IDC: Global wearable device shipments to grow 8.8% year-on-year in Q1 2024

According to the latest data from IDC, the wearable device market will see a spurt of growth starting in 2024, with global wearable device shipments increasing 8.8% year-on-year to 113.1 million units in the first quarter. Despite the growth in shipments, the average selling price (ASP) fell for the fifth consecutive quarter, down 11% in the first quarter, due to growth in emerging markets and downward pressure on economic consumer spending.

Apple retained its No. 1 spot despite being impacted by poor macroeconomic conditions, a temporary ban on certain watch models, and a lack of new AirPods. Overall, Apple Watch shipments fell 19.1% year over year, and hearables, which include AirPods and Beats, fell 18.8% during the quarter.

Xiaomi ranked second with a year-over-year growth of 43.4%. The company’s value-oriented products resonated with users, and its recent re-entry into the Wear OS watch market helped the company become the third largest vendor within the Google ecosystem and increase the overall average selling price of its smartwatches.

Huawei surpassed Samsung to take the third place, thanks to the return of its smartphone business, which has had a positive impact on wearable devices due to bundled sales. The company's sales are mainly concentrated in China, with about three-quarters coming from the region.

Samsung dropped to fourth place. The launch of the Galaxy Fit 3 and the success of its low-priced hearables helped the company achieve market-leading growth, although sales of its core smartwatches fell 5.1% during the quarter.

Imagine Marketing (boAt) ranked fifth. The Indian brand, known for its extreme value-oriented products, saw its earphone sales grow by 17.5%, but its smartwatch sales fell sharply by 61.3% due to extreme competition in the country.