The global wearable market is forecast to continue growing over the next five years. As the most popular wearable device in 2017, sales of fitness/activity trackers are projected to increase to 105 million unit shipments and 3.33 billion U.S. dollars in revenue in 2022.
The markets for smart wristbands and sport watches are expected to continue growing until at least 2021, encouraging other consumer electronics manufactures to enter the market. Fitbit has remained the market leader in the fitness tracker market, but its years of dominance have recently been challenged by Apple, thanks to the growing popularity of the Apple Watch.
Corresponding to the sales figures of fitness & activity trackers are the ownership rate and actual usage rate reported by consumers. According to Statista Consumer Surveys, 30 percent of U.S. consumers owned a fitness band, and, 44 percent of U.S. consumers used their sport and fitness gadgets daily.