Wearable device shipments to rise by 6.1% by 2024 IDC reports

Global shipments of wearable devices are projected to grow by 6.1% by the end of 2024, reaching 538 million units, according to the International Data Corporation's (IDC) Worldwide Quarterly Wearable Device Tracker.

IDCs findings indicate that this growth will slow to 3.9% in 2025 as major markets such as the United States and India, along with key devices like smartwatches and hearables, approach market saturation. Smartwatches, a significant segment of the wearables market, are expected to experience a decline of 4.5% in 2024. This downturn in the second largest market, India, is linked to the influx of low-cost alternatives, which have led to increased inventory levels and questions about the sustainability of low average selling prices (ASP).

In the United States, smartwatch sales are also expected to decrease as many consumers continue to use devices acquired during the pandemic. This trend is anticipated to reverse in 2025, with smartwatch shipments forecasted to grow by 1.7% as consumers replace older devices.

"The rate of technological innovation among smartwatches along with consumer interest has certainly slowed in recent quarters leaving vendors to innovate across price points instead," said Jitesh Ubrani, Research Manager, Mobility and Consumer Device Trackers at IDC. "Providing options both up and down the pricing ladders will likely be a key strategy for many vendors going forward along with a potential loosening of paywalled features to entice upgrades or new users."

The hearables category, currently the largest among wearables, is projected to grow by 10.3% in 2024 and maintain this growth in subsequent years as emerging markets and refresh cycles influence sales. Although the category is maturing, recent developments such as open-ear designs and continuous reductions in ASPs are sustaining its growth.

Jitesh Ubrani also noted, "Smart rings and glasses without displays are going to be the most interesting categories in the coming quarters as new entrants and new use cases help these products outshine other wearables. With growth slowing in smartwatches, some vendors are turning to rings as alternative or complementary health trackers. Meanwhile, Meta's success with Ray-Ban has caught the eye of many fast-followers, particularly in China where Meta's absence provides opportunity for local brands."