The global wearables market continues to trend upwards, achieving double-digit value and volume growth last year, according to a new report from Futuresource Consulting. That’s despite widespread consumer uncertainty stemming from the war in Ukraine, ongoing supply chain issues, and inflationary concerns.
“At 13% unit growth, and 14% value growth year-on-year in 2022, the consumer love affair with wearables shows no signs of waning,” says Nikolaos Tzoumerkas, Market Analyst, Futuresource Consulting. “Hearables continues to lead the way, accounting for 65% of all wearables shipments last year. And as this segment starts expanding into the health and wellness space, we expect hearables shipments to surpass 650 million units by 2027. What’s more, all the signposts are pointing to a symbiotic relationship with wrist-worn wearables, as the devices complement each other rather than leading to market cannibalisation.”
For the wrist-worn segment, smartwatches remains top of the pile, growing by 7.3% in 2022, and attaining 75 million unit shipments. Sports watches sailed into second position, posting spectacular growth of 86%. This was driven by notably high demand in the APAC region, although market expansion occurred across all world regions.
Looking to the brands, Apple maintains its strength, dominating both hearables and wrist-worn wearables. The tech giant commanded more than a quarter of the global market share in each segment, and remains untouchable. Its closest rivals, Xiaomi, Samsung and Huawei each command far less than 10% of the market.
“Our projections are signalling a thrilling future for the wearables ecosystem,” says Tzoumerkas. “We expect healthy volume and value growth to continue across the forecast period, culminating in the total wearables market breaking through the billion-unit barrier by 2027. Fasten your seatbelts, it’s going to be an exciting ride.”
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