The wearables market began 2024 with a growth spurt as global shipments of wearable devices grew 8.8% year over year in the first quarter (1Q24) to 113.1 million units, according to new data from the International Data Corporation (IDC) Worldwide Quarterly Wearable Device Tracker. And Apple dominated the market despite a dip in sales.
Despite the shipment growth, average selling prices (ASPs) declined for the fifth quarter in a row, dropping 11% in 1Q24 as emerging markets gained traction and as the economy put downward pressure on consumer spending, according to IDC.
The research group says that Apple maintained the top position although it was held back by poor macroeconomic conditions, a temporary ban on certain watch models, and the lack of newer AirPods. Overall, Apple Watch shipments declined 19.1% year over year while hearables including AirPods and Beats declined 18.8% during the quarter.
Apple sold 20.6 million wearable devices in 1Q24 compared to in 25.4 million 1Q23. The tech giant’s global market share declined from 24.5% to 18.2% year-over-year.
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