Spending much of our time indoors have made us get closer to smart devices. One study further confirmed that the demand of wearable devices since 2020 has been on the rise.
According to the source, global shipments of wearables in Q4 of 2020 increased by 27% to 153.5 million units, whereas shipments for the full year increased 28% to 444.7 million units. According to market researcher IDC:
While the shift in spending along with new products and typical seasonality were at play during the fourth quarter, the pandemic has also been good for the market as it has put health and fitness at the forefront of many consumers’ minds,
In-home fitness programs are quickly becoming a crucial component of the wearables offering for many companies.
According to the research, Apple maintained its position in fulfilling the global demand for wearables. The company shipped 55.6 million units during Q4 of 2020, holding a market share of 36.2%, which is similar to the last year. However, the number of orders increase by 27% in the quarter compared to the corresponding period from last year. Its Watch shipments contributed 45%, supplying the Series 6, Watch SE, and Series 3.
Next came Xiaomi, with 13.5 million shipments holding 9% of the market. The major growth came from Xiaomi’s hearables, with a growth of over 55%. However, the demand for the Mi Band lineup declined by 18.3%.
After Xiaomi comes to Samsung with 13 million shipments, showing an increase of 20% compared to the same period of the previous year. The company score a market share of around 8.5% for the quarter. Major growth came from its hearables, which accounted for 8.8 million shipments, where its wearable went down to 2.9 million.
It is also highlighted that hearables received a market share of 64.2%, 24.1% for watches, and 11.5% for wristbands during the said period.
Bilal is professional finance and business person, he works with financial markets, Bilal is also a news editor at Research Snipers. He mainly covers the stories about Economy, Business, Prices, finance and others.