Motorola is stepping away from smartwatch game and has announced that it won’t be releasing a new smartwatch for Android Wear 2.0 launch. Earlier the company had said that it won’t release a new smartwatch in 2016 but it now seems the company is ditching the segment altogether.

Moto 360 has been one of the most recognised smartwatch among all Android Wear devices and the company has no plans to introduce third iteration of Moto 360 smartwatch. Speaking to The Verge, Shakil Barkat, head of global product development at Moto said, “The company doesn’t see enough pull in the market to put [a new smartwatch] out at this time.” The announcement comes at a time when IDC just announced 51 percent decline in smartwatch shipments in third quarter of 2016.

Motorola, however, is not ruling out the possibility of releasing a smartwatch but there are no plans for a smartwatch in the interim future. Motorola is also removing smartwatch and other wearable devices from its annual device roadmap. “Wearables do not have broad enough appeal for us to continue to build on it year after year,” Barkat said.

Smartwatches have lost their charm in just few years of their existence. Most smartwatches available in the market don’t do anything beyond mirroring notifications to the wrist. Large part of the industry has failed to deliver on an ecosystem that offers complete experience.

Smartphone OEMs producing smartwatches have even gone ahead to add standalone LTE to their wearable offering but the experience has been broken. Google which rules the smartphone world with its Android has failed to deliver on a compelling wearable platform. The company recently delayed the launch of its Android Wear 2.0 to early next year.

“We believe the wrist still has value and there will be a point where they provide value to consumers more than they do today,” Barkat told The Verge. While there won’t be a Moto 360 in the near future but we might see the company jump back to wearable action in the future.