Apple Watch sales could reach 6 million units for quarter ended December 31

FBR Capital Markets analyst Daniel Ives stated that Apple Watch sales may reach 6 million units in the quarter ended December 31, 2015. This would be more than the initial estimated sales of 6 million units for the product’s first year.

Although Apple (AAPL) hasn’t revealed its sales figures, it did state that sales have been growing, with revenues of at least $1.7 billion in the first five months for this business segment. In July 2015, Apple said that the Apple Watch had outsold the first-generation iPad during its first nine weeks. Apple sold approximately 3 million iPads in that period.

Apple Watch Sales Expected to Double from Holiday Season

Apple Watch is an important business segment

Most of Apple’s revenues are generated by the iPhone. But the Apple Watch is set to become an important business segment. Ives estimates the Apple Watch to increase market share in the $20 billion market for wearable devices. “We continue to view the Apple Watch as a potential door opener for wearable technology across the board, as this next paradigm shift is likely set to take place across the consumer/enterprise landscape,” Ives wrote.

In the above graph, we can see that Apple has a 19% share in the wearables market. Fitbit (FIT) has a market share of 22%. It’s important to note that Fitbit and Garmin (GRMN) both lost market share over the last year.

Retail heavyweights such as Walmart (WMT), Best Buy (BBY), and Target (TGT) have started selling Apple Watches, thus increasing the product’s distribution and reach.

Apple constitutes 8% of the iShares S&P GSTI Technology ETF (IGM).

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