Technavio’s research analyst predicts the global smart band market to grow steadily at a CAGR of around 8% during the forecast period. The high demand for wearable lifestyle devices is the key growth driver for this market. Consumers use smartwatches, smart bands, and wearable rings to monitor daily fitness and health activities, listen to music, check virtual/3D videos, play virtual games, and access social networking websites such as Facebook, LinkedIn, and Twitter. The popularity of these devices is highest among the younger population, especially in the US.
The strategic partnership among supply chain members is an emerging trend in the smart band market. In recent years, smart band manufacturers have increased their relationships with industry players worldwide. For instance, during 2015, HTC partnered with Under Armour to develop the Grip smart band.
Geographical segmentation and analysis of the smart band market
The Americas accounted for 65% of the market share during 2015 and is expected to retain its market leadership until the end of the forecast period. Its dominance was due to the presence of tech-savvy consumers with greater awareness of technologically advanced products such as smart bands. Fitbit, Garmin, and Jawbone; which are among the top five leading vendors in the market are also based out of the US.
Competitive landscape and key vendors
The global smart band market is characterized by intense competition due to the presence of multiple small and large vendors. Technavio predicts uncertain market growth for all vendors in 2016. Although large vendors such as Fitbit, Jawbone, and Samsung already have an established presence in the market, yet small vendors from APAC such as Xiaomi is taking over due to the low cost of manufacturing in the APAC region.
The leading vendors in the market are -
The other prominent vendors in the market include Lenovo, LG, Nike, Razer, and Sony.
Key questions answered in the report include
What will the market size and the growth rate be in 2020?
What are the key factors driving the global smart band market?
What are the key market trends impacting the growth of the smart band market?
What are the challenges to market growth?
Who are the key vendors in this market space?
What are the market opportunities and threats faced by the vendors in the global smart band market?
Trending factors influencing the market shares of the Americas, APAC, and EMEA?
What are the key outcomes of the five forces analysis of the smart band market?
Technavio also offers customization on reports based on specific client requirement.
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Technavio Announces the Publication of its Research Report – Global Smart Band Market 2016-2020 Technavio recognizes the following companies as the key players in the Global Smart Band Market: Fitbit, Garmin, Jawbone, Samsung Electronics and Xiaomi Other Prominent Vendors in the market are: Lenovo, LG, Nike, Razer, and Sony. Commenting on the report, an analyst from Technavio’s team said: “The smart band market is in the nascent stage, but exhibits high growth potential. As smart bands function on different advanced technologies, the market has a huge scope for innovation. Many small and large vendors provide devices equipped with latest technologies at competitive prices.” According to the report, consumers use smartwatches, smart bands, and wearable rings to monitor daily fitness and health activities, listen to music, check virtual/3D videos, play virtual games, and access social networking websites such as Facebook, LinkedIn, and Twitter. In the US, the popularity of these devices is the highest among younger population. Further, the report states that one of the major reason for the low adoption of wearable electronics such as smartwatches and smart bands is design constraints.