According to data from IDC, the worldwide shipments of wearables fell 6.9 per cent in the second quarter of this year compared to a year earlier.
Demand for wearables has continued to decline due to several factors such as the global economic situation and the hyper-growth that the wearables market has experienced over the past two years.
For the rest of 2022, the outlook for the wearable market is bleak. IDC predicts that full-year 2022 shipments will remain flat at 535.5 million units. However, IDC predicts that the market will normalize in 2023 due to new buyers in emerging markets and replacement in mature markets.
Apple, Samsung, Xiaomi, Huawei and Imagine Marketing continue to lead the wearables market, with four of the top five companies reporting year-on-year declines in the second quarter.
Despite the drop in demand, companies are still launching new wearables, which is of great concern to experts.
“It’s unfortunate that companies like Apple, Samsung and Google are in the midst of launching more premium smartwatches at a time when appetite for high-priced products remains in question. Even though pricing on some new products remains the same as the previous generation, the strength of the US dollar makes the purchase more difficult in local currencies around the world,” said Jitesh Ubrani, research manager for IDC Mobility and Consumer Device Trackers.
The sources for this piece include an article in ZDNet.