Wearable Devices Statistics By Companies, Products, Shipment, Users, Demographics and Region

Introduction

Wearable Devices Statistics: As of reports, by the end of 2032, the global market size of smart wearable devices is going to reach  $383.5 billion with a CAGR of 15.3% from 2023 to 2032. In recent years, the global market of smart wearables has grown enormously around the world as these electronic devices include several advanced technological features that have enhanced several features in various wearable devices.

This Wearable Devices Statistics includes several analyses of different products of wearable devices from various aspects that provide light on how fast Wearable Devices are growing.

Editor’s Choice

• Global shipments of wearable devices increased by 8.8% year over year in Q1 2024.
• The smartwatch industry has generated USD 45 billion in revenue by the end of 2023, with Apple holding a 20.2% share of the global wearable device unit shipments in Q3 2023.
• In 2022, global wearable shipments reached 492.1 million units, with Apple accounting for 146.3 million units.
• By 2026, the global market revenue for medical wearables is expected to reach USD 89.3 million.
• Digital fitness and well-being wearables are projected to generate USD 68 billion in revenue in 2023.
• Global shipments of wearable devices are forecast to reach 442.7 million units in 2023, growing by 6.3% year-over-year.
• In the U.S., more than 100 million wearable devices are expected to be connected to the internet by 2026.
• Nearly one in three U.S. adults use a wearable device, with over 80% of users willing to share their health data with doctors. However, less than 25% of adults with or at risk for cardiovascular disease use wearable devices.
• The wearable market, including devices like smartwatches, fitness trackers, and AR/VR headsets, is predicted to reach around 560 million shipments in 2024.
• Earwear is the leading segment, with almost 350 million units expected to be shipped in 2024. Smartwatches are the second most profitable segment, expected to generate nearly USD 50 billion in revenue by 2024.
• Apple leads the market in both smartwatches and earwear, holding over 20% of the market share in 2023.

General Wearable Devices Statistics

• The global market size of wearable technology is supposed to reach its peak resulting in  $322654.73 million by the end of 2028 with a CAGR of 16.35% from 2022 to 2028.
• According to Statista Consumer Insights, in the United States, 41% of households own wearable devices by September 2023.
• As to Statista survey reports, in China, 42% of survey respondents have claimed that they are using wearable devices such as smartwatches and fitness trackers for their personal use in 2023.
• According to the reports of Strait Research by the end of 2029, the overall market of the wearable industry is expected to reach $10.3 million.
• In the United States, 21% of people will regularly wear smartwatches and fitness trackers in  2023.
• By the end of 2026, the global market size of wearable healthcare devices is predicted to reach $30 billion and $61 billion by the end of 2032.
• As of 2023, total shipments of wearable products are expected to be 519.83 billion.
• As of reports 2023, wearable devices statistics by gender classification are women (25%), and men (18%) in the United States.

By Companies

(Reference: statista.com)

• As of the above graph analysis, in the 1st quarter of 2023 market share of global wearable unit shipments is followed by Apple (21.5%), Xiaomi (7.8%), Huawei (7.3%), Samsung (7.2%), Imagine marketing (7.5%), and others (48.7%).
• Whereas, in the 3rd quarter of 2023 the market share of wearable by companies is followed by  Apple (20.2%), Xiaomi (7.8%), Huawei (5.7%), Samsung (7.2%), Imagine marketing (9.2%), and others (49.4%).

By Products

(Reference: idc.com)

• According to the reports of IDC research, a global shipment of wearable devices in 2023 is going to reach 442.7 million with a growth of 6.3%.
• As of 2023, Earwear is going to be the highest shipped product resulting in 325 million units with a market share of 62.1% across the globe.
• The second highest shipped product is the Smartwatch is expecting 162.2 million unit shipments with a market share of 31%.
• The global shipment unit of wristbands is going to be 33.8 million with a market share of 6.5%.
• Whereas, the rest other products of the wearable devices are going to ship 2.2 million units with a less market share of 0.4%.
• By the end of 2027, predicted shipment units and market share of these products are followed by Earwear (404 million and 62.7%), Smartwatch (205.3 million and 31.9%), and Wristband (31.7
  million and 4.9%).

By Shipment

(Reference: cdn.idc.com)

• The overall wearable devices are segmented into different products such as smart clothing, smart Earwear, smart glasses, smartwatches, wristbands, etc.
• As of 2023, total shipments of wearable products are expected to be 519.83 billion.
• Whereas, in coming years total shipment units are followed by 2024 (548.76 billion), 2025 (579.18 billion), 2026 (605.42 billion), and 2027 (625.39 billion).

By Users

(Source: insiderintelligence.com)

• As of the above graph analysis, in the United States total Smart wearable users are estimated to reach 89.6 million by the end of 2023 which is 26.4% of the total population and the change percentage is 5.3% from last year.
• Whereas by 2024, the total number of wearable users in the U.S. is 93.5 million which is 27.4% of the total population, and user change share is 4.4% from 2023.
• Furthermore, in 2025 and 2026 total numbers of wearable users are 96.9 million and 100.2 million respectively.

Wearable Technology Statistics

• The global market share of wearables is estimated to grow by $62.81 billion from 2023 and  $126.02 billion by the end of 2027.
• As of reports, by the end of 2023 market size of wearable technology is going to reach at a CAGR of 14.8% of CAGR.
• The North American region is holding the highest market share with 41% by the end of 2023.

By Demographics

(Source: straitsresearch.com)

• As of reports 2023, wearable devices statistics by gender classification are women (25%), and men (18%) in the United States.
• Based on ethnicity the wearable devices statistics are followed by Hispanics (26%), Blacks (23%),  and Whites (20%).
• Most users of wearable devices based on age group are followed by 18 years to 49 years (25%), and above 50 years (17%).
• Average income level statistics of wearable device users share are followed by $75,000 (31%),  $30,000 to $74,999 (20%), and less than $30,000 (12%).

By Region

(Reference: statista.com)

• According to Statista, by the end of 2022 highest number of connected wearable devices is observed in the North American region resulting in 439 million.
• Furthermore, numbers of connected wearable devices statistics by region around the world are  followed by Central and Eastern Asia Pacific (311 million), Western Europe (192 million), Europe
  (68 million), Latin America (49 million), Middle East and Africa (46 million).

By Hearable

• According to the report's analysis of global data, the market value of wearables accounted for  $91.6 billion in 2022 and is expected to reach $137.5 billion by the end of 2026 with a CAGR of  18.8%.
• Based on end-users, by the end of 2026 highest usage share of hearables in the industrial sector with a CAGR of 34.20% from 2019 to 2026.
• Headphone preference shares are followed by Over-ear headphones (74%), on-ear headphones  (7%), wired headphones or earbuds (10%), and true wireless earbuds (9%).

(Source: researchandmarkets.com)

• As of the above graph analysis, the market size of smart headphones is going to reach $11.12 billion by 2023 and $24.45 billion by the end of 2027 at a CAGR of 21.8%.
• By the end of 2029, the market value of the industry is expected to reach above $2826.5 million with a CAGR of 3.4% from 2023 to 2029.

By Smartwatch

• Total shipments of Apple smartwatches increased in August 2023 resulting in over 30 million units around the world.
• As of the above graph analysis, the market size of North American Smart Watch is expected to reach around $39.75 billion in 2023 and $85.71 billion by the end of 2028 with a CAGR of 16.61%.
• As of 2023 reports, the highest revenue generated by China’s smartwatches market is expected to reach $16,920 million.

(Reference: sammyfans.com)

• As of 2023 reports, the market of Apple Smartwatch is expected to be 32% of the share.
• In 2023, Samsung OS Smartwatch brands are termed as the world’s best-selling wearable with a market share above 10% around the world.
• As of the above graph analysis, in 2023 market share of top manufacturers of Smartwatches is followed by Huawei (7%), Garmin (4%), Fitbit (1%), and others (46%).

By Smart Glasses

• According to Mordor Intelligence report analysis, the global market size of smart glasses by 2023 is going to reach $2.25 billion.
• Whereas, by the end of 2028 the overall market size is expected to reach almost $6.08 billion with a 22.03% CAGR.
• According to Statista, total smart glasses sales are expected to reach 2.11 million units by 2023 and 3.9 million units by 2024.
• The highest usage of smart glasses in 2023 is going to be held by the North American region with a 32% share.
• Whereas other usage shares stats by regions are followed by Europe (31%), Asia Pacific (25%), Latin America (8%), and Middle East and Africa (4%).

By Smart Clothing

• According to the reports of Market and Market, the overall market size of clothing is expected to reach $5.3 billion by the end of 2024 with a CAGR of 26.2% from 2019 to 2024.
• As of reports, by 2032 the market valuation of sports clothing is expected to reach $7.2 billion.
• From 2022 to 2032, the market share of smart clothing is expected to CAGR in China (14%), U.S.  (18%), India (12%), and France (10%).
• Based on product type, the sale of smart shirts is going to account for the highest share with a CAGR of 14% from 2022 to 2032.
• Whereas, the highest market growth in 2022 was accounted by the North American region resulting in $1.8 billion, and is expected to reach a CAGR of 10% by 2032.
• On the other hand, the fastest growing market is expected to reach a CAGR of 14%, and Europe with 12% by the end of 2032.

By Fitness Tracker

• According to the reports of Statista analysis, revenue earned by the worldwide market of fitness trackers is expected to be $67.23 billion by the end of 2023.
• In 2023, China earned the highest revenue in the fitness-tracker market around the world with almost $23.15 billion and $38.38 billion by the end of 2028 with a CAGR of 10.64% from 2023 to  2028.
• Users of fitness trackers around the world by age are followed by 18-25 years (11%), 26-35 years  (20%), 36-46 years (20%), 45- 55 years (21%), 56-65 years (19%), 66-75 years (8%), and above 76  years (2%).
• As of reports, in 2023 Apple fitness tracker market has accounted for the highest share resulting in 36.1%.
• Whereas, other statistics by brands are followed by Samsung (10.1%), Huawei (7.2%), Xiaomi (5%), Garmin (4.3%), Amazfit (4%), mood (3.4%), Fitbit (2.7%), and others (27.2%).

By Smart Jewelry

• As Customer Market Insights reports, as of 2023 the market share of smart jewelry is expected to reach $229.98 million and $458.8 million by the end of 2030 at a CAGR of 10.3%.
• Across the global smart jewelry market based on application, the activity tracker segments accounted for a market share of 36.06%.
• On the other hand, the Android operating system is going to account for the fastest revenue share at a CAGR of 8.74% from 2022 to 2030.

By Smart Wearable and Non-Wearable Devices

• Market Size and Growth: The Global Smart Wearable and Non-Wearable Devices Market is projected to grow from USD 29.0 billion in 2022 to USD 105.8 billion by 2032, at a CAGR of 14.2% during the forecast period.
• By Device Type: The wearable segment dominated the market in 2022, accounting for 73.6% of the revenue. Within this segment, smart health watches held the largest share at 40.5%, offering advanced monitoring capabilities like ECG measurement and blood oxygen saturation monitoring.
• By Technology: Motion sensor technology led the market in 2022, with a 45.4% revenue share. These sensors are integral to a wide range of devices, from fitness trackers to virtual reality headsets, due to their ability to detect and measure movement, orientation, and acceleration.
• By Distribution Channel: The online distribution channel was the most dominant in 2022, capturing 57.2% of the market share. The convenience of online shopping and the ability to reach a global audience have driven the growth of this segment.
• North America: North America led the global market with a 40.2% revenue share in 2022. Early adoption of smart technologies and high disposable income in this region have contributed to its dominant position.
• Asia-Pacific: Asia-Pacific was the second-largest region, with a 23.5% market share in 2022. The rapid urbanization in countries like China and India, along with China’s role as a global manufacturing hub for electronics, has driven significant growth in this region.

By Wearable Payment Devices

• Market Size and Growth: The Global Wearable Payment Devices Market is expected to reach USD 160 billion by 2033, up from USD 45 billion in 2023, with a strong CAGR of 16.7% from 2024 to 2033.
• User Growth: The wearable payment industry saw a significant increase, with a 40.6% rise in users from 2022 to 2023, reaching 173.3 million users. This number is projected to increase to 278.3 million by 2025.
• Consumer Trends: In 2023, 79% of smartwatch owners used their devices for contactless payments, a substantial increase from 53% in 2021. Apple Pay, especially through the Apple Watch, gained traction, representing over 5% of global contactless transactions on Visa’s network in 2023.
• Regional Insights: Europe led the Wearable Payment Devices market in 2023, with a market share of over 30.7%, driven by a strong financial infrastructure and high adoption of digital payment methods. The European market was valued at USD 13.8 billion in 2023.
• Device and Technology Analysis: Fitness trackers dominated the market in 2023, capturing more than 43.6% share, driven by their dual functionality in health monitoring and payment solutions. The Quick Response (QR) & Barcodes segment also held a significant market position, with a 36.2% share, due to its ease of use and universal applicability.
• Application Areas: Retail & Grocery Stores was the largest application area in 2023, accounting for over 31.4% of the market, driven by the convenience of contactless payments and the integration of loyalty programs.

By Wearable Medical Devices

• Market Size and Growth: The global wearable medical devices market is projected to grow from USD 34.9 billion in 2022 to approximately USD 156.0 billion by 2032, with a compound annual growth rate (CAGR) of 16.60% during the forecast period from 2023 to 2032.
• North America Growth: North America led the market with a 38.3% share in 2022, driven by the prevalence of lifestyle diseases and advanced healthcare infrastructure. Europe is expected to be the second-largest region in terms of revenue, supported by a large geriatric population and increasing disposable income.
• Covid-Impact: The COVID-19 pandemic accelerated the adoption of healthcare wearables, enhancing market growth. Key players in the market include Apple Inc., Xiaomi Inc., Samsung Electronics Co. Ltd., and Medtronic PLC.

Wearable Devices Market Analysis Q1 2024 – IDC

• Market Growth: The global wearables market experienced an 8.8% year-over-year growth in Q1 2024, reaching 113.1 million units in shipments. However, average selling prices (ASPs) continued to decline, dropping by 11% as emerging markets expanded and economic factors pressured consumer spending.

Data table for “Worldwide Wearables Forecast by Product” chart

• Apple’s Position: Apple maintained its lead in the market despite challenges such as poor macroeconomic conditions, a temporary ban on specific watch models, and a lack of new AirPods. Apple Watch shipments decreased by 19.1% year over year, with wearables like AirPods and Beats declining by 18.8%.
• Xiaomi’s Performance: Xiaomi ranked second, showing a 43.4% year-over-year growth, benefiting from an easy comparison to a previous 16% decline in Q1 2023. The company’s focus on value-oriented products and its re-entry into Wear OS watches contributed to its strong performance.
• Huawei’s Rise: Huawei moved into third place, surpassing Samsung, driven by the resurgence of its smartphone business, which positively influenced wearable sales through bundling. However, Huawei’s sales remain heavily concentrated in China.
• Samsung’s Position: Samsung dropped to fourth place. Despite launching the Galaxy Fit 3 and seeing success with lower-priced hearables, its core smartwatch shipments declined by 5.1%.
• Imagine Marketing (boAt): The Indian brand, known for value-oriented products, rounded out the top five. While its hearables volume grew by 17.5%, the company’s smartwatch sales plummeted by 61.3% due to intense competition in the domestic market.

Top 5 Wearable Device Companies

Data table for “Top 5 Wearable Device Companies” chart

Recent Developments

• Apple’s New Product Launch: In September 2023, Apple introduced the Apple Watch Series 9, which features advanced health and fitness tracking capabilities, improved performance, and enhanced design elements. This launch continues Apple’s trend of leading the wearable devices market by integrating innovative features into their products.
• Philips and Masimo Partnership: In January 2023, Philips expanded its partnership with Masimo to enhance patient monitoring in telehealth applications. The collaboration integrates Masimo’s W1 watch with Philips’ enterprise patient monitoring ecosystem, aiming to improve remote health tracking capabilities, particularly for chronic illness management.
• Fitbit’s New Watch Lineup: In August 2022, Fitbit launched a new series of watches, including the Sense 2, Inspire 2, and Versa 4. These devices are designed to provide more comprehensive health metrics, aligning with the increasing demand for wearable technology in fitness and health management.
• UNSW Sydney’s Technological Innovation: In April 2023, researchers at UNSW Sydney developed a new electronic device that mimics human skin. This innovative wearable can detect mechanical stimuli such as gestures and handwriting, using minimal power, potentially revolutionizing how wearables interact with users.

Conclusion

As of today, looking at the Wearable Devices Statistics, it is clear that the market is growing rapidly around the world due to growing consumer demand for technological advances, mobile phone popularity, and awareness about health and fitness.

After the COVID-19 pandemic, now people around the world are in search of several smart devices for balancing out their lives as well as their health. This article includes several statistical analyses that are described elaborately above and hope will help in understanding the topic better.

Pramod Pawar

Pramod Pawar brings over a decade of SEO expertise to his role as the co-founder of 11Press and Prudour Market Research firm. A B.E. IT graduate from Shivaji University, Pramod has honed his skills in analyzing and writing about statistics pertinent to technology and science. His deep understanding of digital strategies enhances the impactful insights he provides through his work. Outside of his professional endeavors, Pramod enjoys playing cricket and delving into books across various genres, enriching his knowledge and staying inspired. His diverse experiences and interests fuel his innovative approach to statistical research and content creation.

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