According to the International Data Corp. (IDC), global shipments of wearable devices witnessed a 2.6% year-over-year growth in the third quarter of 2023 (3Q23), hitting an unprecedented high of 148.4 million units.
This volume by IDC surpasses both 3Q21 (142.1 million) and 3Q22 (144.6 million), marked by pandemic-induced spending surges. The upsurge credits the ascent of smaller brands and the increase of device categories.
“It’s been a decade since the wearables market got off the ground and while there has been some consolidation, the market still has plenty of diversity in terms of brands and form factors,” said Jitesh Ubrani, research manager, Mobility and Consumer Device Trackers at IDC.
Wearables shipments down 6.9% in Q2 2022 — IDC
Wearable market in PH posts double-digit growth in 3Q22 — IDC
Ubrani highlighted the significant strides in health and fitness tracking since the era of Fitbits and Pebble watches. The driving force behind wearables’ growth? The emergence of sleeker, compact designs. Ubrani anticipates a surge in new form factors, especially through smart rings introduced by brands like Oura, Noise, BoAT, Circular, and others, pressuring established brands to innovate in health tracking.
Emerging vendors
“Smartwatches and earwear still hold pride of place in the wearables market,” said Ramon Llamas, research director, Mobile Devices and AR/VR. “These still resonate with consumers and continue to find their way to first-time users, especially among the most wary and price-sensitive.”
Llamas highlighted the potential for emerging vendors to reach substantial shipment volumes, even competing with leading brands. Combined with robust refresh cycles – encompassing users who bought wearables as recently as 2020 – the wearables market seems poised for continued growth.
In brand rankings, Apple still emerged as the top brand followed by Imagine Marketing, the parent company of audio & wearable brand boAt. Xiaomi, Samsung, and Huawei complete the top 5.