The global market for wearable devices soared to unprecedented heights in the third quarter of 2023, with shipments reaching an all-time high of 148.4 million units.
This remarkable 2.6 percent year-over-year growth, as unveiled by the International Data Corporation’s (IDC) Worldwide Quarterly Wearable Device Tracker, surpasses the previous records set in the same period of 2021 and 2022.
IDC’s research manager for Mobility and Consumer Device Trackers, Jitesh Ubrani, remarked on the market’s evolution since its inception a decade ago. He highlighted the diverse array of brands and form factors contributing to its continued vibrancy.
Jitesh Ubrani emphasized the pivotal role played by smaller and sleeker designs in propelling the sector forward, spotlighting the anticipation surrounding the advent of smart rings from emerging brands like Oura, Noise, BoAT, and Circular. These innovative form factors are expected to both catalyze market growth and compel established brands to elevate their health tracking offerings.
Ramon Llamas, research director for Mobile Devices and AR/VR at IDC, reinforced the enduring appeal of smartwatches and earwear among consumers. He noted their continued resonance with first-time users, particularly those cautious about price considerations.
Ramon Llamas emphasized that emerging vendors have managed to secure substantial shipment volumes, positioning themselves alongside established brands. Coupled with robust refresh cycles, including individuals who invested in wearables as recently as 2020, the wearables market has cultivated a potent momentum for sustained growth.
The growth in wearable device shipments reflects a thriving industry spurred by evolving consumer preferences, technological advancements, and the advent of novel form factors. With a diverse landscape of brands and products, the wearables market is poised for further expansion and innovation in the quarters ahead.
Apple, Imagine Marketing, Xiaomi, Samsung and Huawei are the top five wearable device brands globally in Q3 2023, according to IDC.
