Apple Inc. (NASDAQ:AAPL) is not the only company that stands to gain from the fast growing wearables market. Right now it is pretty much fair play for any one of the major wearable tech producers. Giants like Samsung, Fitbit, and Garmin Ltd. are all in the running to lead the wearables industry.
Is it a review from Katy Huberts, an analyst at Morgan Stanley, that conveys this information. In it she states that any one of the big makers of wearable technology could still dominate the growing market. According to Hubert, the size of the wearables market is approaching that of the notebook. 28 percent of consumers own a notebook device while wearables catches up with 23 percent.
Is Apple Conquering the Wearables Market?
Apple’s wearable products don’t take much away from the likes of Fitbit (NYSE:FIT). Though the maker of the Apple Watch does hinder the wearable tech sales of Motorola, Nike and Microsoft. This year’s second quarter saw Apple (NASDAQ:AAPL) ship around 3 million of its watches – a figure that was much more than any projection had predicted.
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Morgan Stanley has upped Fitbit to an “Overweight” rating. The firm scored impressively on the analyser’s three-point rating system. According them, the company holds a very healthy demand and inventory levels to meet it. Only 20 percent of Fitbit’s customers plan to get their hands on an Apple Watch. This, by Morgan Stanley’s view, is not a significant market loss for the entity. The maker of the wearable trackers still holds a powerful brand and market share.
In June, Fitbit Inc. rose by 7.4 percent. Apple Inc was had fallen by about 15 percent around the same time.
There are Others in the Race to the Top
Apple Inc.(NASDAQ:AAPL) And fitbit are not the only one’s in this race though. There are other promising potential leaders who can conquer wearables. They merely need to apply their focus on the market, Hubert says. Garmin has been given a rating of “Equal-Weight”, which is corporate speak for “meh”. Overall, the tech firm has a bad financial year. Garmin had dwindled by just over 30 percent at Friday’s closing. The company could do really well, though, Hubert assures. Its not the lack of a decent product that hinders the firm. Like many others in the wearables race, the likes of Garmin need to simply focus on their ad and brand awareness.
Hubert believes the outlook for wearables is massive and the upcoming holiday season will see the market expand greatly.