This is good news for the Apple Watch and AirPod lines: global shipments for wearable devices returned to growth in the second quarter of 2023 (2Q23) reversing two quarters of decline, according to new data from the International Data Corporation (IDC) Worldwide Quarterly Wearable Device Tracker.
The global wearables market grew 8.5% year-over-year in 2Q23 with shipments totaling 116.3 million devices. This growth came at the expense of overall market value as average selling prices (ASPs) fell due to increased competition and discounting by retailers seeking to reduce excess inventory.
With growth returning this quarter, IDC forecasts 520 million wearables will be shipped in 2023, up 5.6% from 2022. Hearables will be the top category with nearly 62% of the wearables shipped this year, followed by smartwatches with nearly 32% of shipments. Looking ahead, the market is expected to grow to 625.4 million by the end of 2027, representing a 4.7% compound annual growth rate (CAGR).
Article provided with permission from AppleWorld.Today
