Wearables Market Set for Growth with Varied Category Trends
Wearables Market Set for Growth
The global wearable device market is showing promising signs with an expected growth of 6.1% year-over-year in the near future, reaching an impressive 537.9 million shipments. This positive trend is being fueled by an improving economy and a refresh cycle that has been initiated in mature markets, while emerging markets continue to adopt these innovative technologies.
The Rise of Hearables
Among the various product categories, hearables stand out, comprising over 60% of the wearable market. The anticipated growth in this segment is expected to be driven by increased availability in emerging markets. Additionally, many consumers will be looking to refresh their earbuds as the pandemic purchasing cycle comes to a close.
Pricing Challenges for Hearables
During recent quarters, the hearables sector has faced challenges due to declining average selling prices, particularly in the truly wireless earwear category. Factors contributing to this price drop include heightened competition and a consumer shift towards more cost-effective options. However, an influx of new product launches is anticipated later this year, likely stimulating growth as consumers upgrade to modern options, stabilizing the pricing atmosphere as the replacement cycle smooths out.
Smartwatch Market Outlook
On the other hand, the smartwatch segment is preparing for its first predicted year-over-year decline of approximately 3% in the upcoming year, primarily due to shifts within the Indian market. Recently, this market has been oversaturated with low-cost white-label products, signaling a time of necessary consolidation. Excluding India from the analysis, the global smartwatch market is set to experience a growth surge of about 9.9%, a positive sign for vendors looking to expand their presence.
The Balancing Act of Smartwatch Pricing
With the average prices for smartwatches climbing, manufacturers are confronted with the task of effectively justifying these increases to consumers. As innovation pushes for larger displays and new materials, companies must pivot towards incorporating additional sensors that respond to users’ health metrics. Harnessing the potential of artificial intelligence to provide personalized health insights will be integral in enhancing user experience and driving future sales.
Emerging Trends in Other Wearable Categories
The forecast for other wearable categories such as smart rings and smart glasses is also positive. More brands are entering the market, particularly with innovations such as the successful collaboration between Meta and Ray-Ban, producing stylish smart glasses. This partnership has opened the door for many fast follower brands eager to offer affordable alternatives in the online marketplace.
Smart Rings Maintain Premium Standing
Smart rings continue to hold premium positions among wearable devices, largely dominated by a select few brands that maintain high standards of quality and innovation. As trends continue to evolve, it will be intriguing to watch how these niche markets impact overall wearable growth.
Consolidated Market Trends
The overall wearable device landscape is projected to produce significant unit shipments across product categories, as illustrated in the forecast by IDC. Earwear is expected to account for the largest share of shipments, with just over 342 million units expected in 2024 alone, reflecting a robust growth rate of 10.2%. Smartwatches, while facing challenges, are still predicted to have a substantial market following with expected shipments of 156.5 million units. Other product lines like wristbands, rings, and smart glasses are also anticipated to contribute positively to overall market growth.
Frequently Asked Questions
What is the projected growth rate for wearable devices in 2024?
The wearables market is forecasted to grow by 6.1% in 2024.
Which category of wearables is expected to dominate shipments?
Earwear is anticipated to dominate the market, comprising over 60% of the wearable shipments.
Are smartwatches experiencing a decline?
Yes, the smartwatch market is anticipated to experience a decline of approximately 3% in 2024, primarily influenced by factors in the Indian market.
What factors are impacting smartwatch pricing?
Smartwatch pricing is increasing due to the need for manufacturers to justify higher prices amidst rising competition and consumer demand for added features.
How are smart rings positioned in the wearable market?
Smart rings maintain a premium status with limited brands leading the category, ensuring high quality and innovation.
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