Apple remains the dominant player in the wearables market, holding its lead even as the industry recovers from the pandemic-driven surge of 2020, according to recent findings from ABI Research.
The Apple Watch continues to set the standard in the wearable sector, contributing significantly to the growing share of smartwatches, which made up more than 40% of all wearable shipments in 2023. With consumer demand for health-tracking devices increasing, Apple’s advanced features have been key to its sustained success.
As of Q1 2024, Apple commands 18.2% of global wearable shipments, maintaining its leadership position in the market. The introduction of new health features, such as blood pressure monitoring, along with a stronger presence in emerging markets like India, is expected to further fuel growth for both Apple and the smartwatch category.
While Apple’s dominance in smartwatches is unquestioned, the company may also be eyeing opportunities in the fast-growing smart ring market. Although Apple has yet to officially confirm any plans for a product like the “Apple Ring,” speculation is rife that the company might soon compete with existing leaders in the space, such as Oura and McLEAR.
Looking ahead, the wearables market, which encompasses smartwatches and smart rings, is projected to reach 591 million shipments by 2029, with smart rings alone expected to contribute 70.5 million units. This growth signals a promising future for wearable technology, with Apple well-positioned to maintain its leading role.
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