Wearable tech continues to spark consumer interest, while market share remains with the major players. Appealing to owners and potential wearable tech owners means cross-compatibility, integration with device ecosystems, and aesthetic appeal. Know how to proceed in this competitive industry with Mintel’s data-backed analysis.
The smartwatch market continues to grow, but at a slower rate than in the previous years. Future growth is likely tempered by a flattening out of demand, as consumers’ satisfaction with devices means replacements will drive upgrades. Consumer discretionary spending capacity on technology devices will continue to be pressured, with people prioritising essential devices such as computers and phones, over more niche lines such as wearable technology.
48% of consumers say monitoring health metrics makes you more stressed about your health, rising to 57% of people who own smartwatches. With this in mind, there will be a balancing act for brands to play to maintain equilibrium in monitoring health metrics. Over monitoring could create the adverse effect of leaving consumers overwhelmed and overloaded with information that could increase health anxiety.
While ownership of niche wearables, such as smart rings, is still modest, ownership has more than doubled in the past couple of years. With major tech brands such as Samsung launching its Galaxy Ring in 2024, and Apple rumoured to be developing in the area, smart rings will increase in popularity over the next five years.
For the purposes of this Report, Mintel has used the following definitions:
The term ‘wearable technology’ (also referred to as ‘wearable devices’ or ‘wearables’) in this Report refers to a category of technology devices that can be worn on the body, either as an accessory or item of clothing.
The definition encompasses smartwatches, fitness bands, GPS watches, wearable cameras, smart clothing, smart jewellery, smart glasses and smart earbuds. Although virtual reality (VR) headsets could be considered items of wearable technology, they are not included in the definition for this Report.
The terms ‘fitness bands’ and ‘fitness trackers’ are used interchangeably and refer to wrist-worn devices that are focused on tracking health, wellbeing and exercise.
The term ‘smartwatch’ refers to a device that offers the features of a sports watch but also supports app downloads.
Mintel market size estimates only cover fitness bands and smartwatches.
This Report only covers the UK consumer market for wearable technology. B2B (business-to-business) sales are excluded from market data, and analysis refers only to trends in the consumer market unless stated otherwise.
This report was written by Joe Birch. Joe is a consumer technology analyst with Mintel. He has over a decade’s experience in the market research industry as a research analyst and report writer. He joined Mintel in 2019 after a number of years as a research manager at a boutique consultancy, servicing B2B, Financial services and public sector clients.
Growth in smartwatch ownership is slow with the market mainly focused on upgrades and replacements. A wider range of designs could help encourage some non-owners.
Joe Birch
Senior Technology and Leisure Analyst
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