IDC

The recovery came after five consecutive quarters of annual declines while the market was focused on clearing excess inventory from the pandemic era.

The high-water mark for wearables came in 2020 and 2021 with volumes reaching record levels. The next two years saw the aftermath of that success as demand began to wane and shipments steadily declined.

As with the prior quarter, the decline was caused by constrained demand and the tightening of financing conditions.

Shipments are not expected to rebound significantly in 2024 due to weak demand and a slow economic recovery, IDC said.

The countries which managed to capture growth for ink cartridges were Bangladesh, Vietnam, India, the Philippines, Malaysia, and Thailand mainly because of the replacements of older machines bought before the pandemic.

Transsion took the top spot, growing 98.3% annually and accounting for over one-third of total shipments in 2023 as the company reached a new high with all three sub-brands positioned in the ultra low-end segment.

For calendar year 2023, worldwide tablet shipments totaled 128.5 million units, a decline of 20.5% compared to 2022 and the lowest annual volume since 2011.

A sort of shifting of power at the top of the largest consumer electronics market was driven by an all-time high market share for Apple and a first time at the top.

Worldwide shipments of wearable devices grew 2.6% year over year during the third quarter of 2023 (3Q23) and reached an all-time high for the third quarter of 148.4 million units.

The ink tank segment captured yearly growth in countries like Australia, the Philippines, Bangladesh, Indonesia, and India due to the growing acceptance in major verticals, such as healthcare and education, in a predominantly SME driven market.