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US Smart Wearable Devices Market Research Report to 2021: Ken Research

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The report also covers detailed snapshot on major and emerging companies in the smart wearable health device market including growth drivers, issues and challenges, and market share. – PowerPoint PPT presentation

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Title: US Smart Wearable Devices Market Research Report to 2021: Ken Research


1
US Smart Wearable Devices Market Research Report
to 2021 Ken Research
2
  • How The US Smart Wearable Health Device Market Is
    Positioned?
  • Wearable fitness devices had been in market since
    the early 1980s however their uses were
    restricted to professionals as they are costly
    and less consumer friendly. With the
    miniaturization of equipments and development of
    software technology along with wireless
    connectivity has made the wearable health devices
    more consumers friendly and are easier to read
    and understand. Vyzin Electronics Private Limited
    was the first company which unveiled their first
    medical alert smart watch for health with
    cellular, GPS and medicine reminder and SOS for
    help during emergency. Apple after the launch of
    its first smart watch in 2014 has emerged as the
    leader in the US smart watch market at the end of
    2016.

3
Market for smart wearable health devices has
increased significantly in the last three years
(2014-2016). The market on the basis of revenue
generated from retail sales increased from USD
billion in 2014 to USD billion in 2016. It
registered growth in 2015 and in 2016.
Volume sales during the same period increased
from million in 2014 to million in 2016.
Fitness bands were the most sold smart wearable
health devices followed by smart watch. Apple,
Fitbit, Garmin, Samsung, Pebble, Motorola, Sony
were some key players in the smart wearable
market in the US. Market will be driven by
consumers who remain technologically active and
upgrade their hardware at regular intervals.
Entry of new products segments and new consumer
segments will further augment the product demand
in future. Companies like Apple and Fitbit will
continue their dominance in the short run.
Companies developing more user friendly devices
and offering better after sale service in form of
upgrades are expected to dominate.
4
Value Chain Analysis Parent companies branding
and marketing the product are at the top of the
value chain. They do the research and
development, designing and other high end jobs.
Manufacturing is outsourced to contract
manufacturers who manufacture the product on
behalf of parent company which is then either
shipped directly to the retailer or to the ware
house of the company. Retailers may include large
retail stores, online retail stores, or others.
In corporate sales and sales through company
website the product is directly delivered to the
consumers. Margin is maximum for the manufacturer
if the cost of RD and other marketing and
advertising activities are neglected. It ranges
between - base on manufacturing cost and
MSRP. At the retail level the profit margin is
dependent on the demand of the products and is
generally high for newly launched products.
Margin declines for old products during festive
seasons when the prices are reduced (It also
helps in stock clearance and reduce the overall
losses arising from unsold inventory) for smart
wearables. Profit margin ranges between - for
offline retailers and - for online retailers.
In case of corporate sales margin is lower than
.
5
Market Segmentation By Type of Device Fitness
bands were most popular smart wearable smart
devices sold in the US market accounting for
of the total sales. An estimated million
fitness bands were sold in the US market. Fitbit
leads the market in this segment with Garmin
being the second largest player on the basis of
volume sales. Smart watches () were the second
most demanded wearable device in the US market
with an estimated sales volume of million in
2016. Smart eyewears and other products such as
smart clothes, heart monitors, Elvie, blood
monitors and other specific health parameter
monitoring devices contributed of the total
demand. By Type of Distribution Network Online
retail accounted for majority of the smart
devices sold in the US market. In 2016 an
estimated of the total sales executed in the
US wearable market was through online portals
such as Amazon and company websites. Crowd
funding websites also made small contribution to
the online sales. An estimated million devices
were sold on online platforms. Company outlets of
Apple Samsung Sony Garmin and others contributed
of the total sales by
6
volume and equal number were sold by organized
retail stores such as Walmart, Target, Best Buy
and others. of the devices were sold through
others channels such as independent retail
stores, pharmacies, corporate sales and others.
Market Share of Major Players Fitness Band
Fitbit was the leading player in the US fitness
band market. It managed to sell an estimated ()
of the total fitness band sold in the US in 2016.
Promotional deals on Black Friday and Cyber
Monday helped the company to increase its sale in
terms of volume. Garmin was the second largest
player. Its Vivofit fitness band, Vivo HR and HR
are some key products. Other major players
contributed of the total sales by volume.
These mainly included Jawbone, Samsung, Mi Band
and other small players. Smart Watch Apple
emerged as the leading player in smart watch
segment accounting for more than half () of the
total smart watched sold. Apple watch introduced
series 2 in September 2016 and accounted
7
  • for majority of the sale in the last quarter of
    2016. Samsung Gear were second most popular smart
    watches in the US accounting for of the total
    sales in 2016. Traditional watch companies such
    as Tag Heuer, Fossil also made significant
    contribution in terms of revenue as their watches
    are priced at the premium. Minor contribution was
    made by Pebble, Motorola, Garmin and others.
    Together they accounted for of the total
    sales.
  • Trends and Developments
  • Technological amalgamation has limited the
    distinction among the devices. More and more
    features are integrated into smart watches which
    makes it easier to replace the fitness trackers.
    Similarly, it is expected that smart eyewear may
    erode the share of smartwatch in future. Chronic
    diseases and conditions are among the most
    common, costly, and preventable of all health
    problems and are on rise in the US. Health
    consciousness is on rise in the US with many
    reports suggesting rise in obesity and other
    lifestyle related diseases. More than 1 in 3
    adults in the US (about 92.1 million) have at
    least one type of cardiovascular disease. Over
    the years the number of registered fitness clubs
    and gyms increased from 29,960 in 2011 to 36,540
    in 2016.

8
  • Growth Drivers and Challenges
  • Compatibility and connectivity with other devices
    play a very significant growth driver for
    products in the smart wearable segment. Over the
    period the smart wearable devices have moved from
    smart fitness band to headbands, smart eyewears,
    wearable clothes, smart footwear and others.
    Companies are now focusing on developing a
    hardware that can allow better software upgrade
    and have longer life. It is expected that smart
    watch and smart eyewear will gain more market in
    commercial application as the device gets compact
    and improved battery life.
  • Future Outlook to Smart Wearable Health Devices
  • By Type of Product
  • Smart watches will gain popularity in the future
    and are expected to sell more than half () of
    the total smart wearable devices to be sold in
    the US. Sales are expected to reach million
    devices in 2021. Apple is expected to continue
    with its dominance due innovative technology,
    brand conscious consumers and slightly
    competitive pricing. Products are expected to
    become

9
independent of smart phones as technological
advancements are achieved. Demand for smart
eyewear is expected to witness a very healthy
growth as they are expected to become part of
normal day to day life. Prescription based smart
wear is expected to gain a much larger demand in
future as doctors will find it useful to remotely
monitor the vitals. Penetration of such devices
is also expected to increase. By Type of
Distribution Channel Online retail will continue
to remain the dominant market place for sales and
distribution of smart wearables accounting for
more than half () of the total sales. Many
large retail chains are expected to establish and
promote their online retail stores which will
further give the boost to online retail demand in
smart wearable sections. Company outlets are
expected to grow in future even though the online
presence is increasing mainly on account of user
experience that one may get at these stores.
Organized retail offers the best opportunity to
get on hand experience about the product from new
and emerging companies. It is expected that
eyewear
10
stores will be the largest beneficiary of the
sale in the organized retail segment as
prescription based smart glasses gain
market. Companies Cited in the Report List of
Companies Companies Covered
in the Report Apple Garmin Fitbit Samsung
Major
Players Polar Vue Chiaro Interxon MOOV Motiv
Carre technologies
11
  • Key Factors Considered in the Report
  • Comprehensive analysis of the US Smart Wearable
    Health Market and its segments
  • Competition Apple Smart Watch
  • Wearable Device Market Forecasts
  • Smart Watches Market by value
  • Wearable Tech Market Growth
  • Listed major players and their positioning in the
    market
  • Wearable Electronics Market Trends
  • Identified major industry developments in last
    few years and assessed the future growth of the
    industry
  • Market Share Fitbit Fitness Band
  • Smart Watch Industry Analysis
  • Wearable Technology Market Size and Share
  • Wearables market overview
  • Wearable Technology Market in United States

12
For more information on the market research
report please refer to the below
link https//www.kenresearch.com/consumer-produc
ts-and-retail/luxury-goods/us-smart-wearable-devic
es-market/142266-95.html Related Report by Ken
Research https//www.kenresearch.com/consumer-pro
ducts-and-retail/luxury-goods/india-watch-market-r
esearch-report/419-95.html https//www.kenresearc
h.com/consumer-products-and-retail/luxury-goods/si
ngapore-luxury-goods-market-research-report/477-95
.html Contact Ken Research Ankur Gupta, Head
Marketing Communications query_at_kenresearch.com
91-124-4230204
13
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