Healthy demand for wearables drives market growth

·1-min read
There was healthy demand for wearables in 2020.

Shipments of wearables topped 444 million units in 2020 -- a new record -- according to data from IDC. It seems that the pandemic may ultimately have proved beneficial to the sector, which spans smartwatches, fitness trackers and wireless earbuds.

The overall trend was for growth in the wearables market in 2020 (+28.4% in the space of a year), with strong demand linked to leisure activities during periods of lockdown and other covid-19 restrictions.

With its Apple Watch and AirPods products, the Cupertino tech giant increased its market domination, with more than one in three wearables sold worldwide now belonging to the Apple brand. The firm reportedly shipped some 151.1 million wearables in 2020, almost three times more than its closest rival, Chinese manufacturer Xiaomi (50.7 M). Huawei (43.5 M), Samsung (40 M) and Fitbit (12.9 M) complete the top five companies by shipment volume in 2020.

IDC estimates that wearable shipments could grow at a compound annual rate of 12.4% in the coming years, with unit shipments potentially topping 630 million in 2024.

David Bénard