The world of wearable technology is experiencing a renaissance, transcending boundaries and captivating a diverse audience. In a refreshing turn of events, Canalys’ recent report has unveiled a notable upswing in the global wearable market as Q2 2023 came to a close.
According to insights shared by Phone Arena, the wearable industry has witnessed a robust 6% year-on-year increase in total shipments during this period, culminating in a remarkable 44.2 million units finding new homes across the globe in the last three months.
At the forefront of this surge is Apple, reigning supreme with an impressive 8.1 million units shipped. However, it’s worth noting that Apple’s market share has experienced a modest dip, settling at 18% compared to the previous year. Hot on its heels are Xiaomi and Huawei, securing prominent positions with shipments of 4.8 million and 4.3 million units, respectively, cementing their status as the second and third-largest players after Apple.
Adding an intriguing twist to this narrative are local Indian brands, Noise and Fire-Boltt, claiming the fourth and fifth spots on the chart. These brands have made their mark, collectively shipping 3.5 million and 3 million units in this period.
Canalys research sheds light on the resilience of the wearable market in the face of prevailing global economic uncertainties. Today’s wearables have evolved to offer a diverse range of features while maintaining affordability, ensuring accessibility to a broad consumer base. Projections indicate that the wearable device market is poised for sustainable growth, with an anticipated combined annual growth rate of 4.1% stretching through 2027. However, the trajectory of this growth remains contingent on evolving consumer preferences and demands.
