New data from the IDC (International Data Corporation) shows global shipments of wearable devices has risen 2.6% year over year during the third quarter of this year, reaching an all-time high of 148.4 million units.

Total volume also surpassed shipments in the same period for 2021 (142.1 million), and 2022 (144.6 million), led by pandemic driven spending. Said growth has been largely attributed to the rise of smaller brands, and emerging categories.

Research Manager for Mobility and Consumer Device Trackers at IDC, Jitesh Ubrani said, “It’s been a decade since the wearables market got off the ground and while there has been some consolidation, the market still has plenty of diversity in terms of brands and form factors.”

“Health and fitness tracking has come a long way since the original Fitbits and Pebble watches but the greatest driver of wearables has been the emergence of smaller and sleeker designs. Smart rings from newer brands such as Oura, Noise, BoAT, Circular and others are expected to jumpstart the new form factor in the coming quarters while also putting pressure on the incumbent brands to innovate on health tracking.”

Research Director for Mobile Devices and AR/VR, Ramon Llamas said, “Smartwatches and earwear still hold pride of place in the wearables market. These still resonate with consumers and continue to find their way to first-time users, especially among the most wary and price sensitive. This is where we can still see emerging vendors ship volumes high enough to rank among the leading brands. Combined with strong refresh cycles – including those who purchased a wearable as recently as 2020 – the wearables market has set up a strong fly wheel to keep volumes growing.”