A survey released by UBS analyst Steven Milunovich on Monday showed that 10 percent of iPhone users are "very likely" to buy the Apple Watch over the next 12 months.
The survey involved 4,000 respondents from four countries including the U.S., U.K., China, and Italy. Ten percent are very likely to buy a smartwatch in the next 12 months while 17 percent are somewhat likely to purchase the item.
In addition, two-thirds of them said that they are willing to buy a smartwatch as long as it is an addition to their current device, according to MarketWatch.
Despite the hype that the media and some consumers have over the Apple watch, 37 percent of the respondents from the U.S., U.K., and Italy prefer the Samsung Gear smartwatch over the Apple watch. The only region where Apple is more favored than other brands is China.
Milunovich projected that Apple could sell 24 million smartwatches or $3.4 billion worth of sales, during the first nine months following its release based on its current consumer base. The sales are expected to double by 2016 and could reach 67 million smartwatches by 2018.
"Given that two-thirds of Apple's profit is generated by the iPhone, the company has to be concerned about the longer-term threat of replacement technology, whether it be a leap in handset technology or loss of key functions to wearables," Mulinovich said, quoted by the Apple Insider. "With a sophisticated user interface and third-party apps coming on, Apple may be readying for the time when the Apple Watch encroaches on the smartphone market."
The Apple watch, also dubbed as the iWatch, is rumored to be released on Valentine's Day or early next year. Reports said that it would be available in different models from the standard aluminum or stainless steel design to a premium 18-karat Gold edition. It can only be paired with the iPhone 5 through the latest models. Price ranges from $432 for the standard models to as much as $5,000 for the premium gold edition.
