According to IDC, global mobile device shipments increased 8.8% year-over-year in the first quarter of 2024, while average selling prices continue to decline

NEEDHAM, Mass., June 4, 2024 – The wearables market started 2024 with explosive growth as global shipments of wearables grew 8.8% year-over-year to 113.1 million units in the first quarter (1Q24), according to new data from the International Data Corporation ( IDC) Worldwide Quarterly Wearable Device Abstract. Despite shipment growth, average selling prices (ASP) declined for the fifth consecutive quarter, reaching 11% in the first quarter of 2024, as emerging market momentum increases and the economy puts downward pressure on consumer spending.

“The lack of significant innovation in the premium segment has allowed Tier 2 brands to narrow the overall gap,” said Jitesh Ubrani, research manager at Worldwide Mobile Device Trackers. “Until we get to the point where new sensors or algorithms enable insights into recommendations or tracking of new data points such as blood pressure or glucose levels, consumers will likely gravitate towards mid-range or mid-range price points, and that’s where brands continue to invest,” diversifying their price ladders.”

“It’s important to pay close attention to smaller, regional vendors,” said Ramon T. Llamas, research director of IDC’s wearables team. “There is no shortage of appetite for wearables in emerging markets, but the higher prices of premium brand wearables make them prohibitive for many. This has opened the door for local brands to introduce low-cost yet feature-rich devices to meet this unmet demand. In this way, companies such as Xiaomi and Imagine Marketing have established themselves among the world’s leading suppliers.

The most important information about the company

Apple maintained its leading position, although it was hampered by poor macroeconomic conditions, a temporary ban on the sale of certain watch models and a shortage of newer AirPods headphones. Overall, Apple Watch shipments fell 19.1% year-over-year, while headphone sales, including AirPods and Beats, fell 18.8% in the quarter.

Xiaomi took second place with a 43.4% year-over-year increase, easily compared to a 16% decline in the first quarter of 2023. The company’s value-oriented products have resonated with users, and the recent re-entry into the Wear OS watch market helped the company become the third-largest supplier in the Google ecosystem and increase overall average selling prices for smartwatches.

Huawei took third place, overtaking Samsung, thanks to its return to the smartphone business, which had a positive impact on wearables through cross-selling. However, the company’s sales are largely concentrated in China, with about three-quarters of sales coming from that region.

SAMSUNG dropped to fourth place. The launch of the Galaxy Fit 3, as well as the success of cheaper handsets, helped the company achieve record market growth, although sales of entry-level smartwatches fell 5.1% in the quarter.

Imagine marketing (boAt) was in the top five. The Indian brand known for its premium value-oriented products managed to increase its headphone sales by 17.5%, but its smartwatches saw a massive decline of 61.3% due to extreme competition in its home country.

Information about IDC trackers

IDC Tracker products provide accurate and timely market size, vendor share and forecasts for hundreds of technology markets from over 100 countries around the world. Using proprietary tools and research processes, IDC trackers are updated semi-annually, quarterly and monthly. Tracker results are delivered to customers in user-friendly Excel files and online query tools.

For more information about IDC’s Global Quarterly Mobile Device Tracker, contact Jackie Kliem at 508-988-7984 or [email protected].

Click here to learn about IDC’s full suite of data products and how you can use them to grow your business.

About IDC

International Data Corporation (IDC) is a leading global provider of market information, advisory services and events for the information technology, telecommunications and consumer technology markets. With more than 1,300 analysts worldwide, IDC offers global, regional and local expertise in technology, benchmarking and IT acquisition, as well as industry opportunities and trends in more than 110 countries. IDC’s analysis and insights help IT professionals, enterprise executives and the investment community make fact-based technology decisions and achieve key business goals. Founded in 1964, IDC is a wholly owned subsidiary of International Data Group (IDG), the world’s leading technology media, data and marketing services company. More information about IDC can be found at www.idc.com. Follow IDC on Twitter at @IDC and LinkedIn. Subscribe to the IDC Blog for industry news and insights.

All product and company names may be trademarks or registered trademarks of their respective owners.

Reception