The "China's Wearable Device Market Quarterly Tracking Report, Third Quarter 2017" released recently by IDC shows that in the third quarter of 2017, China's wearable device market shipments were 12.88 million units, a year-on-year increase of 18.7%. Basic wearable devices (wearable devices that do not support third-party applications) increased by 6.7% year-on-year, while smart wearable devices increased by 264.8% year-on-year, with the vast majority coming from the rapid development of the 4G children's watch market.
In the quarterly market rankings, although Xiaomi had a decline in both shipments and market share, it still maintained its position in the market, and its main product, the Xiaomi Bracelet, urgently needed new products to drive the next round of growth. With its sports bracelet, B3 bracelet youth version and glory bracelet series, Huawei successfully jumped to the second place on the list. The 4G children's watch of Xiao Gecai, a company owned by Backgammon, started large-scale shipments from this quarter. Total shipments were basically the same as last year. Qihoo 360 successfully switched its children's watch SE and 5 series products to the SE 2 and 6 series, and the growth momentum was stable, ranking fourth. The company actively promoted the market promotion, which has picked up in the wake of fan economics and the demand for large channels.
The performance of bracelet products in the wearable device market is particularly worthy of attention. Most of the bracelet products are basic wearable devices. After experiencing rapid growth in 2016, China's bracelet market saw a steady increase in market size in 2017. According to this report, the shipment volume of China's bracelet market in the third quarter of 2017 was 6.46 million units, a year-on-year increase of 13.4%, and the fastest growth this year. With the launch of Huawei and its branded glory bracelets, the bracelet market will usher in a new round of consumer upgrades and will present the following three trends:
Consumption upgrade will lead to a new round of average unit price increase
In 2016, with the successful switch of millet bracelets to the second-generation products and the success of the Huawei B3 bracelet in the high-end market, the average unit price of the bracelet market increased from 20 US dollars to 25 US dollars (excluding tax). In 2017, the momentum of consumer upgrades continued and the average unit price increased from 25 US dollars at the beginning to the current 30 US dollars (excluding tax). Product upgrades drive price increases, and mainstream manufacturers benefit from the strong pull of brand effects and will continue to dominate the market, bringing significant impact on small and medium-sized bracelet manufacturers.
Design will have a greater impact on consumer preferences
With the popularity of wristband products and the convergence of functional configurations, consumers are more valued in the design process. This prompted more manufacturers in the iterative research and development, through the use of curved screen, color screen, replace the wristbands and other ways to strengthen the fashion elements, while highlighting the product and brand personality, but also hope to add bright spots for consumers.
The payment function will gradually appear in the daily wear demand
Although a large number of wristband products on the market currently use sports and other related functions as promotional points, bracelets are still widely regarded as daily wearable products. With the prevalence of cashless payments, the use of NFC-based payment functions has increased in use and potential demand in everyday wear. In addition, NFC technology also makes bracelets play an important role in network connections such as smart office and smart communities.
IDC China market analyst Pan Xuefei believes: “A new round of consumer upgrade of the bracelet market has started. Increasing the added value of products, such as adding fashion elements, matching related services, and strengthening daily convenience functions, will promote the further growth of the bracelet market scale. At the same time, how to optimize the user experience and increase the use of stickiness under the existing technology conditions will also become the key point for winning market share in this round of competition.â€
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