Motorola won't be making any more Android Wear devices, Huawei are unlikely to for the foreseeable future and the bulk of Google's wearable sales are likely to come from niche or specialist manufacturers for the short to medium term anyway.
Google has lost the smartwatch war, because nobody really wants a smartwatch and those that do want either an Apple Watch, due to tight iPhone integration; or a Galaxy Gear as a result of co-bundling promotions with Samsung's phones.
The only future for Android Wear is for a smartphone / tablet market-like realignment of pricing, with cheaper, entry-level devices driving the market based on price alone.
There is no cachet to wearing an Android Wear device - even the higher end devices are faintly ridiculous - and fitness trackers have the lower end of the market sewn up.
Right now Google has a wearable problem that is bigger than any being attributed to Apple. The fitness tracker / wearable market is pretty constant aside from the Apple Watch seasonal variations.
And it has pretty constantly rejected Android as both a product and a concept.