Health Apps Will Help Smaller Smartwatch Vendors Boost Market Share, Says Report
The top smartwatch vendors will see their collective 58 percent market share in 2018 shrink to 47 percent by 2023, Juniper Research reported Tuesday, with Garmin, Huami and Huawei poised to gain ground. Apple is expected to continue to lead…
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the segment in shipments over the next four years, but Huawei will grow faster, at a 20 percent compound annual growth rate. Increased focus on healthcare integration will lead to overall shipment growth over the forecast period, with Apple and Withings among the leaders in the category, followed by Fitbit and Garmin. Smaller players will grow via niche market targeting, use cases or price points, while others deliver premium devices combining fitness, outdoor activity and health features, it said. China shipped 24 million smartwatches last year vs. 19.5 million by North America companies, and it’s expected to continue to widen the gap with lower priced devices. Adoption of hybrid smartwatches, which comprised 22 percent of last year's smartwatch shipments, will be slower than expected as smaller players focus on digital offering apps, connectivity and sensors.