Smartwatch Shipments to Reach 166 Million by 2023, As Big 4 Smartwatch Vendors Set to Lose Market Share
Apple, Fossil, Fitbit and Samsung to see market share for smartwatch shipments decline to 47%
Hampshire, UK – 19th February 2019
: A new study by Juniper Research
has found that the 4 biggest smartwatch vendors, Apple, Fossil, Fitbit
, will have their market share for connected watch shipments fall to 47% by 2023, down from an estimated 58% in 2018. The decline is linked to the growth of smaller players, including Garmin, Huami
While Apple will remain the largest single vendor in terms of shipments over the next 4 years, Huawei will enjoy the fastest growth, with a CAGR of 20%.
Juniper’s new research, Smartwatches: Digital & Hybrid Vendor Strategies & Forecasts 2019-2023
, found that smaller players will thrive thanks to strategies tailored for niche markets, use cases or price points; while others are releasing premium smartwatches combining the best of fitness, outdoor activity and health features.
It claimed that an intensified focus on healthcare integration will also contribute to the increase of smartwatch shipments over the next few years. Juniper forecasts that Apple
will lead the way in terms of healthcare integration, followed by Fitbit
For more insights, download our free whitepaper, Healthcare ~ The Future of Smartwatches
China to Become the Biggest Smartwatch Market
The rise of smaller players is linked to the rapid expansion of the Chinese market offering lower-priced smartwatches. Far East & China has now overtaken North America as the most dominant market, with over 24 million smartwatches shipped in 2018 against 19.5 million for North America.
The gap between these two markets will deepen further by 2023, with Far East & China trebling its shipments by that time.
A Slower Hybrid Market
The adoption of hybrid smartwatches will be slower than expected; hybrid smartwatches represented an estimated 22% of all smartwatches in 2018. This slower growth is linked to smaller players focusing on digital smartwatches offering more possibilities in terms of apps, connectivity and sensors than hybrid watches, which remain limited in their functionality.
Juniper Research provides research and analytical services to the global hi-tech communications sector; providing consultancy, analyst reports and industry commentary.
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