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Wearable Technology - US - December 2016

"Sales continue to grow for wearable tech. However, sales for specific brands have already seen some reversals of fortune, including wearable cameras from GoPro and Apple smartwatches. Against this backdrop, Mintel explores the market for fitness-related tech using qualitative and quantitative surveys. Subjects include intent to purchase, gifting, participation in sports, and familiarity with brands, with a focus on key value propositions such as health monitoring, sleep tracking, weight loss, and the attractiveness of form factors and designs."
- Billy Hulkower

This report discusses the following key topics:

  • Unit sales pass 41 million, but growth is slowing
  • New technology value is doubted
  • Dieters not buying in

This Report covers the following products:

  • Fitness-tracking bands, clips, and ear buds
  • Smartwatches and GPS watches
  • Wearable cameras (aka action/POV cameras).

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Table of contents

  1. Overview

    • What you need to know
      • Definition
      • Executive Summary

        • The issues
          • Unit sales pass 41 million, but growth is slowing
            • Figure 1: US manufacturer unit shipments of wearable tech devices, 2011-16
          • New technology value is doubted
            • Figure 2: Opposition to purchasing smartwatches and bands, September 2016
          • Dieters not buying in
            • Figure 3: Ownership of fitness trackers and smartwatches among adults dieting or watching weight, September 2016
          • The opportunities
            • The gift market
              • Figure 4: Receipt of fitness trackers and smartwatches as gifts, September 2016
            • Quantifying health
              • Figure 5: Interest in tracking health information, September 2016
            • Assisting sleep
              • Figure 6: Using fitness trackers and smartwatches to track sleep, September 2016
            • What it means
            • The Market – What You Need to Know

              • Slow growth as updates lag
                • Smartwatch rising
                  • Older adults, dieters not investing in purchases
                    • Sports participation, gifts, drives sales
                    • Market Size

                      • Growth slows to 18% in 2016
                        • Strong product lineup for the fall
                          • Figure 7: US manufacturer unit shipments of wearable tech devices, 2011-16
                      • Market Breakdown

                        • Growth slowing across categories
                          • Figure 8: US manufacturer unit shipments, by segment, 2011-16
                        • Trackers top segment, but smartwatch closing gap
                          • Limited share for action cameras
                            • In their own words
                                • Figure 9: Market share by segment, 2016
                                • Figure 10: Market share by segment, 2014 and 2016
                            • Market Perspective

                              • Antagonism to new technology
                                • Figure 11: Opposition to purchasing smartwatches and fitness bands, by age, September 2016
                              • In their own words
                                • Half of adults watching weight…
                                  • Figure 12: Interest in losing or maintaining weight, by key demographics, September 2016
                                • …but dieters no more likely to own trackers/smartwatches
                                  • Figure 13: Ownership of fitness tech among adults dieting or watching weight, September 2016
                                • Appearance matters
                                  • Figure 14: Perception of fitness trackers as attractive, by key demographics, September 2016
                              • Market Factors

                                • Sports participation
                                  • Figure 15: Sports participation and fitness tracker ownership by sport played, September 2016
                                • Gifting
                                  • Figure 16: Receipt of fitness trackers as gift, by age, September 2016
                                  • Figure 17: Receipt of smartwatch as gift, September 2016
                                • Quantification of health information
                                  • Figure 18: Ownership and intent to purchase wearable tech, by interest in health information and tracking steps, September 2016
                                • Tracking sleep
                                  • Figure 19: Use of trackers and smartwatches while sleeping, September 2016
                              • Key Players – What You Need to Know

                                • Leaders struggle with growth
                                  • Smaller brands outgunned
                                    • New form factors may propel fitness trackers
                                    • What’s Working?

                                      • Fitbit, Garmin continue to see growth
                                        • Figure 20: Fitbit, GoPro, and Garmin sales* 2012-16
                                      • Apple dominant in watches, but sales see decline
                                        • Nike+, Fitbit, Under Armour carry top consideration for purchase
                                            • Figure 21: Ownership and willingness to purchase wearable tech brands, September 2016
                                        • What’s Struggling?

                                          • Subscription and entertainment services
                                            • Marketing budgets problematic for smaller brands
                                                • Figure 22: Awareness and ownership of wearable tech brands, September 2016
                                            • What’s Next?

                                              • GPS, waterproofing, independent calling
                                                • Jewelry, ear buds, and glasses
                                                  • In their own words
                                                    • Cameras land in drones and glasses
                                                    • The Consumer – What You Need to Know

                                                      • One in four plan to buy a smartwatch
                                                        • Familiarity, research carry influence
                                                          • Users serious about reaping fitness benefits
                                                          • Ownership and Intent to Purchase

                                                            • Intent to purchase rivals ownership
                                                              • Figure 23: Ownership and intent to purchase wearable tech, September 2016
                                                            • Asians, Hispanics, urbanites intend to purchase
                                                              • Figure 24: Intent to purchase smartwatches and wearable cameras, indexed among Asians, Hispanics, and urbanites, September 2016
                                                            • Young men are promising buyers
                                                              • Figure 25: Intent to purchase smartwatches and wearable cameras, indexed by gender/age, September 2016
                                                            • Premium pricing hazardous for middle-income buyers
                                                              • Figure 26: Intent to purchase smartwatches and wearable cameras by household income, September 2016
                                                            • CHAID analysis demarcates distinctions by product segments
                                                              • Attitudes delineate interest in fitness trackers
                                                                • Figure 27: Product ownership and intent to purchase – CHAID – Tree output, September 2016
                                                              • Age and income demonstrative for watches and cameras
                                                                • Figure 28: Product ownership and intent to purchase – CHAID – table output, September 2016
                                                            • Purchasing Decisions

                                                              • Limited interest in low-end options
                                                                • Figure 29: Spend on fitness trackers, by generation, September 2016
                                                                • Figure 30: Spend on smartwatch, by Hispanic origin, September 2016
                                                              • Younger owners make, take recommendations
                                                                • Figure 31: Recommendation of fitness tech to friends/family, by generation, September 2016
                                                                • Figure 32: Selection of a product friends/family owned, by age, September 2016
                                                              • Research part of process for vast majority
                                                                • Figure 33: Absence of research in product selection, by generation, September 2016
                                                            • Attitudes to Smartwatches and Fitness Trackers

                                                              • Function more important than form
                                                                • Figure 34: Attitudes to smartwatches, by generation, September 2016
                                                              • Older owners serious about fitness performance
                                                                • Figure 35: Attitudes to fitness trackers, by age, September 2016
                                                              • Hispanic owners bought in part out of interest in new technology
                                                                • Figure 36: Attitudes to fitness trackers, by Hispanic origin, September 2016
                                                            • Appendix – Data Sources and Abbreviations

                                                              • Data sources
                                                                • Sales data
                                                                  • Consumer survey data
                                                                    • Qualitative research
                                                                      • CHAID analysis methodology
                                                                        • Abbreviations and terms
                                                                          • Abbreviations
                                                                            • Terms
                                                                            • Appendix – Market

                                                                                • Figure 37: US manufacturer unit shipments of wearable tech, 2011-16
                                                                            • Appendix – Consumer

                                                                              • Qualitative responses
                                                                                • Virtual trainers
                                                                                  • Using technology to achieve fitness goals

                                                                                  Wearable Technology - US - December 2016

                                                                                  US $3,995.00 (Excl.Tax)