Worldwide shipment of wearable devices is forecast to grow 2.4 percent in 2023 to of 504.1 million units, according to IDC report.
Shipments of wearable devices declined for the first time ever in 2022.
The marginal growth in shipment of wearable devices will be driven by sustained demand for the most popular products – earwear and smartwatches – while other products hold steady.
IDC expects the wearable devices market will see several years of single-digit growth with shipments reaching 629.4 million units in 2027 and resulting in a compound annual growth rate (CAGR) of 5.0 percent.
India has already surpassed the United States and China in terms of market size and will remain the largest market going forward thanks to the breadth of low-cost yet feature-rich devices from local vendors.
“Aside from India, other Asian countries along with Middle East and Africa will lead in terms of shipment growth while China and the USA will remain the second and third largest markets, respectively,” Jitesh Ubrani, research manager for IDC Mobility and Consumer Device Trackers, said.