Hearables, representing over 60% of the wearables market, faced downward pressure on average ASPs in Q2.
“This decline was driven by increased competition and consumer demand for more affordable options,” says IDC’s Lujyne Amro, “however, with new product launches expected later in the year, we anticipate a boost in unit growth as consumers replace older models and upgrade to newer technologies.”
Smartwatches are expected to face the first ever y-o-y decline (-3%) in 2024 before rebounding to 4.8% growth in 2025.
The reduction is largely driven by India, which has been a global driver for low-cost smartwatches in recent years. The smartwatch market within the country has been plagued by a flood of white-label products and is expected to see some consolidation in the short term.
Excluding India, the global market for smartwatches is forecast to grow 9.9%. Meanwhile, ASPs for smartwatches are expected to rise by 5.7% in 2024.
Among the other form factors, rings and smart glasses without a display are also expected to grow as more brands join the race. Meta’s partnership with Ray-Ban has proven to be quite successful, which has led to the rise of fast-follower brands flooding online marketplaces with low-cost versions.
Smart rings are largely expected to maintain their premium status as the category is still led by a select few brands.
| Worldwide Wearable Device Forecast by Product Category (unit shipments in millions) | |||||
| Product Category | 2024 Unit Shipments | 2024 Growth | 2028 Unit Shipments | 2028 Growth | 2024-2028 CAGR |
| Earwear | 342.2 | 10.2% | 399.0 | 2.5% | 3.9% |
| Smartwatch | 156.5 | -3.0% | 175.2 | 1.5% | 2.9% |
| Wrist Band | 35.2 | 7.8% | 32.1 | -2.0% | -2.3% |
| Rings | 1.7 | 88.4% | 3.1 | 5.8% | 17.0% |
| Glasses | 1.8 | 73.1% | 2.3 | 6.3% | 7.6% |
| Others | 0.6 | 0.1% | 0.7 | 1.1% | 3.1% |
| Total | 537.9 | 6.1% | 612.5 | 2.0% | 3.3% |
| Source: IDC Worldwide Quarterly Wearable Device Tracker, September 26, 2024 | |||||
