Publication date: 29 Mar 2023
Asia/Pacific* Wearable Device Market Slowed to 1.8% Growth in 2022 Under Challenging Macroeconomic Conditions and Weak Demand, Says IDC
Apple, Xiaomi, Huawei, and Samsung have seen their market share decline for consecutive years.
SINGAPORE, March 30, 2023 – According to the International Data Corporation (IDC) Quarterly Wearable Device Tracker, wearable device shipments in the Asia/Pacific (excluding Japan) region slightly increased by 1.8% in 2022 to 259.1 million units, recording its lowest annual growth ever. Some major vendors drove the wearables market in 3Q22 through product updates, but with the continued deterioration of market demand, vendors took a more conservative approach in 4Q22 to clean up inventory, resulting in a year-on-year decrease of 8.3% in the last quarter of 2022.
“Although the Asia/Pacific wearable market experienced volatility in 2022, rising prices of other commodities, reduced consumer spending, and China’s lockdowns have limited the market demand for wearables,” Jone Yang, Senior Market Analyst, Devices Research, IDC Asia/Pacific said. “We believe the market will return to normal once the economy and demand recovers. IDC predicts that the APeJ wearable market will grow by 15.2% year-on-year in 2023, with smart watches being the fastest growing among the main categories and India will surpass China to become the country with the largest shipments of smart watches in the region this year,” Yang added.
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Among the Top 5 vendors, Apple, Xiaomi, Huawei, and Samsung have seen their market share decline for consecutive years, mainly due to the rapid expansion of some affordable Indian brands like Imagine Marketing, Nexxbase and Fire – Boltt, as well as the overseas market exploration of some Chinese smartphone brands such as OnePlus and OPPO.
Smartwatches, the only category that maintained positive growth, grew 23.3% during 2022, reaching 80.0 million units. Apple surpassed Huawei to become the market leader. Huawei ranked second mainly due to market constraints in China. India's Nexxbase and Fire-Boltt, followed by China’s BBK rounded out the Top 5. Earwear, the largest category of wearables, declined slightly at 0.5% year on year, although the True Wireless portion maintained a healthy growth. However, wrist bands, the third largest category, continued to decline due to competition from smartwatches.
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*Asia/Pacific excluding Japan
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International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets. With more than 1,300 analysts worldwide, IDC offers global, regional, and local expertise on technology, IT benchmarking and sourcing, and industry opportunities and trends in over 110 countries. IDC's analysis and insight helps IT professionals, business executives, and the investment community to make fact-based technology decisions and to achieve their key business objectives. Founded in 1964, IDC is a wholly owned subsidiary of International Data Group (IDG), the world's leading tech media, data, and marketing services company. To learn more about IDC, please visit www.idc.com. Follow IDC on Twitter at @IDCAP and LinkedIn. Subscribe to the IDC Blog for industry news and insights.
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