Wearable segments

 Businesses, military forces, and medical professionals have been using wearable technology for decades. Still, the private consumer market has only recently started to feature items such as smart glasses, smartwatches, hearables, fitness and health trackers, smart jewelry, and smart clothing. The most successful wearable devices on the market right now are smartwatches and health and fitness trackers, with the relative newcomer hearables taking over as the most dominant category. In fact, over 397 million units of  hearables are forecast to be shipped in 2024, dominating other types of wearables in the market. In addition, shipments for wristwear (watches and wristbands) are projected to reach almost 230 million units by that time.

Top players

 The leading wearable vendors are Apple, Xiaomi, Huawei, and Samsung, with Apple holding the largest share of the market. Apple’s strong position in the wearable market has mainly been established by the Apple watch, creating dominance in the overall wearable industry. With a strong presence in the health and fitness wearable market, Fitbit had been a leader in the wearable industry till 2017. Then, it began to be overtaken, first by Apple, then by the Chinese company Xiaomi, whose Mi Band fitness tracker has witnessed great success. In the last quarter of 2020 alone, wearable device shipments amounted to about 154 million units.

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