Wearable technology is enjoying a surge in popularity across diverse demographics. Following a period of relative stagnation, Canalys has now revealed that the global wearable market is on an upward trajectory, marking a substantial improvement by the close of Q2 2023.
As reported by Phone Arena, there has been a notable 6% year-over-year increase in total wearable shipments during this timeframe, with a staggering 44.2 million units finding new owners across the globe in the past three months.
Apple continues to hold the top spot, boasting a shipment tally of 8.1 million units. However, its market share has seen a dip to 18% compared to the previous year. Meanwhile, brands like Xiaomi and Huawei have firmly secured their positions, each shipping 4.8 million and 4.3 million units, respectively, placing them second and third in line after Apple.
Perhaps the most intriguing facet of this data lies in the emergence of Indian local brands, namely Noise and Fire-Boltt, which have risen to the fourth and fifth positions. These brands have managed to ship 3.5 million and 3 million units, respectively, during this period.
According to Canalys research, despite the current climate of economic uncertainty on a global scale, wearable devices continue to exhibit potential for sustained long-term growth. Present-day wearables offer an ever-expanding array of features, all at price points that remain accessible to a broad spectrum of consumers. The report also indicates that the wearable device market is primed for continuous growth, with a projected combined annual growth rate of 4.1% extending through to 2027. However, this trajectory will be subject to evolving consumer preferences and needs.
