apple: Apple leads the global wearables market, here how Samsung and others performed
The wearable market comprises multiple devices including — earphones, headphones, smart bands and smartwatches. According to a report by the International Data Corporation (IDC), the global wearables market has experienced a decline in Q1 2022. The report suggests that the market has dropped for the first time as shipments (totalling 105.3 million units) have gone down by 3% since last year. The demand for wearables is cooling as consumers are willing to spend more on other categories, claims the report.
How each product performed
As per the report, the demand for smartwatches has increased by 9.1% during the period which makes up 28% of the total market. On the contrary, the demand for wristbands has gone down by 40.5% due to supply shortages, lower demand and slow growth. Meanwhile, the audio products have also seen a slight decline of 0.6% as their growth goes down.
How did the brands perform
Apple leads the wearables market with a 6% YoY growth rate and a 32.1% market share in Q1 2022. Apple Watches had a huge role to play in the company’s overall performance. More than 2 million units of Apple Watch SE were shipped in this period, however, AirPods experienced a flat quarter.
Samsung on the other hand captured the second position despite a 9.9% YoY decline. The South Korean tech giant was able to maintain its position for its strategy to bundle wearables with smartphone purchases allowing it to take up a 10.3% share in the market. The report also suggests the latest Galaxy Watch 4 series’ popularity helped the company to increase watch shipments by 32.7%.
Xiaomi attained the third spot followed by Samsung. The company has 9.3% market share and also experienced a 23.8% decline mainly due to the wristband category.
Huawei and Boat were able to capture the fourth and fifth positions with 7.3% and 3% market share respectively. Huawei experienced a 10.8% decline while Boat grew by 5% since last year due to its extensive presence in India.
How the brands might react
The report also suggests that the market’s decreasing demand will compel the manufacturers to up their game by offering new features and tools and will also fuel the rivalry among the brands. However, it can be good news for consumers as brands will be expected to release cutting-edge wearable devices to lead market growth in the upcoming quarters.