2023
9
UK Smartwatches and Wearable Technology Market Report 2023
2023-10-16T09:01:51+01:00
REP9AB1A43D_B4F6_48DD_9764_AD54E8D5BE3B
2195
167274
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Report
en_GB
For wearable technology brands to make inroads with less affluent households, promoting the long term investment upside both financially and for health will be key. Joe Birch, Technology Analyst…

UK Smartwatches and Wearable Technology Market Report 2023

£ 2,195 (Excl.Tax)

Description

Stay ahead of the curve and future-proof your business with Mintel’s UK Smartwatches and Wearable Technology Market Report 2023. Our full report is packed with consumer-led market intelligence, the latest UK wearable technology market research, trends and consumer behaviours affecting your business. Get a 360° view of the smartwatch market, including market size, share and forecasted growth to help you align your business strategy with the needs of your audience.

Topics Analysed in this Report

  • The impact of inflation on the UK wearable technology market.
  • Competitive strategies and launch activities of companies operating in the wearable and smartwatch market.
  • The opportunities and threats facing brands in UK wearable technology market.
  • Consumer brand ownership by segment and attitudes towards smartwatches, fitness bands and wearable technology.
  • Consumer attitudes towards the future of wearable technologies

UK Wearable Technology Market Outlook

The market for smartwatches will continue to grow organically as further growth opportunities are presented outside of established, younger more tech-savvy audiences. Although barriers to the wearable market are low for devices such as fitness trackers, an established brand is key for those looking at higher-end watches.

  • Wearable technology market size: 2023 offers signs that the market is growing positively, the estimated value is £1,219 million.

Smartwatch Market Trends and Opportunities

Communicate multipurpose convenience

Highlighting smartwatches’ multifaceted capabilities can help create convenience in all areas of consumers lives, from productivity and entertainment to a digital health assistant. Brands in the smartwatch market can also accentuate the ability of smartwatches to be a proxy for smartphones and help reduce screen time.

  • Smartwatch market trends: 27% of consumers who own a smartwatch use between 5-9 functions on it.

Promote longevity

With consumers still affected the cost of living crisis, promoting value and durability of devices will be key as brands compete for consumers’ attention in the smartwatch market. Promoting longevity of devices will help consumers feel like they are making an investment, especially when teamed with messages around the unique benefits to an individual’s health and wellbeing.

  • Smartwatch market trends: 57% of consumers think technology should prioritise increasing the lifespan of their products.

To learn more about the smartwatch market, including a five-year forecast, consumer behaviour analysis, and market opportunities recommendations, purchase our full UK Smartwatches and Wearable Technology Market Report.

Leading Brands in the UK Wearable Technology Market

Apple, MymonX, Huawei, Fossil, Xiaomi, Fitbit.

Additional Features Included with Your Purchase

  • Interactive Databook: Each Databook is provided as an interactive website where you can deep dive into our consumer research data on your chosen topic so you can draw your own conclusions.
  • Consumer Confidence Tracker: Our Trackers paint the picture of the economic confidence and major concerns of up to 40 different demographics, tracking changes in attitudes over time.
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Expert Insights from a Technology Analyst

This report, written by Joe Birch, a leading technology analyst, delivers in-depth commentary and analysis to highlight smartwatch market trends and add expert context to the numbers.

For wearable technology brands to make inroads with less affluent households, promoting the long term investment upside both financially and for health will be key.

Joe Birch

Joe Birch
Technology Analyst

 

 

Table of Contents

    • Key issues covered in this Report
  1. Executive Summary

    • Opportunities
    • Market Dynamic and Outlook
    • Graph 1: market value of smartwatches and fitness bands, 2018-23
    • Graph 2: household financial sentiment index, 2016-23
    • Graph 3: top three aspects of wellbeing people would most like to improve, 2022
    • Graph 4: attitudes towards activity and wearable technology, 2023
    • Innovation and Marketing
    • What Consumers Want and Why
    • Graph 5: personal ownership of technology products, NET, 2023
    • Graph 6: personal ownership of technology products, 2023
    • Graph 7: brand of smartwatch and fitness band owned, 2023
    • Graph 8: personal ownership of technology products, 2022, 2023
    • Graph 9: functions used on smartwatches, 2023
    • Graph 10: attitudes towards wearable technology, 2023
    • Graph 11: attitudes towards wearable technology, 2023
    • Market Dynamics and Outlook
  2. Market Drivers

    • Graph 12: Household Financial Sentiment Index, 2016-23
    • Graph 13: aspects of wellbeing consumers would most like to improve (top-3), 2022
    • Graph 14: consumer concern about their physical health, by generation, 2022
    • Graph 15: consumer concern about their mental health, by generation, 2022
    • Graph 16: behaviours and attitudes towards wearable technology, 2023
  3. Competitive Strategies

  4. Market Dynamics

    • Market Size
    • Graph 17: value of the market for Smartwatches and Fitness Bands, 2018-22
    • Market Forecast
  5. What Consumers Want and Why

    • Ownership of wearable devices
    • Graph 18: personal ownership of technology products, NET, 2023
    • Graph 19: personal ownership of technology products, 2023
    • Graph 20: personal ownership of technology products, 2022, 2023
    • Graph 21: personal ownership of smartwatches and fitness bands, by generation, 2023
    • Brand ownership of smartwatches and fitness trackers
    • Graph 22: brand of smartwatch and fitness band owned, 2023
    • Graph 23: brand of smartwatch owned, by gender, socio economic grade and generation, 2023
    • Graph 24: brand is the most important factor when buying wearable technology products by brand of smartwatch owned, 2023
    • Type of Smartwatch Owned
    • Graph 25: ownership of entry-level, mid-range or premium smartwatches, 2023
    • Functions Used on a Smartwatch
    • Graph 26: functions used on smartwatches, 2023
    • Graph 27: functions used on a smartwatch by generation, 2023
    • Graph 28: repertoire of functions of a smartwatch used, 2023
    • Graph 29: functions of a smartwatch used, by repertoire of functions of a smartwatch used, 2023
    • The Future of Wearable Technology
    • Graph 30: attitudes towards wearable technology, 2023
    • Graph 31: interest in new wearable technology features, 2023
    • Attitudes towards Wearable Technology
    • Graph 32: attitudes towards wearable technology, 2023
    • Graph 33: attitudes towards wearable technology, 2023
    • Graph 34: attitudes towards wearable technology, 2023
  6. Appendix

    • Market Forecast Data and Methodology
    • Report Scope and Definitions
    • Methodology

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