"This is a shockingly strong adoption rate that should serve as a wake-up call to Apple competitors."
From Cybart's "Apple Watch Is Now Worn on 100 Million Wrists" posted Thursday on Above Avalon.
It took five-and-a-half years for the Apple Watch installed base to surpass 100 million people. As shown in Exhibit 1, the installed base’s growth trajectory has not been constant or steady over the years. Instead, the number of people entering the Apple Watch installed base continues to accelerate. The 30 million new people that began wearing an Apple Watch in 2020 nearly exceeded the number of new Apple Watch wearers in 2015, 2016, and 2017 combined.
As of the end of 2020, approximately 10% of iPhone users were wearing an Apple Watch. This is a high percentage given the diverse technological wants and needs of those in the iPhone installed base.
Since the U.S. has been an Apple Watch stronghold for years, adoption in the country has trended materially high in comparison to global figures. At the end of 2020, approximately 35% of iPhone users in the U.S. were wearing an Apple Watch. This is a shockingly strong adoption rate that should serve as a wake-up call to Apple competitors interested in the wearables space. Apple Watch turned Fitbit from a household name as the wearables industry leader into a company that will eventually be viewed as an asterisk when the wearables story is retold to future generations.
My take: Cybart has become one of the best Apple device counters in the business, and unlike some sell-side analysts we know, he doesn't stop at counting iPhones.