The wearable market is booming around the world as more users turn to health-focused devices for their everyday fitness needs. Last year, the wearable market experienced significant 170% year-over-year growth in the first quarter, with shipments reaching 11.4 million units. Today, according to a recent IDC report, the global wearable market grew 20% in 2021 compared to 2020 growth, with shipments reaching 171 million units at the end of the fourth quarter of 2021. Indian company boAt, a wearable device shipment, showed the highest growth rate thanks to its popularity in India.
boAt has the highest wearable growth rate recorded in 2021
According to a recent report from International Data Corporation (IDC), total wearable shipments in 2021 reached 533.6 million units. The wearable market continued to grow in 2021. Growth of hearables, It accounts for two-thirds of the total wearable industry..
Imagine Marketing, the parent company of the industry leaders such as Apple, Xiaomi and Samsung Boat was able to be on the list of the top 5 wearable companies in the worldThanks to its immense popularity in India. The company shipped only 26.8 million products in 2021, well below the shares of Apple (161.8 million) and Xiaomi (54.4 million). boAt recorded a whopping 163.4% year-on-year growth last year..
The growth rate of the company in 2020 is significantly different from last year. In 2020, boAt recorded a year-on-year growth rate of 2.3%. According to the report, boAt’s high-value, low-cost strategy in India proves to be very successful with its wearable and hearable devices.
Apple, Xiaomi and Samsung also showed stable year-on-year growth rates of 6.8%, 7.1% and 20.1%, respectively. However, compared to last year’s boAt growth rate, that number is quite small. Returning to number one, Apple’s market share is 30.3%, followed by Xiaomi at 10.2%, Samsung at 9%, Huawei at 8%, and Image Marketing at 5%.
Ramon T. Llamas, IDC’s mobile device and AR / VR research director, said in a statement. “”Apple has stayed far ahead this year, but another obvious sign of the market is a long list of vendors to come after. Samsung, Huawei, and Imagine Marketing all recorded year-over-year growth over the market, as well as our collective “other” group.“”
Besides this, the IDC report also states: Lesser-known categories such as smart glasses, rings and shoes also increased by 94.1% in 2021... This was driven by devices such as Oura Ring and Facebook / Ray-Ban’s Stories smart glass.
In the future, as the industry continues to expand into more regions around the world, global wearable and audio device shipments are expected to increase. In addition, companies such as Meta, Samsung, and Google are developing more new wearables, so we can expect the industry to grow in the coming months.