Smartwatch Market Poised for Major Growth in 2017
A new industry report reveals that global smartwatch sales are projected to grow by 18% in 2017, reaching $10 billion in annual revenue. According to market research firm Canalys, this surge will result in 28.5 million units shipped worldwide.
Traditional Watch Industry Faces Challenges
As smartwatches gain popularity, traditional watchmakers continue to experience declining sales. Notably, Canalys estimates that by year-end, the smartwatch market will reach two-thirds the size of the Swiss watch industry—a significant milestone for wearable technology.
Key Market Trends
- Rising Average Prices: Despite increased competition, smartwatch ASPs (average selling prices) continue to climb
- Android Wear Dominance: The report highlights Android Wear devices as primary growth drivers, with new models expected to debut at Baselworld 2017
- Strategic Shifts Needed: Traditional watchmakers must adapt to remain competitive in the changing landscape
Industry Expert Insight
“Watchmakers’ survival depends on developing compelling smartwatches,” explains Canalys analyst Jason Low. “Collaborating with tech firms is crucial, but success will ultimately hinge on marketing strategies that appeal to both watch enthusiasts and first-time wearable buyers.”
This market shift underscores the growing consumer preference for connected devices that blend functionality with style—a trend that shows no signs of slowing down.
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