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Technology

Apple Inc. (NASDAQ:AAPL) Is leading The Wearable Technology Market

The numbers are in after the 2016 holiday sales and Apple Inc. (NASDAQ:AAPL) is the leading brand in wearable technologies. Apple had a 50% market share in the smart watch category with the second best selling brand, Samsung, coming in at 17.6%. Apple doubled its market share owing to its revamped strategy to focus on the basic health and fitness category with the introduction of its second generation smart watches, released in September.

The data shows that wearables have not caught the attention of the population as much as smart phones and tablets did in the past. The market grew to 15.6%, up from 12.2% of consumers who owned a wearable last year.  Of consumers in the US, only 8% has plans of acquiring a smart wearable gadget this year. This is according to market tracker Kantar World panel Tracker Com Tech.

The market Tracker cited various reasons for the lack of enthusiasm for the products mentioning that 46% consumers saying the prices was a major hindrance to their acquiring wearable technology. People think the price is too high. 33% of consumers do not see the functionality of a wearable technology gadget and therefore see no need to buy one while 30% would not love to wear a watch and so wouldn’t buy the technology. The consumer insight director at Kantar, Lauren Guenver noted that manufactures were struggling to convince consumers’ purchase wearable technology gadgets.

Apple Inc.

Fitbit Inc (NYSE:FIT), took second place in the holiday sales market and it was due to their emphasis on products that are focused on a healthy lifestyle. It dominated the fitness brand market by capturing 75% of sales. This was amidst disappointment by investors over slowing sales growth. Garmin Ltd. (NASDAQ:GRMN) followed Fitbit by taking 12.5% of the market share. Fitbit owes its success to promotional deals that slashed up to $20 to $30 off the price of bands for Black Friday and Cyber Monday.

The US has the largest demand for wearable technology especially in the field of health and wellness monitoring application. However wearables also have a strong niche in the entertainment/gaming category that is on the rise and is seen as the source for the next explosion in the wearable market.

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