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We won't see a new Moto 360 smartwatch anytime soon

Don't hold your breath for a refreshed Moto 360 to go with the next version of Android Wear.

Lenovo isn't in a rush to release a new 360 smartwatch, the company said this week.

Sarah Tew/CNET

Lenovo's Moto brand isn't in a rush to release a new Moto 360 smartwatch for 2017, the company told a small group of journalists this week.

"The relevancy of the device isn't where it needs to be," said Shakil Barkat, head of Lenovo's global product development, of which the Moto brand is a part. "It doesn't have broad enough appeal for us to continue to build on it year after year."

Although the Moto 360 won't refresh in time to showcase the delayed Android Wear 2.0 software for smartwatches, Lenovo still believes in the smartwatch's future. "Wrist real estate will become relevant," Barat said, adding that "right now, we don't think the market's ready for it."

And Barat is right. The smartwatch market's doubtless deflation has hit device makers squarely in the jaw, with the number of shipped products dropping 52 percent year-over-year according to IDC. Moto isn't out of the wearables game, but it is clearly waiting and watching.