If you thought smartwatches were popular these days just wait until the end of the decade. A new report from Grand View Research says that sales are about to explode at a compounded annual growth rate of 53.5 percent. According to their findings global smartwatch sales could hit 135 million units by the year 2020.
Key finding in the report:
- Global smartwatch shipments were close to 2 million units in 2013, and are expected to reach 135.3 million units by 2020, at a CAGR of 53.5% from 2014 to 2020.
- High-end smartwatches accounted for approximately 90% of the global market in 2013. This segment is expected to lose market share to the mid-end and low-end segments over the forecast period.
- Asia Pacific is expected to be the fastest growing regional market over the next six years.
- Established companies are expected to benefit from growing smartwatches demand, and drive revenue generation over the forecast period.
With more players getting involved all the time, and new platforms such as Android Wear yet to take off, we’re in the very early days of smartwatches. Don’t forget that Apple has yet to dip their toes in the wearable waters, too.