Exit of small players boosts the sales for giants in Smart Wearables Market:
To define, smart wearables are gadgets worn on the body to fulfil a particular task. Be it calculating the number of calories burnt, or the concept of portraying virtual reality. Wearable technology has always been around, which has considerably made life easy for humankind. The Google Glass for example, created quite a stir when it was first launched. It pushed humanity to think beyond reality. This kind of pioneered the whole trend of the smart wearables concept globally. The smart wearables market has gone beyond just entertainment and is being used in fitness, healthcare and lifestyle.
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There are various technology products in the smart wearables market. Like the fitness band, smart watches, smart glasses and others. With growing applications to the concept, the smart wearables market is growing rampantly.
Smart Wearables Market Size Analysis:
Smart Wearables market size to maintain the average annual growth rate of 14.66% from 20500 million $ in 2014 to 30900 million $ in 2017, Research Cosmos analysts believe that in the next few years, Smart Wearables market size will be further expanded, we expect that by 2022, The market size of the Smart Wearables will reach 58000 million $.Although there was a decline compared to the XX% growth as predicted previously, but the reason for them is that bigger players are ruling the roost while smaller players have exited paving way for more expensive and nuanced products that are tough to compete with moving consumer preferences toward fancy sophisticated products. Some of the niche players fighting it out in the smart wearables department are Fitbit, Apple, Google, Xiaomi, Samsung and many more. Globally, markets like North America, Japan and Western Europe clocked a decline of 6.3% on the year on year growth, meanwhile Asia Pacific, Central Europe and Latin America grew by 14%.
China Players Showing Dominance in Smart Wearables Market?
2017 was dominated by the Apple market with 17% market share after an intense fight with Xiaomi with 15.1% market share and Fitbit with 9.5% market share. Apple is known to increase by 55% over the years consistently. India and China are also growth drivers of the market and are highly dependent on the technology market. Rising penetration of internet in India is also known to boost the market considerably. The strong demand for and exit of smaller players has strengthened the position of bigger players. Connected, easy-to-use smart wearables are gaining traction not just for their health benefits but also because they associate with technology boom. With advent in the sports world, the smart wearables market is leaving no stone unturned to foray into all possible markets known.
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