Canalys: the market for wearable wristbands is expected to grow by 2% in 2023

CTOnews.com March 13, the latest Canalys data show that the wearable device market fell by double digits for the first time in the fourth quarter of 2022, with shipments falling 18% to 50 million units. Among them, the smartwatch category showed a double-digit decline of 17%. The basic bracelet category fell for the ninth time in a row, by as much as 43%. The growth rate of basic watches is only 3%.

Overall, smartwatches grew by 3 per cent in 2022, basic watches grew by 21 per cent and basic bracelets fell 39 per cent, leading to a 5 per cent decline in the overall market for wearable wristbands, CTOnews.com learned from Canalys data.

Cynthia Chen, an analyst at Canalys, said the market for wearable wristbands is expected to grow at a moderate rate of 2 per cent in 2023. Although the basic bracelet is expected to continue to decline, basic watches and smartwatches will grow, with an upper limit expected to be no more than 10 per cent. Given the recovery in consumer spending, manufacturers should be prepared to focus on product quality rather than quantity.

Canalys expects smartwatches to grow by 8 per cent and basic watches by 6 per cent. The development of wearable wristband devices will further focus on the system development and ecological applications of smartwatches, based on consumers' more personalized upgrade needs for functional features, smartwatches will have the opportunity to connect and track in more application scenarios.

Referenc

Smartwatches will see a small 2% growth in 2023. The market for wearable wristband equipment fell by 18% in the fourth quarter of 2022.