Wareable posted a feature this week using data gathered from various studies to paint a picture—in broad strokes—of the current wearable market. Sources include CCS Insight, NPD and First Insight (direct link to PDF).
I’ll admit that precious few of these “insights” are in any way surprising; the most encouraging data point for me is that there’s a large potential market out there for cheaper hardware. And who doesn’t want cheaper hardware? Anyway, read on for more!
Fitness Trackers for the Fit
79% of fitness tracker owners exercise regularly. And 47% of those who currently and regularly exercise without wearable tech said they are planning a fitness tracker purchase.
Smartwatches for Men
According to one study a whopping 71% of current smartwatch owners are male. This will hopefully change as more smartwatches specifically tailored for women become available.
A Young Market
69% of smartwatch owners in a 2015 study were in the 18-34 age group. Another British study found that millennials were three times as likely to own a fitness tracker and six times more likely to own a smartwatch than older age groups.
U.S. and China
China and the USA are currently the biggest geographical markets for wearable tech. By 2018 it’s projected that the market for fitness trackers in China will be twice that of the USA and 2.5 times bigger than Western Europe.
Everybody Wants a Bargain
51% of a test group in one survey indicated that they were waiting for prices to come down before they made their first smartwatch purchase. Oh, and that $10,000 Apple Watch Edition? It was a flop.