"Wearable Electronics in Colombia" now available at Fast Market Research

In 2015, the market is still assimilating a quite new category and sales are quite niche orientated due to high unit prices and appeal to specific groups of consumers. Although Colombians are considered "early adopters" of technology, there are lots of doubts in wearable technology, bolstered by a very limited promotion and advertising of the product benefits within the new category. It can be said that fitness enthusiasts, no matter their age, and people who are willing to expand their technological ecosystem with more electronics from Samsung and Sony, are the most important consumers in the category.

Competitive Landscape

Samsung Electronics Colombia SA is the leader in autonomous wearable electronics in 2015 with its Gear portfolio. The company is successfully binding wearables with its leading portfolio of smartphones, reducing consumer resistance to purchasing this new technology. Samsung is clearly positioning its wearables, smartphones and fitness and daily activity monitoring centres together, so the brand extension has helped the company to rapidly lead this recent category.

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Industry Prospects

Starting from a low base, the category is expected to have double-digit growth in terms of volume over the forecast period. Consumers will be more exposed to wearables at store-based retailers and e-commerce sites and that will help the category. Wearables will thrive to the extent consumers become more knowledgeable about the category, and that depends directly on manufacturers’ promotion strategies. A clear price gap between passive and autonomous wearable electronics will define two customer niches, also depending on the different functionalities offered. Passive wearables will gain more attention from fitness and sport enthusiasts as recording physical activity will continue to be their main goal. However, additional features such as sleep tracking will also attract standard consumers who will like to track their daily activities and monitor their overall health rather than follow up on sports and fitness activities. Autonomous wearables, in a higher price range, will attract more advanced users wanting a complementary product to their smartphones, but the industry is expecting more fully independent wearables that act as a smartphone. Both autonomous and passive wearable electronics will be quite dependent on the developments seen in smartphones and apps over the forecast period, and consumers will consider the interaction and convenience as key sales drivers for wearables.

Report Overview

Discover the latest market trends and uncover sources of future market growth for the Wearable Electronics industry in Colombia with research from Euromonitor's team of in-country analysts.

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