Asia/Pacific Wearable Device Market Slowed to 1.8% Growth in 2022
March 30, 2023 | IDCEstimated reading time: 1 minute
According to the International Data Corporation (IDC) Quarterly Wearable Device Tracker, wearable device shipments in the Asia/Pacific (excluding Japan) region slightly increased by 1.8% in 2022 to 259.1 million units, recording its lowest annual growth ever. Some major vendors drove the wearables market in 3Q22 through product updates, but with the continued deterioration of market demand, vendors took a more conservative approach in 4Q22 to clean up inventory, resulting in a year-on-year decrease of 8.3% in the last quarter of 2022.
“Although the Asia/Pacific wearable market experienced volatility in 2022, rising prices of other commodities, reduced consumer spending, and China’s lockdowns have limited the market demand for wearables,” Jone Yang, Senior Market Analyst, Devices Research, IDC Asia/Pacific said. “We believe the market will return to normal once the economy and demand recovers. IDC predicts that the APeJ wearable market will grow by 15.2% year-on-year in 2023, with smart watches being the fastest growing among the main categories and India will surpass China to become the country with the largest shipments of smart watches in the region this year,” Yang added.
Among the Top 5 vendors, Apple, Xiaomi, Huawei, and Samsung have seen their market share decline for consecutive years, mainly due to the rapid expansion of some affordable Indian brands like Imagine Marketing, Nexxbase and Fire – Boltt, as well as the overseas market exploration of some Chinese smartphone brands such as OnePlus and OPPO.
Smartwatches, the only category that maintained positive growth, grew 23.3% during 2022, reaching 80.0 million units. Apple surpassed Huawei to become the market leader. Huawei ranked second mainly due to market constraints in China. India's Nexxbase and Fire-Boltt, followed by China’s BBK rounded out the Top 5. Earwear, the largest category of wearables, declined slightly at 0.5% year on year, although the True Wireless portion maintained a healthy growth. However, wrist bands, the third largest category, continued to decline due to competition from smartwatches.
Suggested Items
Industrial PC Market Size to Record $1.75 Billion Growth from 2023-2027
05/03/2024 | PRNewswireThe global industrial pc market size is estimated to grow by USD 1.75 billion from 2023 to 2027, according to Technavio. This growth is expected to occur at a Compound Annual Growth Rate (CAGR) of almost 6.29% during the forecast period.
Real Time with… IPC APEX EXPO 2024: Direct Imaging Equipment and Quad-wave DLP Light Engine Technology
05/03/2024 | Real Time with...IPC APEX EXPOGuest Editor Kelly Dack and MivaTek's Brendan Hogan delve into the company's innovative technologies, including direct imaging equipment and quad-wave DLP light engine technology. They highlight the benefits of direct imaging, compensation, and DART technology.
LQDX Divests Aluminum Soldering Business - Mina™ - to Taiyo America Inc.
05/02/2024 | PRNewswireLQDX, formerly known as Averatek Corp., developer of high-performance materials for advanced semiconductor manufacturing, today announced that it has divested its aluminum soldering business – known as MinaTM – to Taiyo America Inc., a global market leader in advanced electronic materials.
IDTechEx Report on Quantum Technology: Nano-scale Physics for Massive Market Impact
04/30/2024 | PRNewswireThe quantum technology market leverages nano-scale physics to create revolutionary new devices for computing, sensing, and communications. Across the industry, quantum technology offers a paradigm shift in performance compared with incumbent solutions.
Guerrilla RF Completes Strategic Acquisition of GaN Device Portfolio from Gallium Semiconductor
04/29/2024 | BUSINESS WIREGuerrilla RF, Inc. has finalized the acquisition of Gallium Semiconductor's entire portfolio of GaN power amplifiers and front-end modules. Effective April 26th, 2024, GUER acquired all previously released components as well as new cores under development at Gallium Semiconductor.