Wearables are slowly but steadily becoming part of our daily lives, including fitness bands, smartwatches, and the broad hearable category.
The global wearables market is enjoying massive growth, and in Q3, 2020, the market grew by 35%. This is according to data from IDC’s Worldwide Quarterly Wearable Device Tracker report.
The explosive growth has been pegged to the global pandemic, which is surprising and partly to seasonality. New product launches from different industry players like Apple and Samsung also helped ignite consumer interest in smartwatches and hearables, among the most popular categories in the wearables market.
Consumer shift in spending also played a role in growth. The report says consumer spend on electronics increased as spending on leisure activities reduced.
Total shipments rose to 125 million in the period under review led by Apple with 41.4 million units shipped, 33.1% of the total. The company’s move to expand its watch lineup to multiple price points paid off well in the quarter. This year, the company released the Apple Watch Series 6 and a ‘budget’ Watch SE.
Xiaomi’s wearable business grew 26% YoY with 17 million units shipped, the majority of them basic wristbands (12.8 million). Xiaomi led in shipments in the wrist-worn wearables category, including smartwatches, wristbands, and basic watches.
Huawei’s shipments grew exponentially in the quarter with 13.7 million units, up 87% YoY. Samsung came in at the fourth position with 11.2 million shipments. Fitbit wrapped up the top five list with 3.3 million units shipped, down 6.2% from last year, and was the only major player that experienced a slowdown.
“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,” said Ramon T. Llamas, research director, Mobile Devices and AR/VR.
The research firm foretells continued growth in the demand for wearables.