LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global wrist wearable market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
In terms of revenue, the global wrist wearable market is expected to grow at a CAGR of almost 13% during the forecast period. The integration of wearables for fitness and sports with smart devices, such as smartphones, will enhance the ability of manufacturers to offer highly sophisticated analyses with the help of technologically advanced application capabilities. The integration of wearables and smartphones will lead to an increase in the availability of different smartphone apps that cater to the numerous needs of the users.
Ujjwal Doshi, a lead analyst from Technavio, specializing in research on consumer electronics sector, says, “With the potential growth of the global wrist wearable market, a number of startups have ventured into the market. These startups are mainly engaged in allowing the developers to access their devices and enhance their functionality. Startups are also engaged in releasing application programming interfaces for the integration with wearable devices. Most of the wrist wearable devices serve a single purpose or a specific set of related functions for a user.”
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The top three emerging trends driving the global wrist wearable market according to Technavio research analysts are:
- Growing niche market for wrist wearables
- Addition of smart elements in traditional watches
- Increasing popularity of smartwatches among younger population
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Growing niche market for wrist wearables
The popularity of wrist wearables has been growing to a large extent in the global smart wearables market. Apart from smartwatches and fitness bands, the vendors in the market are focusing on the development and manufacture of various other wrist wearables, including bracelets and tags.
“The Netatmo June bracelet was released in 2016 for approximately USD 120. It was designed specifically for the women population, to measure the amount of sun exposure and alert them regarding the application of sunscreen lotions to avoid UV damage. The bracelet is linked with a mobile app that sends a notification to the smartphone of the user,” according to Ujjwal.
Addition of smart elements in traditional watches
Traditional watch makers have started to include smart features in their products, mainly due to the increasing popularity of wrist wearables. Vendors started to manufacture connected timepieces, which are traditional watches with some additional technologies such as the ability to track the steps taken and receive the notifications from smartphones. For instance, Timex released Metropolitan+ priced at USD 125 in 2015. Guess also released a watch, Connect, that costs USD 400 in 2016. Technavio estimates that more hybrid devices are expected to be released during the forecast period.
Increasing popularity of smartwatches among younger population
The demand for smartwatches that are designed specifically for children is increasing. Such smartwatches are designed keeping in mind the preferences of children. Hence, they have varying degrees of functionalities and features. The main reason for the increasing demand for such smartwatches is that they help parents locate their kids via GPS and send messages and alerts in the case of emergencies.
BBK, a Chinese electronic device company that manufactures the Oppo and OnePlus series, sold nearly 710,000 units of XTC Y01, a smartwatch designed for children (in 2015). Furthermore, Linkoo Kids, launched by a French startup, sold smartwatches for kids at USD 140 in 2015. The watch had features such as GPS tracking and alert messaging.
The key vendors are as follows:
- Apple
- Fitbit
- Garmin
- Lenovo
- Samsung Electronics
- Xiaomi
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