CHART: Worldwide Wearable Device Market in Q1 2024
Even though shipments surged 8.8% to reach 113.1 million units, average selling prices (ASPs) dropped 11% YoY.
- The wearables market boomed with 8.8% growth in Q1 2024, however ASP dropped 11% due to the surge of budget friendly offerings from local brands.
- Apple held the top spot despite shipment dropping 19.1% YoY.
- Samsung fell to fourth despite new hearables launch, hurt by smartwatch sales decline.
In Q1 2024, the global wearables market saw a big shift towards affordability and heightened competition from regional brands.
Even though shipments surged 8.8% to reach 113.1 million units, average selling prices (ASPs) dropped 11% year on year (YoY) according to data from the International Data Corporation (IDC). These numbers reflect two things; more people are looking for affordable options, and wearables are becoming popular in developing countries.
Why did the price drop?
The wearables premium segment is hitting a plateau, due to a lack of groundbreaking innovation—no new sensors or algorithms for tracking advanced metrics like blood pressure or glucose. As a result, less-established tier-2 brands are offering feature-rich wearables at lower prices, making them more attractive than expensive options.
According to IDC, consumers are now beginning to gravitate towards the mid to value price points. Meanwhile, local brands like Xiaomi and boAt are taking note and are rolling out feature-packed devices at competitive prices to satiate the demand of budget-conscious customers driving them to becoming major players in the global market.
