The wearables sector, following a pandemic-driven surge in 2020, is poised for a return to growth, with Apple continuing to dominate the market, according to ABI Research.
Fueled by continued post-pandemic consumer interest in healthcare and the availability of advanced devices, the market will be led by smartwatches and emerging smart rings, says the research group. These devices are increasingly used for tracking fitness, health metrics, and chronic disease symptoms.
Smartwatches, which accounted for over 40% of shipments in 2023, will continue to dominate the wearables market, boosted by the Apple Watch series and growing shipments from brands like Huawei and Honor. New features, such as blood pressure monitoring using an inflatable wrist strap, and expansion into emerging markets like India, will drive further growth, according to ABI Research. However, some categories, such as fitness bands, may see decreased demand as use cases overlap with other devices.
Smart rings, a rapidly growing sector, are gaining traction due to their simplicity and comfort says ABI Research. Used for contactless payments, health tracking, and smart home integration, smart rings offer precise data through proximity to the skin. While the market is fragmented, companies like Oura and McLEAR are leading, with major brands like Samsung and Apple expected to drive broader consumer awareness. The latter may or may not be planning an “Apple Ring”, depending on which rumor you believe.
ABI Research says the smart ring market is predicted to grow to 70.5 million shipments by 2029, though it will still account for just 6% of the wearables market.
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