According to market research agency IDC, global wearable device shipments will grow to 537.9 million units in 2024, a year-on-year increase of 6.1%. The main drivers of growth are technological advancements, product innovations, and rising consumer health awareness. The continuous iterative upgrading of smart watches, smart bracelets, wireless headphones and other products has become increasingly rich in functions and continuous optimization of user experience, attracting more consumers' attention and purchases.
Growth was uneven across different product categories. Smartwatches are expected to lead the market growth, but may decline by about 3% year-on-year for the first time in 2024 due to factors such as the proliferation of white-label products in the India market, although it is expected to rebound to 4.8% growth in 2025. Smart rings are expected to grow the fastest, with shipments expected to reach 1.7 million units in 2024, up 88.4% year-on-year, while smart glasses are expected to grow by 73.1%.
China's wearable device market shipped 33.67 million units in the first quarter of 2024, up 36.2% year-on-year, of which the smartwatch market shipped 9.1 million units, up 54.1% year-on-year. IDC predicts that China's adult smartwatch market will grow by 19% in 2024, and the bracelet market will grow by 4%. The global market shipped 110 million units in the first quarter of 2024, up 8.8% year-over-year.
Figure: Global Wearable Device Forecast (Source: IDC)
IDC's report notes that despite the growth trend in the global wearable market, the average selling price has fallen for the fifth consecutive quarter, indicating a lack of significant innovation in the premium segment, allowing second-tier brands to close the gap in all aspects. Unless there are new sensors or algorithms that can provide predictive insights or track new data types, such as blood pressure or blood sugar, consumers may gravitate towards a more reasonable mid-price point, which will lead brands to continue to diversify their pricing strategies.
In addition, Pan Xuefei, assistant research director of IDC China, believes that the development of the wearable market mainly revolves around creating more choices for consumers, including price differentiation, diversification of forms, personalization of accessories such as straps and cases, etc. The market urgently needs the emergence of new sensing technologies and algorithms to promote the sustainable development of the market.
Emerging technologies that will shape the wearables market in the future include retractable display technology, which maintains a sharp image when stretched, making it suitable for smart apparel and flexible devices. The health monitoring technology will integrate more functions such as blood pressure and blood glucose monitoring to meet the health needs of users.
The application of artificial intelligence and machine learning will improve the intelligence level of wearable devices, enhance data processing and personalized service capabilities. The development of AR and VR technology will bring a more immersive experience to smart glasses and headsets. 5G and IoT technologies will enable wearable devices to process large amounts of data in real-time and better connect with other smart devices. Advances in battery technology will improve the range of devices. The development of biocompatibility and implantable devices will diversify wearable forms and provide more direct health monitoring and treatment. Environmental interaction technology will enable devices to interact with the user's environment more naturally.
Finally, as concerns about data security and privacy protection increase, wearables will adopt stronger security measures. The convergence and development of these technologies will drive the wearables market forward.
