The worldwide market for wearable devices continues to grow steadily, reaching 148.4 million units shipped in the third quarter of 2023. This represents a 2.6% increase compared to the same quarter last year and surpasses pre-pandemic shipment levels, according to new data from IDC.
The growth comes as a surprise given wider economic uncertainty. However, IDC attributes it to the rise of smaller brands and new form factors like smart rings. Major players still dominate with smartwatches and wireless earbuds. But sleeker, more affordable options from newer companies are helping drive volumes.
Going forward, IDC expects smart rings and other new form factors to help jumpstart growth for the overall market. This puts pressure on leaders like Apple and Samsung to keep innovating in health tracking and other capabilities. The strong refresh cycles for existing smartwatch and earbud owners also bodes well for continued expansion. With wearables becoming more mainstream, first-time buyers will help volumes stay high.
| Company | Q3’23 Shipments | Q3’23 Market Share | Q3’22 Shipments | Q3’22 Market Share | YoY Growth |
|---|---|---|---|---|---|
| Apple | 29.9 | 20.2% | 40.8 | 28.2% | -26.7% |
| Imagine Marketing | 14.3 | 9.6% | 11.9 | 8.3% | 19.4% |
| Xiaomi | 11.6 | 7.8% | 8.5 | 5.9% | 36.0% |
| Samsung | 10.7 | 7.2% | 11.8 | 8.2% | -9.1% |
| Huawei | 8.5 | 5.7% | 8.9 | 6.2% | -4.4% |
| Others | 73.4 | 49.4% | 62.6 | 43.3% | 17.1% |
| Total | 148.4 | 100.0% | 144.6 | 100.0% | 2.6% |
