The human race has come a long way in providing easy access to comfort and luxury. Hence, there is no surprise in knowing that now we feel the 'need' to have those gadgets to own luxury. And when we talk about luxury, Apple takes our brain space immediately. Apple is a brand that believes in the quality, luxury, and aesthetic aspects of its products. Take an iPhone, for example. It might be a really good user interface gadget, but some people still own it for its aesthetic capability.
Gradually, Apple is enhancing its presence in the wearable and hearable industry too. Before the Coronavirus outbreak, this market was growing at a relatively slower pace than post-pandemic. People are being exposed to a more sedentary lifestyle, with their living place becoming their office space.
Businesses know how to create the need for their products among consumers. Hence, the coronavirus came as an opportunity for some firms. Apple, being the technology firm, also stood on the favorable side of the situation and reaped its benefits more rigorously.
If we look at the basic ideology of a brand behind expanding its product line, we realize that these companies are good speculators of future prospects. That being so, why wouldn't they invest then? They have all the reasons to diversify, and many did. The difference is Apple did its work extraordinarily.
Now, take the case of Apple. What really happened? According to International Data Corporation Data for the year 2020, Apple has been seen as the top player in the smart wearable device market, with it being the number one choice among the population. These products include smart watches, smart airpods, smart bands, etc.
- Apple's Authenticity
- Apple's Good User Interface
- Apple's Wearables has bundle of features
- Apple's iPhone Consumer Base
- Apple's Credibility
- Apple's Luxury
- Apple's Demand due to Pandemic
- Apple's Competitor's value for money
- Apple's Growing Sector
- Future of Apple Wearable Devices
Apple's Shipment Volume and Market Share
The graph shows that iPhone shipments have seen fluctuations in recent years, from a peak of 231.2 million units in 2021 to 195.6 million units in 2019. The company had Apple's 21.5% market share of wearable device unit shipments in the first quarter of 2023.
There are a number of possible explanations for the slow growth. One possibility is that the smartphone market is becoming saturated. Another possibility is that consumers are becoming more interested in other types of devices, such as tablets and laptops. Additionally, the rise of Chinese smartphone brands has posed a significant challenge to Apple.
The graph shows the market share of Apple. The company has seen a consistent rise in its market share from 13% in 2019 to 18% in 2022. It vividly made itself stand out of the crowd.
The wearable technology market size was estimated at $61.30 billion in 2022. The market size is expected to grow from $186.48 billion in 2023 to $419.44 billion by 2028, and Apple will play a major role in achieving this goal.
Reasons Why Apple Is Dominating the Wearables Industry?
Apple products are outrightly its own. The chief reason behind Apple's products dominating the market is its uniqueness and originality, which it keeps intact and provides the best quality products to its customers. It may not be the inventor of a product, but it definitely fills the market with its best version.
Apple's Good User Interface
Though the majority of brands today focus on the UI of their products, Apple stands out of the line by providing innovations in its UI. It makes the product in such a way that a customer feels belonged to the product. Take the Apple Active 2 watch, for example; it has the feature of memoji which you can change as and how you like it.
Apple's Wearables has bundle of features
Regardless of the fact that these wearables at their initial stage were fitness trackers, that is, a sports accessory. Gradually, the demand for trackers becoming an 'easily accessible tool' grew. People wanted it to be a complete package, like an easy shortcut to texting, emailing, answering a call, and listening to music while being a fitness tracker. Apple changed the game for itself here.
Apple's iPhone Consumer Base
In January this year, Tim Cook said there are over 1.5 billion active users of iPhone in the world. It gives those users a considerable reason to choose the Apple brand over other market competitors and an edge to Apple over its rival firms. We can't really say that 100% of those users are wearable users, but they certainly are potential consumers for the brand.
When you know the brand and its market presence for quite a good amount of time, it earns your trust. This trust is then reciprocated when the company expands itself. Apple's wearable technology will also aim to maintain the company's credibility by providing customers with the best experiences.
The association of the brand with luxury is something a user wants to acquire in his/her span of life. The luxury being a need evolves from society and consumer's socialization needs. Apple is well-known for its luxurious aspect of services. The price of Apple wearables also comes under luxurious products.
Apple's Demand due to Pandemic
The sedentary lifestyle that Coronavirus pandemic has brought is more or less a catalyst in the sudden surge of sales in this industry. And when it comes to investment, people tend to invest in something that gives them more benefits and durability, even if it is slightly on the higher end.
Apple's Competitor's value for money
These wearables are slightly on the higher end of the price because they are a lifestyle product and not a necessity product. So when you compare the things, you realize what brand ticks the most boxes for you. According to data, Apple shines in this category. Examples of Apple wearable devices are the Apple Watch, AirPods, AirPods Max, Air Tag, Laptop Tag, etc.
Apple's Growing Sector
The wearables industry is one of the fastest-growing business lines presently. Although Apple is a mega brand, it is really obvious that there has been a notable spike in its end users, which is not only for Apple but for all the other firms, too. The growing market and demand for Apple wearables will help the company increase its market share and gain a competitive edge over its competition.
Future of Apple Wearable Devices
- Apple Watch Series 10: The Apple Watch Series 10 is expected to be released in September 2024. It is rumored to feature a new design, a faster processor, and improved health sensors.
- AirPods Pro 3: The AirPods Pro 3 is expected to be released in the fall of 2024. They are rumored to feature a new design, improved noise cancellation, and support for lossless audio.
- Apple AR/VR Headset: Apple is also rumored to work on a mixed-reality headset that combines augmented reality (AR) and virtual reality (VR). It is a smart wearable device by Apple. The headset is expected to be released in 2024. It will allow users to interact with digital objects and information in the real world and experience immersive VR experiences.
- Apple Glasses: Apple is also rumored to work on a pair of smart glasses. The glasses are expected to be released in 2025 or 2026. They will allow users to interact with digital objects and information in the real world without looking at a smartphone.
Apple is one of the finest business firms and has a very firm step in the global market. It generally launches its products during the year-end, which is a festive season for most parts of the world, which again is a fair reason for rising sales. People look forward to its new product launches and, above that, trust it. Apple doesn't really offer something out of the world in its products, but it knows how to present its products to its buyers efficiently. It is a smart brand equipped with smart brains. Thus, the bottom line is Apple is a player in its regime, so it knows how to be exceptional.
What is a smart wearable device?
Wearable devices are fashion electronics and accessories that are electronic devices with microcontrollers. These smart electronic devices are worn close to the surface of the skin, and they can detect, analyze, and transmit information concerning body signals.
What are Apple wearable products?
- Apple Watches
- Apple AirPods
- Apple Headphones
Who are Apple's competitors in wearables technology?
Apple is the market leader in wearables technology. Some competitors in the wearables industry are: