Health on the Wrist
According to industry sources on Nov. 9, fitness bands are leading the wearable device industry, as they comprise a larger proportion of the market than smart watches. Data from market research firm Strategy Analytics indicates that total smart band shipments in 2013 are estimated at 13 million units, accounting for more than 80 percent of the wearable device market.
As the local wearable device market is growing rapidly, foreign fitness band makers are gearing up to unveil new products. Fitbit is scheduled to introduce its new fitness bands like Surge and Charge to the country in December. These wrist watches display a wearer's heart rate in real time through a heart rate sensor, with a new feature to measure the amount of exercise.
Misfit is also expected to roll out a new ultra-low-cost product as early as this month, which is priced at US$49.9 (54,000 won). Like its predecessor Misfit Shine, the new model calculates the amount of physical activity, exercise, sleep, and the calories consumed in a day, but has a better design.
Smart watches are in the range of 200,000 to 400,000 won (US$183 to $366), whereas smart bands are in the price range of 50,000 to 200,000 won (US$45 to $183). In addition to price competitiveness, fitness bands can also sync with mobile devices powered by Android, iOS, or Windows. In line with this trend, global IT companies are paying attention to health-focused wearable devices.
Microsoft recently launched its health tracker called Microsoft Health, and Apple is also touting the health management function of the Apple Watch, which is going to be released next year. Market research firm IDC predicts that global wearable device shipments in 2014 are expected to be about 19 million units. Thanks to an average market growth of 78 percent, total shipments will exceed 100 million units in 2018.