Wearable technology has emerged as one of the fastest-growing sectors in recent years, with the market expected to reach a whopping $95.3 billion by 2027. The rapid adoption of wearables has been primarily driven by their versatility, convenience, and seamless integration with our daily lives. From smartwatches to fitness trackers, these devices have transformed the way we approach health and fitness, communication, and entertainment.
With this surge in wearable technology, many companies have jumped onboard the bandwagon, offering unique and innovative products to consumers. In this article, we will take a look at the top five wearable technology stocks to watch in 2021.
1. Apple Inc. (AAPL)
Apple is a well-known name in the wearable technology space, with its Apple Watch being one of the most popular smartwatches in the market. The company’s wearables, home, and accessories category, which includes the Apple Watch, AirPods, and HomePod, have been a key driver of its growth in recent years. In Q1 2021, the category generated a record $13 billion in revenue, up 30% from the previous year. With the launch of the new Apple Watch Series 6, the company is expected to continue dominating the wearable technology space.
2. Alphabet Inc. (GOOGL)
Google’s parent company, Alphabet, has made a name for itself in the wearable technology space with its Google Glass and Google Fit platforms. The company’s acquisition of Fitbit in 2020 has further strengthened its position in the market. With the launch of the new Fitbit Sense, the company is expected to continue driving growth in the wearables space.
3. Garmin Ltd. (GRMN)
Garmin is a leading player in the fitness and outdoor wearables market, offering a range of products such as smartwatches, fitness trackers, and GPS devices. The company’s strong brand recognition, coupled with its focus on innovation and customer-centric approach, has helped it gain a loyal customer base. With the launch of the new Garmin Venu 2, the company is expected to continue its strong performance in 2021.
4. Samsung Electronics Co. Ltd. (005930.KS)
Samsung is a well-established player in the wearable technology space, offering a range of products such as smartwatches, fitness trackers, and earbuds. The company’s Galaxy Watch series has been well-received by consumers, with the Galaxy Watch 3 receiving a positive response for its design and features. With the launch of the new Galaxy Watch 4, Samsung is expected to continue driving growth in the wearables market.
5. Xiaomi Corporation (1810.HK)
Xiaomi is a Chinese electronics company that has gained popularity in recent years for its affordable and feature-rich products. The company’s Mi Band series of fitness trackers have proven to be a hit with consumers, with the Mi Band 5 becoming one of the best-selling wearables of 2020. With the launch of the new Mi Band 6, Xiaomi is expected to continue its impressive performance in the wearables space.
In conclusion, wearable technology is an exciting and rapidly growing sector, with numerous companies vying for a slice of the market share. The above-listed companies are likely to be the top performers in the wearables space in 2021, and investors should keep an eye on their performance. As wearable technology continues to evolve and improve, we can expect to see even more innovative and exciting products from these companies in the future.
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