Wearable Technology Shipments Expect to Reach $135 million by 2018

Although the popularity of wearable tech gadgets such as Google Glass or Samsung’s Smart Watch hasn’t seen a huge increase recently, a massive sales boom for wearable tech devices is still being forecasted for 2018, despite the current market’s infancy. Market analysts predict that shipments of wearable tech devices are expected to grow from $9.7 million in 2013 to $135 million by 2018, reported by CCS Insight’s new global forecast.

The forecast predicts that wearable technology shipments will reach 22 million in 2014, up by 129 per cent from 2013. By 2018, over 250 million wearable tech devices will be in use, representing 14 times more than in 2013. Wrist-worn devices such as smart watches or smart wristbands will account for 87 per cent of wearable devices to be shipped in 2018, comprising 68 million smart watches and 50 million smart bands with no screen or with a minimal, one-line display.

The market growth is mainly driven by “Quantified self devices”, which track fitness and well-being, and they are also the fastest-growing category. CCS Insight believes this can be attributed to their clear purpose, user benefits and increasingly affordable prices.

Marina Koytcheva, CCS Insight director of forecasting, suggests that “The wearables market is in its Stone Age right now. There needs to be huge improvements to broaden their appeal. This is particularly acute when it comes to devices for women: wearables need to quickly move on from black, clunky devices – fortunately we’re starting to see the first steps in this direction.”

She also adds “Wearables are poised to be the perfect gift for the person who has everything this Christmas. We believe this will fuel strong growth in the final quarter of 2014 for smart bands, particularly fitness trackers, which will account for more than half of the 35 million wearables in use at end of 2014,”

North America is currently the biggest market for wearable tech devices, representing over 40% of overall market share. In 2013, 5.2 million wearable tech devices were sold in North America. Meanwhile Western Europe is catching up and is expected to buy more wearable tech devices than North America from 2016.

Wearable Technology Shipments Expect to Reach $135 million by 2018