Zacks Investment Research | Mar 05, 2018 05:16AM ET
Apple (NASDAQ:AAPL) topped the wearables market for the first time, and it seems to be a replay of what it did in smartphones.
Apple Leads in Wearable Devices
The device category that Fitbit (NYSE:FIT) pioneered is rapidly changing character as consumer tastes move from basic bands to smartwatches offering greater functionality and cellular connectivity. That’s the market that Apple has latched onto so well to become the leading player with fourth quarter unit shipments of 8 million, market share of 21% and representing growth of 57.5%, according to IDC.
Despite its purchase of smartwatch maker Pebble and the subsequent launch of its Ionic smartwatch, Fitbit has been pushed to second place with 5.4 million units, which is 14.2% of the market and represents a 17.3% decline from last year. Xiaomi, Garmin (NASDAQ:GRMN) and Huawei follow with 13%, 6.5% and 4.3% market share, respectively. Huawei saw the strongest growth of 93.2% in the last quarter.
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Apple shares carry a Zacks Rank #3 (Hold). But you can see .
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
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