Global wearable device market to reach $42 bn in 2019: Gartner

Global shipments of wearable devices will reach 225 million in 2019 -- an increase of 25.8 per cent from 2018, market research firm Gartner said on Friday.

Spending by end-users on wearable devices is forecast to reach $42 billion in 2019. Of that, $16.2 billion will be on smartwatches alone.

"At the moment, the smartwatch market is bolstered by the relatively stable and higher average selling price (ASP) of the Apple Watch. But the overall ASP of smartwatches is expected to slowly decline from $221.99 in 2018 to $210 in 2022, due to lower-priced competitors," Alan Antin, Senior Director, Gartner, said in a statement.

Seventy-four million smartwatches will be shippedin 2019, thus making smartwatches the top segment among all wearable device form factors.

"Traditional watch brands such as Fossil and Casio will gain market share by offering more style and choice in their portfolio than the technology brands. We think that fashion and traditional watch brands are likely to account for up to 20 per cent of unit shipments by 2022," added Antin.

By 2022, ear-worn devices or "hearables" shipments will take over as the top wearables segment, with 158 million units shipped compared to 115 million smartwatch shipments in 2022, the market research firm added.

Ear-worn devices, such as Apple AirPods and Plantronics' BackBeat FIT, will account for more than 30 per cent of all shipped wearables by 2022.

(With inputs from agencies.)