The global wearables shipments declined 6.9 percent year over year to 107.4 million units in the second quarter of 2022, according to IDC.
Demand for wearables has slowed due to inflation, fears surrounding recession, increased spending on other non-tech categories, and the hyper growth that the wearables market has experienced in the last two years.
Apple, Samsung, Xiaomi, Huawei, and Imagine Marketing are the top 5 wearables companies in the world.
Apple, Samsung, Xiaomi and Huawei experienced year-over-year declines in the wearables business during the second quarter. Smaller brands continue to target lower price points, putting downward pressure on average selling prices (ASPs) for the incumbents.
Companies like Apple, Samsung, and Google are in the midst of launching more premium smartwatches.
“Even though pricing on some new products remains the same as the previous generation, the strength of the US dollar makes the purchase more difficult in local currencies,” said Jitesh Ubrani, research manager for IDC Mobility and Consumer Device Trackers.
Outlook for wearable shipments in 2022 will remain flat at 535.5 million units. Growth in wearables will return in 2023 as demand for smartwatches and hearables is expected to return due to new buyers in emerging markets and replacements in mature markets, IDC said.
