‘Business Insider’: Apple Watch will account for 40% of the luxury watch market by 2020

A new report from Business Insider Intelligence, says Apple’s trusted, high-end brand will give the smartwatch category immediate clout and help drive much more interest among consumers, particularly those attracted to luxury goods. The research group expects Apple to have 40% of sales in the “luxury watch market” (those costing at least $350) by 2020.

The pricing, materials, and design on certain models will make the Apple Watch the first smartwatch to compete in the luxury-wristwatch category, the report says. BI Intelligence adds that its consumer survey shows growing interest in the Apple Watch among owners of traditional watches. Twenty-seven percent of those who already wear a watch saying that the added functionality of Apple’s wearable appeals to them.