Canalys released its report on the global wearables market for the fourth quarter and the entire 2022. The numbers show 25 million units shipped between October and December, which is a huge 23 Percentage Decrease – Largest decrease since data was collected and analyzed.
All five major companies – Apple, Xiaomi, Huawei, Samsung and Google – saw year-over-year declines in shipments during the holiday period, with only Cupertino achieving full year’s annual growth.
Canalys cited a “challenging macroeconomic environment in the fourth quarter” as the main reason for the overall decline. Apple remains the runaway leader and the default choice for all iPhone users, while Google manages to hold on to second thanks to the Pixel Watch, despite a drop in Fitbit devices of 25 %.
Canalys divides wearables into three categories – basic wristbands, basic watches, and smartwatches. With the introduction of each new device, the differences between them become more and more blurred, Canalys said that the growth rate of smart watches is about 18%; however , the decline in interest in the fundamental band will lead to a modest 2% growth in the overall wearables market.