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Analysis of the current situation of the wearable smart device market and admission

Updated: Aug 18, 2021

Analysis and admission of the current situation of China’s wearable smart device market

Since the concept of the Internet of Things was put forward, wearable devices have grown year by year. Wearable devices are the smart products closest to users. With the strong development of mobile networks, especially with the popularization of 5G networks, major manufacturers are accelerating the deployment of wearable smart devices. At present, wearable smart devices have gradually developed visual and somatosensory aspects from the initial auditory function.

The IDC data agency released the “Quarterly Tracking Report on China’s Wearable Device Market for the Fourth Quarter of 2020 and the Whole Year”. The report shows that the three giants Huawei, Apple, and Xiaomi account for 60% of the market share, and the three devices are released in a single quarter. The cargo volume is above 5 million units, which is far ahead of other industry players.

China’s 2020Q4 wearable device shipments

Why do major mobile phone manufacturers deploy wearable smart devices?

According to Apple’s 2020 earnings report, Apple’s wearable devices contributed $30.6 billion in receivables to Apple in 2020. Apple is currently the leader in wearable smart devices.

According to third-party data, since some medical technologies are used in wearable smart devices, the shipment of wearable smart devices has increased year by year. Especially smart watches and smart bracelets. For example, Huawei’s GT 2 PRO, Apple series 6, Huami GTS 2e, etc. have used the blood oxygen monitoring function, and sales have taken a step forward. Once we can see that it is inevitable for major mobile phone manufacturers to enter the wearable smart device market.

Wearable medical equipment increment

Wearable smart devices are a hundred billion-level blue ocean, and the dust of the big factory’s entry has settled

So how should small factories enter the game?

1. Entering from the health field

In 2020, due to the impact of public health incidents and the concept of big health, people’s demand for improvement of physical fitness is increasing, especially in fitness, health tracking, etc. The growth is more obvious, and the demand is greater, which makes The performance of wearable devices and smart watches was particularly strong, driving the overall market size to expand day by day. But began to deviate in the direction of medical monitoring. At present, the early stage of the layout of the large factory has been completed.

Fitness scene

But there are still opportunities for small factories; such as Veepoo, Huami, and Lexin Medical. Since its establishment in 2011, Veepoo has been deeply involved in the medical and health field. Veepoo has achieved remarkable results in detection technologies such as ECG, heart rate, blood oxygen, and scientific sleep. Over the years, Veepoo has been directly praised by consumers and service providers.

2. Entering from medical technology

Dachang makes use of its original technology accumulation, and continuously integrates technology and applies it to wearable devices. From Fitbit, Xiaomi’s exercise step counter and exercise mode, to Huawei’s GT 2 PRO, Apple series 6, and other blood oxygen functions. It can be seen that medical technology will be further integrated into wearable devices. Foreseeable, blood glucose monitoring technology will also be applied to wearable smart devices in the near future.

3.ECG technology

In terms of technology, it doesn’t mean that big factories are necessarily good. Dachang has only received more attention due to brand awareness and other reasons. The technologies of manufacturers such as Fitbit, Garmin, BOAT, Huami and Veepoo are mature and recognized by consumers. At the same time, these small factories have been doing technological innovation and research and development, applying these technologies to new equipment to serve many consumers.

4.Incoming from service

On the smart product side, wearable devices are more suitable for consumer users in terms of use. Wearable devices are more convenient and can improve the user experience. Moreover, for technology manufacturers, wearable devices still play a role in publicity to a certain extent.

Consumers’ buying behavior is perceptual, and how to provide services to consumers is a perspective that non-head players can cut into. Veepoo is working hard in this area.

The capacity of the wearable smart device market is very large. Others occupy 31.4%. The head players cannot always occupy most of the market. As the waist players become more sophisticated in technology and services, the waist players can also get a place. .

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