Monday, June 24, 2024
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Shipments of wearable devices grow 8.8% in Q1 as prices continue to decline

The wearables market began 2024 with a growth spurt as global shipments of wearable devices grew 8.8% year over year in the first quarter (1Q24) to 113.1 million units, according to new data from IDC.

Global shipments of wearables saw modest growth in 2023 — IDC

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.

Global shipments of wearable devices hit record high — IDC

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.

Global wearable shipments bounce back with 8.5% growth in Q2: IDC

This growth came at the expense of overall market value as average selling prices (ASPs) fell due to increased competition and discounting by retailers seeking to reduce excess inventory.

Asia-Pacific wearables market posts lowest growth ever in 2022: IDC

Smartwatches, the only category that maintained positive growth, grew 23.3% during 2022, reaching 80 million units. Apple surpassed Huawei to become the market leader.

Wearable devices post full-year decline in shipments for 2022: IDC

Smartwatches, however, grew 9.4% in 2022, reaching an all-time high of 148.6 million units with Apple in the lead.

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

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

Wearables market sees first decline at start of 2022 as demand normalizes

The decline is largely attributable to cooling demand as consumers begin to spend more in categories outside of wearables following years of precipitous growth that were further amplified during the pandemic.

Wearables post double-digit growth for Q4, full year 2021

The worldwide wearables market hit a new record high in the fourth quarter of 2021 as shipments reached 171 million units, up 10.8% from the same quarter last year.

Wearable market will see 344.9-million shipments in 2022: report

According to a recent study from analyst firm ABI Research, the number of wearables shipped worldwide in 2020 increased to 259.63 million, with sports, fitness, and wellness trackers accounting for 112.15 million and smartwatches 74.30 million.
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