IDC: Philippine wearable market to grow 23.7% year-on-year in Q3 2022

According to the latest data from IDC, the Philippine wearable device market grew 15.5% quarter-on-quarter and 23.7% year-on-year in the third quarter of 2022, with shipments reaching 370,000 units.

Despite the economic slowdown, Huawei wristbands accounted for 66% of wearable device shipments in the Philippines, ranking first.

Wristbands were the fastest growing category, with shipments reaching 106,000 units in the third quarter of 2022, an increase of 80% month-on-month and 46.5% year-on-year, mainly due to Huawei's hot-selling Band 7 accounting for more than half of the total wristband shipments.

Although smartwatch shipments (both basic and advanced) fell 3.5% from the previous quarter, they still more than doubled compared to last year. In contrast, headphones, the leading category, accounted for 46.8% of the overall wearable device market in the third quarter of 2022, slowing by 5.4% year-on-year.

“Several vendors have expressed confidence in the growth of the wearables market in the Philippines. In fact, smartphone vendors have expanded their product portfolios to include wearables in response to the growing demand for smart devices among Filipino consumers seeking a smart lifestyle,” said Angela Medez, senior market analyst at IDC Philippines.