Apple’s ‘Time Flies’ event will reinforce its dominance in the smartwatches theme that will be worth $64bn by 2030

Apple’s ‘Time Flies’ event is shortly expected to unveil a new Apple Watch, along with a cheaper entry-level device, which should ensure the company maintains its dominance ahead of the competition, says GlobalData, a leading data and analytics company.

Rupantar Guha, Associate Project Manager for Thematic Research at GlobalData, comments: “Apple had a 60% share of smartwatch revenues in 2019, according to GlobalData estimates. However, smartwatch revenues are expected to decline by 10% in 2020 as the global recession caused by the COVID-19 pandemic hits consumer spending. The cheaper Watch model will help Apple broaden its customer base and maintain its grip on a market that GlobalData expects to be worth $64bn by 2030.”

The new Apple Watch Series 6 will reportedly feature a built-in pulse oximeter sensor (SpO2), a new sleep tracking function, a rebranded fitness app and potentially a more powerful battery along with a temperature sensor. Apple will reportedly also unveil a replacement for the Series 3, which will compete with cheaper devices from Fitbit and Huami. The entry-level Watch will be crucial for the company’s revenue growth during the upcoming holiday season.

Guha adds: “Apple currently ranks 5th out of 54 companies in GlobalData’s consumer electronics thematic sector scorecard. It scores 5 out of 5 in the wearable tech theme, primarily due to the success of the Apple Watch. The launch of the new Watch models will underline Apple’s dominance in this theme, as it will cut into the price-sensitive consumer base that is targeted by its rivals, including Samsung and Fitbit.”

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