China's wearable device market scale reached CNY12.58 billion in 2015, representing a high growth rate of 471.8%.
The China Academy of Information and Communication Technology Research of MIIT published its latest report on wearable devices and said growth will continue.
According to Min Dong, director general of technology and standard research of CAICT, China's wearable device market is currently undergoing an exploration period. Starting from 2016, the huge potential of some vertical areas will start to release and the wearable device market will enter its launching period. The Chinese market scale is expected to reach CNY20 billion in 2016.
Min said consumers prefer traditional terminal enterprises when choosing wearable devices among various options. Due to Apple's brand image in the consumer electronics sector, 70.8% of consumers show interest about wearable devices made by Apple, which is followed by Xiaomi and Huawei. In regards to price, over 50% consumers limit their budget within CNY1,000.
Based on the current market situation, Min predicted that the Chinese wearable device market will enter a high-speed development period in 2019, with gradually improved business models, more mature health-oriented big data services, and more detailed segment products. In 2022, the market will enter a mature period and the threshold of entering the market will be increased.