The wearables market is set to treble in size in the next five years and become worth over $25 billion, according to industry analyst firm, CCS Insight. Its new global forecast for wearable devices — which includes smartwatches, fitness trackers, augmented and virtual reality headsets and wearable cameras — indicates the market is set to grow from 84 million units in 2015 to 245 million units in 2019.
“Smartwatches will remain the main source of wearables revenue, delivering over $9 billion of sales in 2015,” states Ben Wood, CCS Insight’s Chief of Research. “Those who labelled Apple Watch a failure need to think again. In its first quarter of sales it accounted for around $1 billion of revenue and we expect sales to continue to rise, particularly in the all-important fourth quarter.”
Furthermore, the explosive growth of fitness trackers will see sales more than double in volume between 2014 and 2015. Until 2019, these devices will remain the biggest wearables category by unit sales. CCS Insight expects China to eclipse the US in 2015 as the biggest market for fitness trackers, reaching an impressive 18.5 million units as local brand Xiaomi steps up production of its Mi Band and other suppliers look for growth in this market. The fitness band market in China is predicted to be twice the size of the US market and 2.5 times that of Western Europe by 2018.Read more