The total market for smart watches and health & fitness trackers is expected to triple. More than 50 million “smart” wearable devices will be sold in 2015, according to a global study by GfK. According to the research, in 2014, 17.6 million “smart” watches (smart) and “health & fitness” devices (smart) were sold. According to GfK data, health & fitness trackers products accounted for 77% of total sales with 13.5 million compared to 4.1 million “smart” watches.
However, GfK predicts that sales of “smart” watches will surpass those of health & fitness trackers in 2015, while the total market for “smart” watches and health & fitness trackers will triple with sales exceeding 51 million.
“Many consumers have not yet realized the additional advantages that a “smart” watch can offer. We believe that this will change, driven by marketing moves that will be made in the market this year,” comments Dr. Jan Wassmann, head of wearables at GfK.
The research highlights that a "clear convergence of the two subcategories has been observed, which began in the second half of 2014, and we expect it to continue and expand.".
Furthermore, it is reported that "health & fitness tracker manufacturers are introducing new models that incorporate "smart" functions, such as notifications and messages. Furthermore, many new "smart" watches now have heart rate sensors and activity recording capabilities and are therefore promoted as hybrid fitness devices.".
GfK expects the market for "smart" watches in particular to grow significantly, boosted by the emerging subcategory of standalone devices that will include a SIM card for direct connection to mobile networks - making these devices more akin to smartphones.
The GfK survey found that over half (56%) of smartphone owners surveyed in five countries consider this to be an important feature that makes them more likely to buy a smartwatch, as it gives them the "freedom" to leave their "smart" phone at home.
GfK conducted the survey among 5,000 smartphone owners in China, Germany, South Korea, the United Kingdom and the United States.
Source: Proto Thema
