Future Market Insights (FMI), in its recent report titled “Wearable Computing Devices Market: Smart Fitness Devices to Outpace Market Growth, 2014 to 2020” indicates that the global wearable computing devices market revenue is expected to grow at a considerable CAGR of 36.8% during the forecast period. In addition, in terms of shipments this market is expected to reach over 160 million units by 2020.
Vineet Kumar, a consultant at FMI, said, “Expected fall in average selling price of wearable devices in near future and increased awareness among users is likely to accelerate the growth of wearable computing devices market during the forecast period. Further, growing health concern and availability of open source application are anticipated to increase the adoption of smart fitness and smart accessories in the near future”.
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This report includes two segments, namely, product category and vertical. The segment product category is further sub-segmented into smart accessories, smart textile and smart fitness accessories. Among all the aforementioned sub-segments, smart fitness accessories sub-segments accounted for more than 70% of the global wearable computing devices shipment share in 2013; however, this is expected to decrease by more than quarter share by 2020. The sub-segment smart textile shipment CAGR is 3x when compared to overall wearable computing devices CAGR in 2020.
The sub-segment smart accessories can be further categorised into smart watches and smart bands. Among all the aforementioned categories, smart bands to dominate the market with 50% share of overall smart accessories revenue and shipment. Smart textile sub-segment includes smart apparels and clothing & innerwear. Of all the smart textile categories smart apparels market to experience higher CAGR than clothing & innerwear market over the forecast period.
The segment vertical includes consumer vertical and business to business (B2B) Vertical. Consumer vertical accounted for more than half of the share of wearable computing devices market revenue in 2013.
Region-wise, North America dominated the market with over one-third share of the overall wearable computing devices market revenue, followed by Western Europe, in 2013. However, among all the regions, the wearable computing devices market in Asia-Pacific is expected to grow at a considerable CAGR during the forecast period. Wearable computing devices market growth in Asia-Pacific is mainly driven by fall in average selling price of wearable devices and accessories.
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Major participants in the global wearable computing devices market continue to focus on introduction of advanced wearable devices and accessories in order to increase their client base and attract new customers. Some of the top players in global wearable computing devices market are Apple Inc., Adidas AG, Nike Inc., Samsung Electronics Co. Ltd. and Fitbit Inc. These top players accounted for over 50% market share in 2013.