Worldwide Wearables Market Forecast to Rebound in 2023 with Continued Growth Thereafter
June 26, 2023 | IDCEstimated reading time: 1 minute
After declining for the first time ever in 2022, worldwide shipments of wearable devices are forecast to rebound in 2023, reaching a total of 504.1 million units, according to new data from the International Data Corporation (IDC) Worldwide Quarterly Wearable Device Tracker. This represents 2.4% year-over-year growth, driven by sustained demand for the most popular products–earwear and smartwatches–while other products hold steady. Looking ahead, IDC expects the market will see several years of single-digit growth with shipments reaching 629.4 million units in 2027 and resulting in a compound annual growth rate (CAGR) of 5.0%.
Earwear will remain the largest product category throughout the forecast as new users seek out their first set and current users upgrade from devices purchased in 2020 and 2021, when earwear shipments reached their peak. Smartwatches will experience market-beating growth as users transition from wristbands to smartwatches and, in some cases, from basic smartwatches to advanced smartwatches. Despite downward pressure from smartwatches, wristbands are not expected to disappear from the market as these devices will continue to appeal to users seeking simpler solutions. Meanwhile, all other wearable categories – including clothing, rings, glasses that do not feature augmented or virtual reality, and others – will trend up and to the right albeit from a much smaller base.
"Despite the ongoing challenges in the macroeconomy, demand for wearables will push the market back into growth mode," said Ramon T. Llamas, research director with IDC's Wearables team. "We still anticipate new devices to come out later this year and these will coincide with replacement purchases for those who acquired a new device several years ago. This sets up a virtuous cycle for future purchases in the coming years resulting in continued growth for the overall market."
"And while replacements will be a big driver for mature markets such as North America and Europe, emerging markets are expected to drive continuous growth as well though many of these consumers are expected to be first time buyers," said Jitesh Ubrani, research manager for IDC Mobility and Consumer Device Trackers. "India has alreay surpassed the United States and China in terms of market size and will remain the largest market going forward thanks to the breadth of low-cost yet feature-rich devices from local vendors. Aside from India, other Asian countries along with Middle East and Africa will lead in terms of shipment growth while China and the USA will remain the second and third largest markets, respectively."
Suggested Items
IDTechEx Discusses Low-Loss Materials: The Enabler of Future Connected Vehicles?
05/06/2024 | IDTechExFuture connected vehicles will offer future drivers a safer, smoother, and more convenient driving experience. Not only will drivers get access to more navigation and entertainment options, but they will also gain access to safety technologies that will potentially reduce accidents, improve congestion, and reduce emissions globally by allowing vehicle safety systems to communicate with each other and with city traffic infrastructure.
HBM Prices to Increase by 5–10% in 2025, Accounting for Over 30% of Total DRAM Value
05/06/2024 | TrendForceAvril Wu, TrendForce Senior Research Vice President, reports that the HBM market is poised for robust growth, driven by significant pricing premiums and increased capacity needs for AI chips.
Tablet Shipments Show Signs of Recovery in Q1 2024
05/06/2024 | IDCAfter more than two years of decline, worldwide tablet shipments posted modest year-over-year growth of 0.5% in the first quarter of 2024 (1Q24), totaling 30.8 million units, according to preliminary data from the International Data Corporation (IDC) Worldwide Quarterly Personal Computing Device Tracker.
Industrial PC Market Size to Record $1.75 Billion Growth from 2023-2027
05/03/2024 | PRNewswireThe global industrial pc market size is estimated to grow by USD 1.75 billion from 2023 to 2027, according to Technavio. This growth is expected to occur at a Compound Annual Growth Rate (CAGR) of almost 6.29% during the forecast period.
Real Time with… IPC APEX EXPO 2024: Direct Imaging Equipment and Quad-wave DLP Light Engine Technology
05/03/2024 | Real Time with...IPC APEX EXPOGuest Editor Kelly Dack and MivaTek's Brendan Hogan delve into the company's innovative technologies, including direct imaging equipment and quad-wave DLP light engine technology. They highlight the benefits of direct imaging, compensation, and DART technology.