Table of Contents
Overview
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- What you need to know
- Definition
Executive Summary
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- Overview
- The issues
- Slowing growth for wearables in a fragmented market
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- Figure 1: US manufacturer shipments of wearable tech (millions), 2013-18
- Wearables: a nice to have, not a must have
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- Figure 2: Factors limiting wearables fitness device penetration, by key demographics, October 2018
- Early innovators stumble
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- Figure 3: Global sales of Fitbit, GoPro, and Garmin fitness divisions, 2012-18
- The opportunities
- One device that does it all
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- Figure 4: Wearable technology features of interest, by key demographics, October 2018
- Clear audiences for low-cost fitness trackers
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- Figure 5: Interest in health tracking, by key demographics, October 2018
- Upgrades also an important market
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- Figure 6: Wearables purchasing behavior – NETs, October 2018
- Don’t forget about the gift market
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- Figure 7: Wearables gifting – NETs, October 2018
- What it means
The Market – What You Need to Know
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- Growth stumbles for a new category
- Different levels of maturity for different segments
- Smartphones are key competition
- Interest in health, athleisure could drive sales
Market Size
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- Initial growth slows
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- Figure 8: US manufacturer shipments of wearable technology, 2013-18
Market Breakdown
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- Fitness tech, action camcorders slow
- Smartwatches in it for the long haul
- VR, AR: Still at the beginning
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- Figure 9: US manufacturer shipments of wearable tech, by segment, 2013-18
Market Perspective
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- Overlap with smartphones
- Drone cameras: From hands-free to person-free
Market Factors
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- Strong interest in tracking health
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- Figure 10: Interest in fitness/health tracking, October 2018
- The “drawerwear” factor
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- Figure 11: Wearable fitness and health tracker used in the last 30 days, November 2012-June 2018
- Harnessing the athleisure trend?
Key Players – What You Need to Know
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- Struggles for fitness and action-cam companies
- Multifunction devices likely to prevail
- Dedicated products will lack for broad audiences
- Smart clothing coming soon?
Company and Brand Sales
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- Fitness, action camcorder companies see sales declines
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- Figure 12: Global sales of Fitbit, GoPro, and Garmin fitness division, 2012-18
- Apple Watch breaks through?
What’s Working?
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- One device that can do it all
- Let the music play
What’s Struggling?
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- Lack of a standard OS
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- Figure 13: Operating system preference, October 2018
- High cost
- Power play
What’s Next?
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- Clothing to get smarter
- From hearing and seeing to feeling
- New high-tech help for the impaired
The Consumer – What You Need to Know
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- Solid potential for market growth
- Health features of solid interest
- Music, phone features popular
- High levels of repeat purchase intent
- Cost is the primary factor inhibiting purchasing
Ownership and Interest in Wearable Tech
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- Room to grow for many types of wearables
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- Figure 14: Ownership and interest in wearable tech – NETs, October 2018
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- Figure 15: Ownership and interest in wearable tech, October 2018
- Ownership highest amongst the young and affluent
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- Figure 16: Ownership and interest in wearable tech – NETS, by age and household income, October 2018
- Asians, Hispanics most engaged with wearables
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- Figure 17: Ownership and interest in wearable tech - NETs, by race and Hispanic origin, October 2018
Interest in Fitness/Health Tracking
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- Solid interest in health features
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- Figure 18: Interest in fitness/health tracking, October 2018
- Women a key audience for fitness trackers
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- Figure 19: Interest in fitness/health tracking, by age and gender, October 2018
- Lower interest amongst seniors
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- Figure 20: Interest in fitness/health tracking, by age and household income, October 2018
Interest in Wearable Fitness Technology Features
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- Young women interested in phone features
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- Figure 21: Interest in wearable fitness tech features, by age and gender, October 2018
- Music particularly compelling for less affluent users
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- Figure 22: Interest in wearable fitness tech features, by age and household income, October 2018
- Hispanics, Asians want to talk and text
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- Figure 23: Interest in wearable fitness tech features – by race and Hispanic origin, October 2018
Purchasing Behavior
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- Purchase intent high for fitness trackers, smartwatches/bands
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- Figure 24: Wearables purchase behavior – NETs, October 2018
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- Figure 25: Wearables purchase behavior, October 2018
- Repeat purchase intent high for men
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- Figure 26: Wearables purchase behavior – fitness tracker and smartwatch/band, by gender, October 2018
- Purchase intent decreases significantly with age
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- Figure 27: Wearables purchase behavior – Fitness tracker and smartwatch/band, by age, October 2018
Consumer Motivations
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- Health, phone features prevail
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- Figure 28: Purchase motivations for wearable fitness devices, by age, October 2018
- Parents value being in touch
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- Figure 29: Purchase motivations for wearable fitness devices, by gender and parent status, October 2018
- Cost the primary barrier to entry
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- Figure 30: Factors limiting wearable fitness device penetration, October 2018
Appendix – Data Sources and Abbreviations
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- Data sources
- Sales data
- Consumer survey data
- Abbreviations and terms
- Abbreviations
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