We expect global fitness band revenues to dip by -15% in 2023 on an annual basis, due to falling unit sales, stronger competitive pricing pressure in some regions, lower-cost rival feature watches and smartwatches, the effects of the global pandemic, the war in Ukraine, and overall economic uncertainty with high inflation, according to recent research published by TechInsights’ Wearables research program. This comes after a -20% YoY decline in 2022 and -29% in 2021.

After a relatively flat (-1%) 2022 in terms of fitness band average sales prices, ASPs, too, will decline from 2023 onward, as shown in the exhibit below. Since fitness band unit sales are expected to recover after 2024, the pace of revenue decline is slower than that of ASP. Despite a decreasing revenue trajectory globally, continuing since 2020, there are still revenue growth opportunities in parts of the Middle East and Africa, Central and Latin America, and Central and Eastern Europe regions. Clients can learn about these in more detail in our latest fitness band forecast report.