Smartwatches are definitely getting trendier, and Samsung is dominating the market
A report by research firm Strategy Analytics has pointed out that during the first quarter of 2014, shipments of smartwatches have grown by a massive 250 per cent, with Samsung dominating this space with a 70 per cent market share.
Out of the 700,000 smartwatches shipped worldwide from all vendors, Samsung took 500,000 of those orders, and as the figures only cover the first three months of 2014, it does not include the sale units of new Gear 2, Gear 2 Neo or the Gear Fit devices, which went on sale in April.
Maintaining a huge lead in the race, Samsung is then followed by Pebble and Sony, both holding an 11 per cent marketshare. Do please note that the figures only represent devices shipped and not sold. But it does make a good indication as retailers won’t normally order items they don’t think they can sell.
Big name competition on the way
However, with many devices running on Android Wear just around the corner, including the LG G Watch and Moto 360, and never mind the rumoured Apple iWatch, the smartwatch market will definitely continue to strengthen whilst Samsung may be as risk of losing some of its marketshare.
With Samsung’s marketing the original Galaxy Gear around the Galaxy Note 3 being mentioned as highly contributory in the report, we are expecting to see the Korean giant continue with its usual monstrous marketing push to keep ahead of its new rivals.
A forecast by Business Insider predicts that 91.6 million smartwatch units will sell worldwide in 2018. With an average selling price of around $100, it translates to a $9.2 billion market. An IDC report also predicted that by the end of this year, over 19 million wearable devices is expected to ship globally, tripling last year’s figure, and eventually hitting 111.9 million worldwide shipments in 2018 alone.