Fitbit, a company which had long been the leader in the wearables industry in terms of unit shipments, has lost its top position as companies like Apple and Xiaomi enter the market. With the release of the Apple Watch in April of 2015, smartwatch sales in the United States were expected to jump from nine million units in 2016 to close to 23 million by 2020.
Apple is without doubt the brightest star in the soaring smartwatch industry, shipping more Apple Watches than the entire Swiss watch industry in the fourth quarter of 2017. Although Google hasn’t entered the smartwatch market with a physical product of its own, it has still managed to establish itself as a major brand within the industry thanks to the success of its mobile operating systems, Wear OS and Android. By 2022, Wear OS and Android are expected to be installed in 37 million smartwatches worldwide, while another 34.5 million smartwatches are expected to run Apple's watchOS.