2022
9
UK Smartwatches and Wearable Technology Market Report 2022
2022-10-07T04:11:05+01:00
OX1100609
2995
156275
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Report
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“A quarter of consumers are interested in using smartglasses to access an interactive virtual world. With ownership of smartglasses still low, AR use cases could provide motivation for consumers to…

UK Smartwatches and Wearable Technology Market Report 2022

$ 2,995 (Excl.Tax)

Description

The UK Smartwatches and Wearable Technology Market Report identifies consumers’ ownership and interest in wearable technology, the rise of the metaverse and the impact of inflation on the UK wearable technology market. This report covers the UK smartwatch market size, market forecast, market segmentation and UK smartwatch market trends.

Click here to view our German market research on Wearable Technology 2022 (DE version).

 

Current Landscape of the UK Wearable Technology Market

Inflation will force a section of people to hold off on wearable technology purchases, meaning that the Black Friday and Christmas period will be more important than ever. However, consumers will still buy now if the smartwatch market presents the significant value of their products in consumers’ lives. Smart earbuds are also expected to perform well in the UK wearable technology market this year due to their growing popularity and vast pricing options.

 

UK Wearable Technology Market Share and Smartwatch Market Trends

Mintel’s smartwatch market analysis indicates that older consumers are more open to the wide variety of health-related data points tracked on the latest smartwatches. In contrast, marketing watches as a status symbol is more suitable for Generation Z.

Lossless audio will be a key driver for the success of earbuds in the UK wearable technology market, as consumers will have become accustomed to using it across major streaming services.

  • UK wearable technology market size: Fitness trackers, smartwatches, and smart earbuds are by far the most popular wearable technology devices. The combined market value is expected to be £1.6 billion in 2022.
  • UK smartwatch market share: Apple is one of the leading brands in the smartwatch market, with 47% of smartwatch owners having an Apple smartwatch.
  • 59% of UK adults who intend on buying a smartwatch want to track their physical health.
  • 25% of consumers are interested in using smart glasses to access an interactive virtual world (metaverse).

 

UK Wearable Technology Market: Future Trends

The UK wearable technology market will continue to be driven by smartwatches and smart earbuds. Meanwhile, Mintel’s UK wearable technology market analysis outlines the surging interest in virtual reality and metaverse experiences, the launch of more smart glasses will accommodate this and see some small growth in ownership. However, even if brands are able to build smart glasses that offer an engaging user experience, it will still take several more years for consumer take-up to reach as significant level.

To discover more about the UK Smartwatches and Wearable Technology Market Report 2022, read our UK Virtual Reality Market Report 2022, or take a look at our extensive Technology Market Research.

 

 

Quickly Understand

  • Ownership of wearable technology and intent to buy these devices in the next year.
  • The interest surrounding the metaverse and how companies in the UK wearable technology market can use smartglasses to give people an early idea of the metaverse experience.
  • The most important health metrics for wearables to track and whether these devices are actually tracking too many health related data points.
  • Attitudes towards a range of products in the UK wearable technology market and future smartwatch market trends.
  • Explores smartwatch market size, and wearable technology market share.

 

Covered in this Report

Brands: Apple, Samsung, Fitbit, Garmin, Huawei, Fossil, Xiaomi, TAG Heuer, Google.

Products: Smartwatches, fitness bands, GPS watches, wearable cameras, smart clothing, smart jewellery, smartglasses and smart earbuds.

 

Expert Analysis from a Technology Specialist

This report, written by Zach Emmanuel, a leading analyst in the technology sector, delivers in-depth commentary and analysis to highlight current trends in the UK wearable technology market and add expert context to the numbers.

A quarter of consumers are interested in using smart glasses to access an interactive virtual world. With ownership of smart glasses still low, AR use cases could provide motivation for consumers to buy in the upcoming years as it can give audiences an early idea of what the metaverse experience could be like.”

Zach Emmanuel - Research Analyst

Zach Emmanuel
Consumer Technology Analyst

Table of Contents

  1. Overview

    • What you need to know
    • Key issues covered in this Report
    • Market context
    • Products covered in this Report
  2. Executive Summary

    • The five-year outlook for wearable technology
      • Figure 1: Category outlook for wearable technology, 2022-27
    • The market
    • Market for fitness trackers, smartwatches and smart earbuds valued at £1.6 billion
      • Figure 2: Value of market for fitness trackers, smartwatches and smart earbuds, 2019-22
      • Figure 3: Unit sales of fitness trackers, smartwatches and smart earbuds, 2019-22
    • Companies and brands
    • Apple and Samsung smartwatches lead push towards independence from smartwatches
      • Figure 4: Market share for smartwatches, 2021 and 2022
    • Charge 5 drives Fitbit growth in market share for fitness trackers
      • Figure 5: Market share for fitness bands, 2021 and 2022
    • Apple improves noise cancellation with the second-generation AirPods Pro
    • Nreal Air glasses arrive in the UK via EE
    • Meta expected to launch two AR glasses in 2024
    • The consumer
    • Smartwatches overtake fitness trackers to become the most owned wearable
      • Figure 6: Ownership of wearable technology, 2020-22
    • Higher income earners will be forced to choose mid-range smartwatch options in 2022
      • Figure 7: Ownership of entry-level, mid-range or premium smartwatches, 2022
    • Black Friday and Christmas period will be more important than ever for smartwatches
      • Figure 8: Intent to buy wearables in the next year, 2021 and 2022
    • Generation Z’s interest in smartwatches as a status symbol will maintain Apple’s market control
      • Figure 9: Reasons to buy a smartwatch, 2021 and 2022
    • Blood pressure monitoring is key for maximising Generation X’s engagement in smartwatches
      • Figure 10: Health metrics with wearables that are most of interest, 2022
    • Transparency functionality and lossless audio are two emerging segments of smart earbuds market
      • Figure 11: Attitudes towards wearables, the cost-of-living crisis and the metaverse, 2022
  3. Issues and Insights

    • Cost-of-living crisis forces consumers to rethink smartwatch purchases
    • Focus smartglasses development on AR to capitalise on metaverse interest
    • Transparency functionality and lossless audio are key differentiators for smart earbuds
  4. Market Size and Performance

    • The five-year outlook for wearable technology
      • Figure 12: Category outlook for wearable technology, 2022-27
    • Market for fitness trackers, smartwatches and smart earbuds valued at £1.6 billion
      • Figure 13: Value of market for fitness trackers, smartwatches and smart earbuds, 2019-22
      • Figure 14: Unit sales of fitness trackers, smartwatches and smart earbuds, 2019-22
  5. Market Segmentation

    • Value of smart earbuds market to increase 13% in 2022
      • Figure 15: Value of smart earbuds market, 2019-22
      • Figure 16: Unit sales of smart earbuds, 2019-22
    • Smartwatches and fitness tracker market to grow 16.3% in 2022
      • Figure 17: Value of smartwatches and fitness trackers market, 2019-22
      • Figure 18: Estimated unit sales for smartwatches and fitness trackers, 2016-22
  6. Market Drivers

    • Inflation is the key concern in 2022 for consumers, brands and the economy
    • Consumer spending power will be curbed
    • The frequency of exercise returns to pre-pandemic levels
    • Cancellations of gym memberships could encourage people to buy wearables for exercise tracking
    • Consumers split on metaverse
  7. Market Share

    • Apple and Samsung smartwatches lead push towards independence from smartphones
      • Figure 19: Market share for smartwatches, 2021 and 2022
    • Charge 5 drives Fitbit growth in market share for fitness trackers
      • Figure 20: Market share for fitness bands, 2021 and 2022
  8. Competitive Strategies

    • Apple’s development of audio quality in standard AirPods will appeal to a range of audiences
    • A greater focus on stress tracking would appeal to Apple’s growing male smartwatch owners
  9. Launch Activity and Innovation

    • Apple announces Watch Series 8 and new flagship Watch Ultra
    • Watch Ultra
    • Apple improves noise cancellation with second-generation AirPods Pro
    • Apple develops exercise and sleep-tracking functionality in WatchOS 9
    • Third-generation AirPods add spatial audio with dynamic head tracking
    • Samsung launches Galaxy Watch5 with improvements to battery life
    • Sony focuses on transparency with LinkBuds
    • Nura brings lossless music to earbuds with NuraTrue Pro
    • Nreal Air glasses arrive in the UK via EE
    • Google demos live translation feature for upcoming AR glasses
    • Meta expected to launch two AR glasses in 2024
  10. Ownership of Wearable Technology

    • Smartwatches overtake fitness trackers to become the most owned wearable
    • Women drive the increase in smart earbud ownership
      • Figure 21: Ownership of wearable technology, 2020-22
    • Higher income earners will be forced to choose mid-range smartwatch options in 2022
      • Figure 22: Ownership of entry-level, mid-range or premium smartwatches, 2022
  11. Intent to Buy Wearable Technology

    • Black Friday and Christmas period will be more important than ever for smartwatches
    • Trade-in programmes key for consumers replacing their smartwatch
    • AR gaming experiences will target the early metaverse interest
      • Figure 23: Intent to buy wearables in the next year, 2021 and 2022
  12. Motivations to Buy Smartwatches

    • Interest in calling suggests that consumers want smartwatches to be independent devices
    • Generation Z’s interest in smartwatches as a status symbol will maintain Apple’s market control
      • Figure 24: Reasons to buy a smartwatch, 2021 and 2022
  13. Health Metrics on Wearable Technology

    • Incentives will encourage smartwatch users to listen to wellbeing reminders
      • Figure 25: Health metrics with wearables that are of most interest, 2022
    • Blood pressure monitoring is key for maximising Generation X’s engagement in smartwatches
      • Figure 26: Health metrics with wearables that are of most interest, for generation X, 2022
  14. Attitudes towards Wearable Technology

    • In-depth health insights could provide added motivation for older consumers to buy smartwatches
    • Transparency functionality and lossless audio are two emerging segments of smart earbuds market
      • Figure 27: Attitudes towards wearables, the cost-of-living crisis and the metaverse, 2022
      • Figure 28: Concern over amount of health information on wearables, 2022
  15. Appendix – Data, Sources, Abbreviations and Supporting Information

    • Abbreviations
    • Consumer research methodology

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