As the Apple Watch continues to fuel sales and interest in the category, CCS Insight anticipates that the wearables industry will almost quadruple in size by 2022 to $27 billion.
According to the research firm, shipments will rise from 117 million units this year to 233 million units in 2022. The demand for smartwatches, which is predicted to increase from 85 million shipments to 137 million in four years, will be the main driver of this growth. The future of fitness bands does not look promising. They are anticipated to decrease by 4 million to 39 million during this time.
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It is obvious that Apple’s success is helping the larger market. The Cupertino company just released its Series 4 watch. Over its predecessor, this offers a number of improvements, including a larger display, an ECG sensor, fall detection, improved performance, and more.
According to George Jijiashvili, senior analyst for wearables at CCS Insight, “The combination of Apple’s success with its Watch and the strong engagement levels we’re seeing among smartwatch owners underlines the value people are increasingly placing on these products.”
It represents a significant improvement over a few years ago, when we frequently observed high rates of desertion from early adopters of smartwatches who quickly lost interest in the products.
However, CSS Insight also sees the future of Wear OS devices as promising. It anticipates continued investment in the market from the Fossil Group and high-end watch companies like Louis Vuitton, Montblanc, and TAG Heuer.
Jijiashvili continued, “The Apple Watch has done well since it was purchased by iPhone customers.”
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The market for Android smartphone users is significantly larger, and we feel that the market is ready for the next wave of smartwatch adoption as a result of the release of an ever-improving range of watches from fashion and consumer electronics manufacturers.
Sales are anticipated to be boosted in the upcoming years by both new product categories and replacement equipment. Biometric headphones and hearables are among them. By 2022, they’re projected to make up 27 million shipments. It’s a little-known truth that traditional chest straps exceed traditional earbuds as the most accurate heart-rate monitors, as opposed to watches. Although Apple has not yet joined this industry, CSS Insights believes it is only a matter of time until the company gives its AirPods new features.