**The Decline of the Wearable Device Industry**
Smart wearable devices have been around for years, but many people still have a vague understanding of what they truly are. In common perception, smart bracelets and smartwatches are often considered as the main examples of smart wear. However, the original concept of "smart wear" refers to intelligent design integrated into daily clothing and accessories. This includes not only smartwatches, smart bracelets, and smart glasses, but also smart necklaces, VR headsets, and other high-tech wearable devices.
As a new technology concept that emerged after smartphones, smart wearables marked the beginning of a new era in electronics manufacturing. As an emerging field, smart wearable technology is characterized by its internet-based approach, from product development to marketing, supply chain, and sales. This has made it highly attractive to entrepreneurs and investors alike.
The smart wear revolution originated in Silicon Valley, but its real growth took off in China. From Google Glass to Eyephone, and from Fitbit to inWatch, a wave of innovative smart wear has started to influence traditional industries. According to data, since 2013, Capital Lab has tracked 25 investment cases in smart wearable technology, totaling $314 million, with accumulated financing reaching $587 million. Among these investments, 13 domestic companies have brought smart wear into specialized fields such as military, sports, and healthcare.
In recent years, China has seen a surge in smart hardware products. The most common method involves creating an app that connects the device to a smartphone, allowing users to monitor the device’s status through their phones. Smart wearables like smartwatches, smart glasses, smart shirts, and smart jewelry have all followed this model, using the phone as a central smart carrier.
However, in recent years, the smart wear market has faced a significant decline. At the end of 2016, Motorola announced it would indefinitely delay the Moto360 smartwatch running Android Wear due to lack of market appeal. Pebble, once a pioneer in smartwatches, faced heavy discounts and was eventually acquired by Fitbit after major layoffs. Even Google's eyewear project, once seen as a game-changer, has been put on hold. Once popular low-cost smartwatches with Bluetooth and call functions are now fading away, and the hype around them has largely disappeared.
Despite this downturn, some experts believe there is still potential for growth. Market research firm IDC reports that health and fitness remain the most popular applications for wearable devices. In the early days, smart wearables were highly popular, especially among smartphone users who were eager to try gadgets that could track heart rate and other biometrics. But over time, many of these devices became underutilized, leading to a sense of disappointment.
Today, wearable devices still have great potential in vertical markets like sports and healthcare, though they are still in the exploratory phase. Apple Watch, for example, is being used to help manage chronic diseases, which could encourage insurance companies to collaborate with tech firms. Venture capitalist Stephen Kraus from Bessemer Venture Partners suggests that focusing on specific user needs can create huge opportunities, transforming wearables from "nice-to-have" to "must-have" products. Fitbit is also expanding into areas like sleep apnea monitoring, showing a shift towards more specialized functions.
According to IDC, the wearable market began to recover in the fourth quarter of 2016. In the first quarter of 2017, global wearable shipments reached 24.7 million units, up 17.9% year-on-year. The smart apparel market is also expected to exceed 3 million units this year. These figures suggest that the smart wear industry is far from dead. Strategy Analytics predicts that the total wearable market will reach $45 billion by 2022, highlighting its growing potential.
To truly revive the smart wear industry, companies need to focus on solving three key challenges: improving product stability and reliability, enhancing scenario-based applications and data services, and building comprehensive personal health and behavior data systems.
Looking ahead, the potential of smart wear remains strong. In 2017, Apple’s Apple Watch series shipped about 8 million units in the fourth quarter, ranking first in the smart wear market. Fitbit came in second with around 5.4 million units. Over the full year, Apple sold 17.7 million units, while Xiaomi’s smart bracelet series reached 15.7 million. Though Apple dominated, Chinese brands like Xiaomi and Huawei are catching up quickly.
Although current smart wearables still rely heavily on smartphones and suffer from short battery life and limited usability, the future looks promising. With advancements in artificial intelligence and technology, issues like independent connectivity and battery life will be resolved, paving the way for a more vibrant wearable market.
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