IDC analysts cited the increasing influence of brands offering specialist products or operating in specific geographies in the wearables sector, where the market grew 8.5 per cent year-on-year in Q2 with over 116 million devices shipped.
Despite shipment growth IDC reported average selling prices fell due to increased competition and retailers discounting to cut excess stock. The company noted the shipment increase followed two quarters of declines.
The analyst house reported although big brands continued to top the market competition was on the rise with lesser-known form factors, such as connected rings, gaining popularity alongside a trend of consumers wanting less common statistics from their wearables.
IDC research manager for mobility and consumer device trackers Jitesh Ubrani noted these areas were “where smaller brands, such as Oura, Whoop, and Withings, have been able to carve out a niche, though many big name brands and some local companies are closely eyeing this space and are expected to launch products in the coming months.”
Its market leaders for Q2 were Apple, Xiaomi, India-based Imagine Marketing, Huawei and Samsung. It did not breakdown the shipments for each one.
For the whole of 2023 IDC forecasts a 5.6 per cent year-on-year rise in wearable shipments, with ear worn devices making-up 62 per cent of the market followed by watches on 32 per cent.
It expects the wearables market to grow from 520 million shipments this year to 625 million in 2027.