According to a recent report by International Data Corporation (IDC), a premier global provider of market intelligence, shipments of wearables jumped up to 125 million units translating into a 35.1 percent increase in the third quarter as compared to the same period last year.
In terms of leading companies, Apple dominated the market with a 33 percent market share, followed by Xiaomi, Huawei, and Samsung with 17 million, 13.7 million, and 8.4 million units shipped, respectively. Fitbit and Boat are tied for the fifth position. Both of them shipped 3.3 million devices accounting for 2.6% of the total market.
All the major wearables manufacturers recorded a yearly increase in the volume of shipped products. According to the report, the surge was driven by seasonality, new product launches, and the pandemic. New products from the likes of Apple, Samsung, and others helped renew interest in popular categories such as smartwatches. Moreover, the amount of money consumers used to spend on traveling and dining out was redirected to consumer electronics due to the world-wide imposed lockdown.
Jitesh Ubrani, Research Manager for IDC, said,
Many countries began easing restrictions and opening up their economies during the third quarter, which helped bolster outdoor activity as well as demand for wearables. Meanwhile, a broader range of price points from numerous vendors meant that there was something for everyone.
Ramon T. Llamas, Research Director, Mobile Devices and AR/VR, explained,
The double-digit growth not only indicates strong demand but also suggests that many people got a wearable device for the first time in both emerging and developed markets. Consider what this means: a larger installed base of wearable device users going forward and a larger opportunity for device replacements in the years to come. As some wearers own multiple devices – like earwear and wristwear – the wearables market will enjoy sustained demand.
Looking ahead in the future, IDC predicted the wearables market would enjoy sustained demand due to more and more people getting into the trend and buying their first wearable.