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Smartwatches: A Double digit share of consumers intend to buy a smartwatch in the next 12 months

by David Kerr | Jan 06, 2022

Smartwatch sales continue to post strong growth and represent one of the hottest CE  product categories of this decade so far.

Strategy Analytics latest survey confirms strong purchase intention across the holiday season and into 2022 for a range of smart devices from smartphones, to wearables to smart speakers and smart TV.

Our Wearable Device Strategies service has analyzed consumer insights for smartwatches specifically in our latest report “Smartwatch Purchase Intent, Preferred Brands and Features - Australia, Brazil, Germany, USA, UK” which can be accessed in full by clients.

In the smartwatch space, while Apple currently dominates on a value basis, there is very healthy competition behind second placed Samsung in terms of volume and value.

A large and growing chasing pack will drive penetration higher and ensure technology diffusion across multiple geographies, price tiers and consumer segments.

The chasing pack including Fitbit, Garmin, Xiaomi, Fossil, Huawei, Amazfit, Oppo, vivo, Zepp, BBK and a longtail of many other vendors are vying for share of consumer mind and wallets.

Strategy Analytics probed over 6,000 consumers in five countries regarding ownership, brands, purchase channels for smartwatches and smartphones in November 2021.

Key findings include:

  • Healthy growth across most Consumer electronics product categories is expected in the next 12 months by consumers in Australia, Brazil, Germany, UK and USA.
  • Double digit consumers intend to buy a smartwatch in the next 12 months across the 5 countries evaluated in this syndicated research wave.
  • The average user has had their current Smartwatch for just over one year and intenders expect to purchase in approximately 5 months in the five countries combined. Although significant variations are seen by country, age, income etc.
  • Like smartphones, as the smartwatch category evolves beyond early adopters and the early majority, online channels in are seeing growth. Brazil is a standout growth market for online channel purchases.
  • Some evidence of supply shortages were seen for smartwatches much like smartphones resulting in growing exposure to click and collect (order online, collect at retail).
  • Monitoring Blood Pressure, Heart Rate and Sleep pattern are the top functionalities desired on Smartwatches with pockets of interest in other capabilities varying by demographics as well as country and brand.

Apple and Samsung have highest ownership and consideration as well as preferred purchase intention as one would expect but the battle behind the two giants is very interesting.

  • Xiaomi outperforms in Brazil consideration
  • Huawei has legacy brand strength in several countries
  • Fitbit is under pressure from Xiaomi and Garmin in terms of consideration and preferred brand evaluations.

With smartwatch volumes expected to continue to post healthy growth and sales expected to double over the next few years, this is a hot segment to monitor.

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