Global wearable revenues fell by 6% in Q3 2023 as macroeconomic weakness and geopolitical uncertainty caused lengthening replacement cycles and shrinking volumes for both smartwatches and fitness bands.

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TechInsights tracked global smartphone shipments (sell in) and sales (sell through) grew 2% YoY and declined 3% YoY in November 2023 respectively. Apple maintained the top place by both shipments and sales.

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Global fitness band industry revenues plummeted by 49% in Q2 2023. This marks the fourteenth consecutive quarter of YoY fitness band revenue declines amid macroeconomic weakness and geopolitical uncertainty.

Global smartwatch revenues fell by 2% YoY during Q3 2023. A rising ASP partly offset 5% volume declines as consumers reigned in discretionary spending causing a lengthening replacement cycle amid macroeconomic weakness.

TechInsights predicts global wearable shipments will decline by just 1.2% in 2023, and will then rebound to grow 11.9% in 2024, a notable improvement after a 6% decline in 2022 due to steep declines in fitness bands and slowing growth for smartwatches, only partly offset by feature watch and hearables growth.

Global smartwatch revenues shrunk by 2% in Q3 2023 due to declining shipment volumes caused by slumping consumer demand amid macroeconomic weakness and geopolitical uncertainty. Falling volumes were partly offset by rising ASPs.

Bluetooth headsets have become must-have products for many smartphone owners as vendors remove the 3.5 mm plug from their smartphones. China is the biggest market for True Wireless Stereo (TWS) and banded headsets, followed by the United Sates and India. Africa has emerged as one of the fastest-growing regions.

This report is updated quarterly and provides country level quarterly smart speaker and smart display shipments and installed base data by vendor and voice operating system for the top 13 markets worldwide.