No one has had a chance to try the Apple Watch on for size yet, but according to a report from UBS, that’s not stopping Apple fanboys from planning to scoop up the Apple timepiece once its available, and all those eager buyers could lead to a staggering 24 million sales in the first year.
According to a recent survey of iPhone owners, at least one in ten users say they’re ‘very likely’ to buy the Apple Watch once it hits stores, and while that figure doesn’t sound like a lot, the investment firm estimates it could lead to $3.4 billion in gross profit in the first few months alone.
Over 4,000 iPhone owners were surveyed across the US, UK, India and China to gauge consumer interest in the Apple Watch, and despite claims that it might be ‘alarmingly complicated’, UBS analyst Steven Milunovich predicts Apple will sell about 24 million Apple Watches in the first year, with an average price of $432.
That total would an astronomical success for Apple Watch, considering only 3.3 million fitness trackers were sold in 2013.
Apple Watch sales are expected to nearly double in 2016, which would lead to over $6 billion in annual profit. By 2018 sales could top 67 million, according to Milunovich, who noted to investors that the Apple Watch has a number of limitations, but he believes the first-generation will setup Apple to be wildly successful in the wearables market in the future.
Surprisingly, the survey discovered that the Apple Watch isn’t the top timepiece on consumers minds though. Of the respondents who plan to buy a smartwatch, 37% indicated they want to buy a Samsung Gear, while only 25% said they’re holding out for the Apple Watch in early 2015.