Global shipments of wearables grew 2.6 percent year over year during the third quarter of 2023, according to a recent report. The global shipments of wearable devices reached an all-time high in the quarter. Shipment volumes in Q3 2023 surpassed that of the volumes recorded in Q3 2022 and Q3 2021. The growth is said to be a result of the inflow of smaller brands in the market as well as the inclusion of newer categories, like smart rings, in the race.
A report from the International Data Corporation (IDC) on Worldwide Quarterly Wearable Device Tracker suggests that the total volume of wearable shipments in Q3 2023 was recorded to be 148.4 million units, resulting in a 2.6 percent year-on-year increase. It surpassed shipments of Q3 2022 and Q3 2021, which were 142.1 million and 144.6 million units, respectively.
A notable development identified through the report is the rise of Boat’s market share and shipment units. The wearable maker owned by Imagine Marketing shipped 14.3 units in the quarter, which accounted for 9.6 percent of the market share, second only to Apple, which shipped 29.9 million wearable units resulting in a lead market share of 20.2 percent. Xiaomi and Samsung had market shares of 7.8 percent and 7.2 percent, respectively, with 11.6 million and 10.7 million units of shipments.
Earlier this year, Boat launched its Smart Ring in India at Rs. 8,999. The wearable is said to monitor several health parameters including heart rate, blood oxygen saturation (SpO2) levels, sleep, and body temperature and can also be used to make SOS calls.
Samsung, one of the world’s leading OEMs, has also been tipped to be working on a smart ring. It is reported to be the highlight at the 2024 Galaxy Unpacked event, which is likely to be held on January 17, in San Jose, US. The moniker of the rumoured wearable has not yet been confirmed, but like most fitness trackers, this smart ring is also expected to track, measure, and monitor the user’s health, fitness, and sleep-related data.