New competitors like Oura, Whoop, and Withings with new features such as sleep monitoring, recovery metrics, readiness scores, and stress level tracking have widened the market.
IDC forecasts 520 million wearables will be shipped in 2023, up 5.6% from 2022.
Hearables will be the top category with nearly 62% of the wearables shipped this year, followed by smartwatches with nearly 32% of shipments.
Looking ahead, the market is expected to grow to 625.4 million by the end of 2027, representing a 4.7% compound annual growth rate (CAGR).
| Top 5 Wearable Device Product Categories: 2023 and 2027 Shipment Volume and Annual Growth, and 2023-2027 CAGR (shipments in millions) | |||||
| Product | 2023 Shipments | 2023/2022 Growth | 2027 Shipments | 2027/2026 Growth | 2022-2027 CAGR |
| Earwear | 320.7 | 4.5% | 381.9 | 3.1% | 4.5% |
| Smartwatch | 165.4 | 11.3% | 211.4 | 4.2% | 6.3% |
| Wristband | 32.0 | -8.8% | 29.3 | -1.7% | -2.2% |
| Others | 1.8 | 6.8% | 2.8 | 9.1% | 11.9% |
| Total | 519.8 | 5.6% | 625.4 | 3.3% | 4.7% |
| Source: IDC Worldwide Quarterly Wearable Device Tracker, September 20, 2023 | |||||
