Apple Watch Series 9
Apple continues to lead the wearables market, but it has lost some ground with the Apple Watch and AirPods shipments are down compared to last year.
The Apple Watch and AirPods lines are extremely popular in the wearables category. Thanks to continued demand, Apple continues to hold a leading position in the market, according to IDC.
According to data published on June 4, shipments of wearable devices across the market as a whole have increased. The first quarter of 2024 saw 113.1 million shipments and the market saw an 8.8% year-on-year growth jump. .
However, IDC adds that the market is negatively impacted by a decline in average selling prices for the fifth quarter in a row.
On a per company basis, Apple leads with 20.6 million shipments in the first quarter of 2024. That's down from the 25.4 million seen in the same quarter a year earlier at 18.9. % reduction.
The decline in shipments means Apple's market share fell over the year from 24.5% to 18.2%.
The closest competitor is Xiaomi with 11.8 million shipments and a market share of 10.5%.
Global wearable device shipments in the first quarter of 2024 [IDC]
IDC explains that Apple was held back by “poor macroeconomic conditions.” Apple's ban on selling the Apple Watch in the US has also obviously caused problems, as has the lack of new AirPods.
Apple Watch shipments are said to have fallen 19.1% compared to last year, while shipments of AirPods and Beats subsidiary products are down 18.8%.
“The lack of significant innovation in the premium segment has allowed second-tier brands to close the gap across the board,” says IDC research manager Jitesh Ubrani. It appears that consumers will likely gravitate toward the mid-range and price points, Ubrani continues, unless new sensors or algorithms are implemented to track new metrics such as glucose levels or blood pressure.
Analyst reports are often based on supply chain studies and other informal data sources. However, Apple's financial results for the second quarter of 2024 help prove that these numbers are quite accurate, as Apple's revenue from sales of wearables, home products and accessories fell 9.9% to $7.9 billion.
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