Saturday, June 22, 2024

PH wearable market poses double-digit growth in Q3: IDC

According to research firm IDC, the Philippines wearable market grew 15.5% quarter over quarter (QoQ) and 23.7% year over year (YoY) in 3Q22 as shipments reached 370,000 units.

Despite an economic slowdown, Huawei took the top spot with its wristbands accounting for 66.0% of its overall wearable shipments.

Wristband is the fastest-growing category bringing in 106,000 units in 3Q22, growing 80.0% QoQ and 46.5% YoY, driven by Huawei’s hot-selling Band 7 accounting for more than half of total wristband shipments.

Although smartwatch shipments (inclusive of basic and advanced) declined 3.5% compared to the previous quarter, it has still more than doubled compared to last year.

In contrast, the leading category earwear accounted for 46.8% of the overall wearables 3Q22 market share, slowed down 5.4% YoY.

“Some vendors have expressed confidence in the wearable market’s growth in the Philippines. In fact, smartphone vendors have expanded their product portfolio to include wearables, in response to the growing demand for smart devices among Filipino consumers that seek a smart lifestyle,” said Angela Medez, senior market analyst at IDC Philippines.

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