Wearable Devices - Market Size
The total market size of the wearable devices market is currently placed at $4.8 billion and according to research, by 2024 with a CAGR of 15%, the global wearable devices market is expected to exceed more than $67 billion. Also, the global fitness tracker ring market of which key players like the Oura Rings and the Motiv Rings fall into is anticipated to flourish at a robust (CAGR) over the forecast period 2017-2024.
MARKET SIZE AND GROWTH FORECAST
- Growth continued in the worldwide wearables market amid the second quarter of 2018 as shipment volume achieved 27.9 million units, which is a 5.5% increase from the previous year.
- The market experienced similar gains in dollar value, growing 8.3% year-over-year to reach the present market size of $4.8 billion in 2018, fueled by the continued popularity of smartwatches with their high price tags.
- From a provincial point of view, develop markets which involved North America, Japan, and Western Europe — declined 6.3% year over year as these business sectors to a great extent included essential wristbands a year ago, which have declined generously from that point forward and the development in smartwatches has not been sufficient to balance the decrease.
- In the meantime, developing markets, comprehensive of Asia/Pacific (barring Japan), Central and Eastern Europe, Middle East and Africa, and Latin America developed 14% year over year as fundamental wristbands are still in intense interest (because of the low cost) and smartwatches likewise picked up footing.
- The global wearable devices market is relied upon to surpass more than $51.50 billion by 2022 at a CAGR of 15%.
- Key players in the wearable gadget showcase includes Apple Inc., Adidas AG, Garmin, Fitbit, Nike, Inc., Oura, Google Inc., Jawbone, Sony Corp, Samsung Electronics Co. Ltd., Motiv, and Xiaomi.
- According to research, by 2024 with a CAGR of 15%, the global wearable devices market is required to surpass more than $67 billion.
- According to a report from IDC, Apple gadgets keep on driving the wearables showcase.
- The report guarantees that the Cupertino-based organization delivered a sum of 46.2 million wearables for the year.
- The firm likewise revealed that the overall market for wearable gadgets developed by 31.4% amid the final quarter of 2018, to achieve 59.3 million units transported, while shipments for the year developed 27.5% for an aggregate of 172.2 million.
- Apple held its No. 1 position in wearables again in Q4, with 16.2 million wearables delivered — 10.4 million of which were Apple Watches, the report said.
- Smartwatches together developed 54.3% in 2018 and represented 29.8% everything being equal. Apple Watches represented almost a large portion of that advertise, the report said.
- Jawbone, a driven wearables organization began off making speakers and goofy looking Bluetooth earpieces has been experiencing a harsh couple of years and has moved into creating exquisite wellness trackers planned by Yves Behar.
- But regardless of the challenges the organization is experiencing, Chief Executive Hosain Rahman doesn't appear to experience much difficulty raising funds.
- In the last 16 years of its existence, the organization has raised more than $950 million from a passel of high-flying investment firms like Khosla, Sequoia Capital, and Andreessen Horowitz.
- Its valuation went down over the most recent two years, however, from a pinnacle of $3.1 billion in September 2014 to $1.3 billion in January 2016 when it raised $165 million from the Juwait Investment Authority.
- However, as indicated by a report from Statista, insights demonstrates Jawbone's shipment share in the worldwide wellness tracker market from 2013 to 2016. Starting at 2016, a lot of wellness tracker shipments added up to 2%.
- Oura Health is a Finnish well-being innovation organization and the producer of Oura ring. The organization has moved its private financing to €12.5 million and furthermore designated new board individuals with the United States business skill to reinforce its toehold in the US advertise.
- The Oura ring is a wearable gadget as a ring that manages its wearers towards better rest, recuperation and availability by dissecting the body's rest, every day rhythms, action levels, and physiological reactions.
- According to Researchnester, the Global wellness tracker ring business sector of which key players like the Oura Rings and the Motiv Rings fall into is foreseen to prosper at a strong compound yearly development rate (CAGR) over the gauge time frame for example 2017-2024.
- This advertise development of the worldwide wellness tracker ring is collected by the expanding interest for savvy wearable gadgets combined with the expanded interest for keen wellness trackers.
Your Research team applied the following Strategy:
Despite an extensive search, we were unable to find the individual market shares for the key players. Key players identified include Apple iWatches, Fitbit, Jawbone, Oura Rings and Motiv Rings amongst others.
To identify the global market shares of key players in the wearable devices space, we first searched through market research reports that included IBIS World, IDC, and Digital Commerce 360. However, with this strategy, we did not find any useful information on the global market shares of key players in the wearable devices space.
As our second strategy, we tried to triangulate the information by trying to identify the top companies that are currently active in the market to identify their maximum market shares in the wearable devices space and use these findings to get an estimated share of the general market for other select key players like Motiv, Oura etc. However, this proved to be futile. We were not able to find any relevant information that would enable us to triangulate an estimated market shares of key players in the wearable devices space. Most of the resources like Statista, Bloomberg, TechCrunch, and WearableTechnologies in the public domain did not contain the financial statistics of the companies in the market.
Finally, we tried searching for information on global news forums, publications, articles, expert blogs such as Forbes, MarketWatch, Marketresearchengine, Researchnester, and Venturebeat. However, after an exhaustive search through all these sources, we were unable to identify actionable information on the total market shares of the key players in the wearable devices space. Most of the information that we did find was related to the available devices produced by these key players, applications and advantages of using these wearable devices, and how they function.
Consequently, we concluded that information regarding the said subject is scarce in the public domain as majority of the key players are private companies and do not reveal their financial statements publicly.