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Philippines Wearable Market Poses Double Digit Growth in 3Q22
December 19, 2022 | IDCEstimated reading time: Less than a minute
According to International Data Corporation’s (IDC) Worldwide Quarterly Wearable Device Tracker, the Philippines wearable market grew 15.5% quarter over quarter (QoQ) and 23.7% year over year (YoY) in 3Q22 as shipments reached 370,000 units.
Despite an economic slowdown, Huawei took the top spot with its wristbands accounting for 66.0% of its overall wearable shipments.
Wristband is the fastest-growing category bringing in 106,000 units in 3Q22, growing 80.0% QoQ and 46.5% YoY, driven by Huawei’s hot selling Band 7 accounting for more than half of total wristband shipments.
Although smartwatch shipments (inclusive of basic and advanced) declined 3.5% compared to the previous quarter, it has still more than doubled compared to last year. In contrast, the leading category earwear accounted for 46.8% of the overall wearables 3Q22 market share, slowed down 5.4% YoY.
“Some vendors have expressed confidence in the wearable market’s growth in the Philippines. In fact, smartphone vendors have expanded their product portfolio to include wearables , in response to the growing demand for smart devices among Filipino consumers that seek a smart lifestyle,” said Angela Medez, Senior Market Analyst at IDC Philippines.
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