Limited innovation forces wearables market players to reassess strategy

Low differentiation and limited innovation in the wearables market is making players in the segment relook at their strategy.

The combined market share of the top three players operating in the space has shrunk from 77 per cent in Q1 2023 to 66 per cent in Q1 2024, Counterpoint data shows.
 

Industry insiders say that the decline in demand is a result of cheaper products flooding the market, in combination with a base correction.
 

“Over the last two years, there has been no barrier to entry in the wearables market. It’s a problem of selling sub-optimal products to consumers, which has