Global wearables market on track to break billion-unit barrier
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.
Hearables drives wearables growth
“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.”
Smartwatches leads the wrist-worn way
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.
Apple remains indomitable
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.
A fine future for wearables
“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.”
For more information on Futuresource Consulting’s wearable technology market report, or to make a purchase, please contact leon.morris@futuresource-hq.com
About the author
Nikolaos Tzoumerkas is a Market Analyst in the Consumer Electronics team at Futuresource Consulting. Having joined in January of 2023, his main research focus includes the segments of wearables, where he tracks smartwatches and sports watches among others, and XR where he tracks all the major types of hardware technology. Nikolaos has also worked on tablets and smartphones giving him a holistic overview of the personal electronics sector.