IDC Forecasts Shipments of Wearable Devices to Nearly Double by 2021

On Wednesday, MHW was privy to the findings and projections contained in a new report from IDC regarding the continued expansion of the wearables market.

The overall wearables market is expected to grow from 113.2 million shipments in 2017 to 222.3 million in 2021 with a compound annual growth rate (CAGR) of 18.4%, according to the International Data Corporation (IDC) Worldwide Quarterly Wearable Device Tracker.

The most popular wearables to date have been basic wristbands like the Xiaomi Mi Band or Fitbit Charge. However, such wearables are quickly becoming commodities and IDC anticipates low single-digit growth in this category throughout the forecast period.

Meanwhile, watches (both smart and basic) are on track to take the lead and are expected to grow from 61.5 million in 2017 to 149.5 million in 2021 as more vendors – particularly fashion brands—and cellular connectivity built into smartwatches help to drive growth in this category.

“The move from wristbands to watches introduces additional revenue opportunities for vendors and distributors as average selling prices are expected to rise,” said Jitesh Ubrani senior research analyst for IDC Mobile Device Trackers. “However, the struggle to move beyond health and fitness persists and convincing consumers to spend more for utility that may not be immediately obvious will be a challenge. This is where fashion-forward brands have a chance to shine as their customer base doesn’t tend to prioritize features.”

To learn more, check out the report here.

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