Canalys: Global wearable device market shipments in Q4 2022 were 50 million units, down 18% year-on-year

The latest data from Canalys shows that the wearable device market experienced a double-digit decline for the first time in the fourth quarter of 2022, with shipments falling 18% to 50 million units . Among them, the smartwatch category experienced a double-digit decline of 17%. The basic bracelet category experienced its ninth consecutive decline, with a drop of 43%. The growth of basic watches was only 3%.

According to Canalys data, in 2022 as a whole, smartwatches grew by 3%, basic watches grew by 21%, and basic bracelets fell by 39%, resulting in a 5% decline in the entire wearable wristband device market .

Canalys analyst Cynthia Chen said that the wearable wristband device market is expected to grow modestly at a rate of 2% in 2023. Although basic wristbands are expected to continue to decline, basic watches and smartwatches will grow, and the upper limit of growth is expected to be no more than 10% . Given the recovery of consumer spending, manufacturers should be cautious and focus on product quality rather than quantity.

Canalys predicts that smart watches will grow by 8% and basic watches will grow by 6% . The development of wearable wristband devices will further focus on the system development and ecological applications of smart watches. Based on consumers' demand for more personalized upgrades in functional features, smart watches will have the opportunity to achieve connection and tracking functions in more application scenarios.

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