Wearable Electronics in Mexico

PROSPECTS

Growing focus on health and fitness driving demand for wearable electronics

There is a growing interest in health and wellness in Mexico with consumers looking for new ways to improve their health, or to lose weight and improve their figure. This has resulted in an increase in the uptake of sport and fitness activities which in turn is driving demand for wearable electronics which can be used to monitor and track the user’s performance.

Fashion houses enter wearable electronics with stylish ranges

Wearable electronics benefited from the growing number of fashionable products entering the category at the end of the review period. While sport and fitness brands such as Fitbit and Garmin have introduced well-designed and functional wearable electronics there are now also fashion labels such as Fossil and Michael Kors present.

Health monitoring a feature of new product developments

Producers of wearable electronics are increasingly focused on producing products with the ability to track health conditions, such as the wearer’s heart rate, sleeping patterns and level of exercise. For example, leading player Fitbit launched its Fitbit Charge 3 in 2018 which offers these features.

COMPETITIVE LANDSCAPE

Fitbit retains lead thanks to new product innovations, strong marketing and good designs

Fitbit Inc remained the overall leader in wearable electronics in 2019. Fitbit continued to innovate at the end of the review period with it launching its Versa Lite Edition which monitors the wearer’s heart rate, activity and rest, provides access to apps and notifications, is waterproof, has a battery life of more than four days and plays music, among other features.

Garmin turns its attention to the mass market as it looks to grow its share

US company Garmin International Inc held onto second place in the rankings in 2019 with its products attracting the interest of serious athletes and sports enthusiasts. The company took the decision to open its own stores in Mexico in 2013 and since then it has pursued two directions, one through distribution in leading retail chains such as Liverpool and another through its own stores.

Samsung launches Galaxy Watch Active 2 as a challenger to Apple Watch

Third-ranked Samsung is expected to see a strong performance in wearable electronics over the forecast period with the company continuing to invest in new product development. In 2019 Samsung successfully launched its Galaxy Watch Active, but hot of this launch the company is set to launch the follow-up Galaxy Watch Active 2 in late 2019.

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