.71 million units by the end of 2019. The category is also noted for its large dependence on smartphones, pointing to an area with the most revenue potential.
Once again, it is Apple which is noted particularly for bringing lucrativeness with its Watch, though its sales are difficult to tell for sure due to being relegated to the “others” section in its earnings reports. It is also commended for being more of a fashion statement rather than just being a smart watch. According to Canalys, it accounted for two-thirds of all sales of smartwatches during the holiday season alone.
2015 also saw a large number of traditional watchmakers jump into the market, most notably Fossil and Tag Heuer.
Gartner does appear to put less weight behind fitness tracker margins which, confusingly so, all scored lesser sales than smart watches. With names like Xiaomi and Fitbit now covering virtually all price points between themselves and enhancing accessibility, this just shows how much guess work still goes on in firms such as these.
The fitness market (made up of wristbands, smart garments, chest straps, sports watches and other fitness monitors) will reach 109 million units in sales by the end of 2019.