Wearable tech is perhaps the most pertinent example of how tech is slowly turning to what we previously thought was only possible in things like science fiction movies and the like. Apple is responsible for starting this whole industry in such a spectacular manner with all things having been considered and taken into account. With all of that having been said and now out of the way, it is important to note that the company’s Apple Watch now has a user base in excess of 100 million.
That is a massive number by any standards, and it becomes doubly impressive when you take the pandemic into account because of the fact that this is the sort of thing that could potentially end up closing down retail stores and decreasing sales. The reopening of retail outlets has seen the industry rebound to a large extent, and the overall wearable industry has grown by a grand total of 27%. This is based on global shipments of smart watches and the like, and Apple seems to be continuing to dominate this sector with few if any companies managing to come close to its monopolistic hold over wearable tech in general.
However, it should also be noted that Apple’s dominance is decreasing. Whereas previously it controlled over 30% of the industry, it lost out some of its market share to Chinese companies like Huawei and now has a 28% market share. Huawei managed to bring its own market share to 9%, but this of course doesn’t change the fact that over a quarter of all smart watches are sold by Apple and this is a number that is too high to change in any meaningfully short period of time. Still, the decrease in market share is a sign that Chinese companies might start to tip the scales and assert more control over certain areas of the market.
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That is a massive number by any standards, and it becomes doubly impressive when you take the pandemic into account because of the fact that this is the sort of thing that could potentially end up closing down retail stores and decreasing sales. The reopening of retail outlets has seen the industry rebound to a large extent, and the overall wearable industry has grown by a grand total of 27%. This is based on global shipments of smart watches and the like, and Apple seems to be continuing to dominate this sector with few if any companies managing to come close to its monopolistic hold over wearable tech in general.
However, it should also be noted that Apple’s dominance is decreasing. Whereas previously it controlled over 30% of the industry, it lost out some of its market share to Chinese companies like Huawei and now has a 28% market share. Huawei managed to bring its own market share to 9%, but this of course doesn’t change the fact that over a quarter of all smart watches are sold by Apple and this is a number that is too high to change in any meaningfully short period of time. Still, the decrease in market share is a sign that Chinese companies might start to tip the scales and assert more control over certain areas of the market.
H/T: Counterpointresearch.
Read next: American Spending on Tech to Approach Half a Trillion Dollars in 2021
