IDC: Global wearable device shipments will grow 6.1% in 2024

According to the latest data from IDC, global shipments of wearable devices will grow 6.1% to 538 million units by the end of this year. Growth is expected to slow to 3.9% in 2025 as large markets such as the United States and India and smartwatches and hearables mature.

Smartwatches, one of the fastest-growing categories, are expected to decline 4.5% in 2024 to become the second-largest market. India faces challenges from a large number of cheaper options, leading to rising inventory levels and raising questions about whether the vicious race to the bottom on average selling prices (ASPs) can continue. Meanwhile, the US market is also expected to decline as consumers continue to use devices purchased during the pandemic. However, a recovery is expected in 2025 as smartwatch shipments resume growth of 1.7% as consumers begin to replace old devices.

"The pace of technological innovation in smartwatches, as well as consumer interest, has clearly slowed in recent quarters, leading vendors to shift to innovating across price points," said Jitesh Ubrani, research manager for IDC's Mobile and Consumer Device Trackers. "Offering the option to move up or down the pricing ladder will likely be a key strategy for many vendors moving forward, while potentially relaxing paid features to attract upgrades or new users."

Meanwhile, the largest wearables category – hearables – is expected to grow 10.3% in 2024 and maintain this growth trajectory in the coming years as new markets and refresh cycles kick in. While the category has matured, recent innovations such as open designs and decreasing ASPs continue to drive growth in the category.

Ubrani added: “Displayless smart rings and glasses will be the most interesting product categories in the coming quarters as new entrants and new use cases help these products surpass other wearables. As the growth of smartwatches slows, some vendors are starting to focus on rings as an alternative or supplement to fitness trackers. Meanwhile, Meta’s success with Ray-Ban has attracted many fast followers, especially in China, where Meta’s absence provides opportunities for local brands.”