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According to International Data Corporation (IDC), the wearable device market fell by 0.9% year-on-year in the fourth quarter of 2023. Despite declines in the United States, Western Europe and Japan, global shipments increased by 1.7% in the Asia-Pacific and China markets.
The research director of IDC said that 2020 and 2021 are the peaks of the wearable device market, but demand will decline in the next two years, and a rebound is expected in 2024. Ring devices have captured consumer attention, and smartwatches continue to grow.
IDC predicts that by the end of 2028, the wearable device market will reach 645.7 million units, with a compound annual growth rate of 3.6%.
(Source: ChannelNews Image source: Freepik)
