Global shipments of wearable devices are poised to grow at 6.3 percent to 442.7 million devices in 2023, according to IDC.
The majority of wearable device shipments are expected later in the year as the first quarter will likely see another year-over-year decline, according to new data from the International Data Corporation (IDC) Worldwide Quarterly Wearable Device Tracker.
Worldwide shipments of wearable devices are forecast to reach 644.5 million in 2027 with a compound annual growth rate (CAGR) of 5.4 percent.
Worldwide shipments of ear wear are expected to reach 325 million in 2023 and 404 million in 2027. Shipments of smartwatches are forecast to reach 162.2 million in 2023 and 205.3 million in 2027. Worldwide shipments of wristbands are expected to reach 33.8 million in 2023 and 31.7 million in 2027.
“Smartwatches like those from Apple, Samsung, and Google will face a challenging environment in 2023 as many have moved upstream in terms of pricing during a tough macroeconomic climate and the discounts applied on these products may not be enough,” said Jitesh Ubrani, research manager for IDC Mobility and Consumer Device Trackers.
