Motorola has no plans to release Moto 360 successor anytime soon

Motorola (now owned by Lenovo) forayed into the wearable market with the Moto 360 smartwatch in 2014, which was followed by 2nd gen Moto 360 in 2015. Now it appears that we might not get to see a follow up of the wearable anytime soon. According to The Verge, Moto has no plans to release a new smartwatch anytime soon. 

Shakil Barkat, head of global product development at Moto confirmed to the publication that the company has no plans for the successor of 2nd gen Moto 360 to be released in time for Android Wear 2.0 platform  in 2017. Barkat told the publication that the company doesn't see enough success in thewearable segment to a release a new product anytime soon. 

He further said that “Wearables do not have broad appeal for us to continue to build on it year after year”. However, if the technology for wearable improves, Moto may revisit the market in the near future, Barkat added.

That said, smartwatches are not performing well in the wearable market and sales have been going south. A recent report by IDC says that global market for smartwatches fell to 2.7 million units in Q3 2016, a down by 51.6 percent compared to 5.6 million smartwatches shipped in the same period last year.

Just a day ago, it was reported that Fitbit is acquiring Pebble for around $40 million, and that the Pebble brand will be phased out.