Overview of the global wrist wearable market

Technavio’s market study identifies the increasing popularity of connected devices to be one of the primary growth factors for the wrist wearable market. Influenced by the increasing penetration of smartphones, the growing popularity of high-speed broadband services, and technological advancements, customers are increasingly preferring connected services. Wearable devices enable the easy transfer of data to electronic devices. Additionally, wearable devices can also alert the user about medication timings and the dosage of medicines to be taken and provide access to multimedia and infotainment services. Our market research analysts estimate that this market will grow steadily at a CAGR of almost 13% by 2021.

There is a steady increase in the consumer preference for wrist wearables. This growing demand is encouraging vendors to develop and manufacture wrist wearables such as bracelets and tags, apart from smartwatches and fitness bands. The Netatmo June bracelet was designed specifically for women, to measure the amount of sun exposure and alert them regarding the application of sunscreen lotions that was connected to the smartphones. This growth of niche markets for wrist wearables will be one of the major trends that will gain traction in the wrist wearable market during the next four years.

Competitive landscape and key vendors

The wrist wearable market is highly fragmented due to the presence of several established vendors facing competition from the new players. According to the Wrist wearable market analysis report, the high growth potential and low entry barriers encourages more entrants to enter the wearable technology market. To counter the growing competition, vendors are implementing innovative marketing techniques and are forming strategic alliances to attain competitive advantage among the other wrist wearable manufacturers.

The leading vendors in the market are -

• Apple
• Fitbit
• Garmin
• Lenovo
• Samsung Electronics
• Xiaomi

The other prominent vendors in the market are Adidas, Amiigo, AsusTek Computer, Atlas Wearables, Baidu, BBK Electronics, Fitbug, FlyFit, Fossil, GOQii, Healbe, iFit, Jaybird, LG Electronics, Martian, Misfit, Movable, Mushroom Labs, Nautilus, Nike, Pivotal, Polar, Razer, Runtastic, Skechers, Sony, Striiv, Tag Heuer, Titan, and YU Televentures.

Segmentation by product type and analysis of the wrist wearable market

• Smartwatch
• Fitness Band

Smartwatches worn by consumers can be easily connected to smartphones through near-field communication (NFC) and Bluetooth that facilitates full connectivity and enables the consumer to receive notifications on their smartphones. Based on the wrist wearable market outlook report, the increase in shipment and revenues generated from the sales of smartphone-compatible smartwatches will be a major factor contributing to the growth of the smartwatch segment. This in turn, will boost the wrist wearable market growth prospects.

Geographical segmentation and analysis of the wrist wearable market

• Americas
• APAC
• EMEA

The awareness of the consumers in Americas regarding wearable technology influences the use of wrist wearables mainly to monitor the fitness of individuals. Several sportspersons, athletes, working professionals, and individual customers have adopted wearable fitness devices to avoid health issues. To cater to the demand and enhance their market presence, the vendors in this region are increasingly offering technologically advanced products.

Key questions answered in the report include

• What will the market size, market forecast and the growth rate be in 2021?
• What are the key factors driving the global wrist wearable market?
• What are the key market trends impacting the growth of the global wrist wearable market?
• What are the challenges to market growth?
• Who are the key vendors in the global wrist wearable market?
• What are the market opportunities and threats faced by the vendors in the global wrist wearable market?
• Trending factors influencing the market shares of the Americas, APAC, and EMEA.
• What are the key outcomes of the five forces analysis of the global wrist wearable market?