There is an Apple Watch on more than 100 million wrists, according to analyst Neil Cybart at Above Avalon. What is more, he believes that “Apple is still only getting started with what is possible on the wrist.”
Apple Watch on 100 Million Wrists
Mr. Cybart notes that it has taken five years to get to this point but, 30 million people started to wear an Apple Watch in 2020. That “nearly exceeded the number of new Apple Watch wearers in 2015, 2016, and 2017 combined.”
Interestingly, there is room for a lot more growth. Around just 10 percent of the iPhone install base currently also have the accompanying wearable. That number hits around 35 percent in the U.S. “If 35% of iPhone users around the world one day wear an Apple Watch,” wrote Mr. Cybart, the “installed base would exceed 350 million people. That’s 2.5x larger than the current installed base.” Such a target seems ambitious, but it could even turn out to be an underestimate of the product’s reach.
The analyst said there are four things driving adoption:
- The way wearables make personalize technology.
- The appeal of a device on the wrists.
- .Users wanting to be seen wearing an Apple Watch.
- Integration into the ecosystem.
He also suggests various future roles for the Apple Watch, including checking identity and digital health.
A COVID Bump?
Going through the analysis, I can’t help but wonder if we are seeing a ‘COVID bump’. With gyms closed in various parts of the world, and exercise one of the few activities available to many, I can well imagine there are plenty of people canceling their gym membership and putting the money towards a new Apple Watch instead. That’s certainly what inspired my purchase. For some, there will also be a health element too – the ability to monitor bloody oxygen levels from your wrist being particularly appealing. I’d love to know the breakdown between those who picked up a Series 6, the lower-cost SE, or even a Series 3. It will be interesting to see if growth continues during 2021 and beyond.