Image Source: Insider Trends
Global shipments for wearables grew 9.9% during the third quarter of 2021 compared to the same period last year. According to the reports of IDC, a total of 138.4 million units of wearable devices were shipped in the quarter.
The wearables market was boosted by Hearable devices, as it accounted for 64.7% of wearable device shipments. Wrist-worn wearables like fitness trackers, smart bands, and smartwatches captured 34.7% of the market.
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"Demand has been slowly shifting away from wristbands towards watches as consumers increasingly want a more capable device and as the gap in pricing narrows," - Jitesh Ubrani, research manager for IDC. He also added "The number of watches sold for under $100 is now equal to wristbands, which have dominated this price band in the past. Growth amongst Indian and Chinese brands has been leading the low-end watch space while Apple, Huawei, and Samsung maintain a hold at the high-end."
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Apple was dominant in this segment of the market despite a 35.3% decline in its Apple Watch shipments. This Cupertino-based tech company grabbed a 28.8% market share and over 53% of the dollar value share in this market. As per IDC, hearables from AirPods and Beats helped the company cement its leadership in the wearables market.
Samsung and Xiaomi were tied for the second spot with a 9.2% market share shipping 12.7 million each. It was positive growth for Samsung boosted by its latest Galaxy Watch 4 Series. On the other hand, Xiaomi’s shipments fell 23.8% during the quarter as the company's reliance on wristbands and consumer preference for watches acted against it.
Huawei managed to capture a 7.9% market share of the global wearables market. Lastly, the Indian company behind the brand BoAt, Imagine marketing, saw itself in the top 5 with its relentless marketing and low-cost products.
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