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Wearable Shipments Will Hit 344 Million in 2022: ABI Research

Wearable device shipments are expected to reach around 344 million in 2022 out of more than 300 million wearable devices shipped in 2021, global technology watch firm ABI Research said in its latest report.

Demand for apparel and accessories has slowed in 2021 due to economic and geopolitical factors impacting consumer priorities.

More than 650 million of these devices are expected to ship globally by 2027, a CAGR of 13.2% between 2022 and 2027.

Until the end of the current year, the growth of the wearables market will be mainly driven by two segments, namely sports, fitness and wellness trackers and home-compatible smartwatches.

“This year, smartwatches will continue to dominate the wearables market due to the strength of Apple’s smartwatch and the growing number of companies offering smartwatches with impressive features,” said David McQueen, director of wearables research. consumer technologies at ABI Research.

The growing demand for activity trackers is expected to drive the wearables market. Activity trackers will reach shipments of approximately 91.5 million by the end of 2022 and are expected to reach 105 million by 2027, a CAGR of 2.9%.

Smart home-enabled smartwatches (smartwatches capable of interacting with smart home devices) accounted for approximately 4 million devices in 2021 and are expected to reach 32 million in 2027, a CAGR of 35.8% between 2022 and 2027. This category will mostly come with a 4G connection, producing a spectacular CAGR of around 60% from 2022 to the end of 2027.

ABI Research predicts that 5G smart home-enabled smartwatches will hit the market by 2024.

The global smartwatch market recorded around 102.57 million shipments in 2021 and is expected to reach 121.03 million by the end of 2022. The market is expected to reach 289.7 million units globally by 2027, a CAGR of 19%.

During the first quarter of 2022, Apple was the main supplier with 49.6% market share, followed by Huawei (17.8%) and Samsung (11.4%). In terms of connectivity, 4G smartwatches will be the main devices shipping with a penetration rate of 5% in 2022, while 5G will appear in 2023, with a low penetration rate of around 0.3%.