VALUE SHARE: Global Fitness Band Revenue and ASP by Vendor by Price Tier: Q1 2023
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Global fitness band industry revenues slowed their rate of declines last quarter, dropping by just 17% in Q1 2023 (after dropping 30% - 45% during each of the prior 6 quarters). This marks 3 years running of quarterly fitness band revenue declines amid macroeconomic weakness and geopolitical uncertainty. Prices have reversed course back to ASP declines due to commoditization at the low-end, and shrinking volumes at the high-end, after briefly ticking upward slightly last year due to unrelenting inflation.Consumers are trending toward more fully featured wrist-based devices like smartwatches and feature watches over fitness bands. Leading fitness band vendors include Fitbit, Garmin, Honor (newly added to the tracker this quarter), Huawei, and Xiaomi. This report tracks quarterly global fitness band shipments, wholesale pricing, PRICE-TIERS, and revenues for all major vendors from 2016 to 2023.
