Wearable tech devices continue to spark the interest of consumers in many parts of the world, with some emerging product categories, such as hearable devices, attracting a new customer base for the products.
The market for wearable technologies experienced some fluctuations over the past year, as demand for fitness tracker products decreased while global smartwatch growth remains strong. Notable trends shaping the market include:
- In 2018, annual smartwatch shipments rose by 15%, fueled by demand for high-end watches like the Apple Watch and for lower-priced products primarily targeting the Asian market.
- Demand for fitness trackers has declined as smartwatches increasingly integrate fitness or activity-related features. Global fitness tracker shipments decreased again in 2018 to 44.5 million units.
- The market for head-mounted smart glasses, such as the Epson Moverio product line or Snap’s Spectacles, continues to limp along as consumers show little interest in the products.
- Demand for hearable devices, such as Apple’s AirPods, has exploded over the past year. Driven by the removal of the wired headphone jack from some high-end smartphones, hearable device shipments surpassed 35 million in 2018.
- Other wearable tech product categories, like smart clothing, connected jewelry and a number of wearable or connected health care products, continue to be a work in progress.
This webinar will provide S&P Global’s mid-year review of the wearable tech market, along with providing forecasts by product category for the next five years.