The worldwide market for wearables grew an impressive 35.1 percent in Q3 2020. A total of 125 million units of wearable devices were sold globally in the July-September period, up from 92.5 million units sold during the same period last year.
Easing restrictions on outdoor activities after several months of lockdown has helped bolster the demand for wearables. Additionally, since travels and other leisure activities are still mostly restricted, people are now spending more on electronics. New product launches at multiple price points also allowed many people to get a wearable device for the first time in both emerging and developed markets.
Apple extends its lead at the top
According to the latest analysis report from research firm IDC, Apple continues to dominate the wearable market and has stretched the lead at the top. The Cupertino giant shipped 41.4 million wearables during the quarter, capturing nearly one-third (33.1 percent) of the global market. The company’s expanding Watch lineup, which recently added the affordable Watch SE, has helped it drive sales.
Xiaomi, Huawei, and Samsung distantly follow the iPhone maker with a 13.6 percent, 11 percent, and 9.0 percent share respectively. Xiaomi’s hugely popular Mi Band lineup was once again the differentiating factor between the three companies. Out of the 17 million wearable devices Xiaomi sold during the quarter, 12.8 million were wristbands.
Huawei, despite the US sanctions, posted a whopping 87.2 percent year-over-year (Y0Y) growth in Q3 2020. The beleaguered Chinese giant shipped 13.7 million wearable devices during the quarter. The bulk of this shipment was within China though. However, since the company doesn’t rely much on American vendors for its watches, its wearables business hasn’t been hit as hard by the US sanctions as its smartphone business.
Samsung also saw a decent 32.2 percent YoY growth in wearable shipment this past quarter, shipping 11.2 million units globally. The company’s strategy of launching two completely different pairs of TWS earbuds (Galaxy Buds+ and Galaxy Buds Live) this year has worked wonderfully well. It sold 8.4 million earbuds during the quarter along with 2.6 million smartwatches.
BoAt was the biggest gainer in the Q3 2020 wearables market
With a 2.6 percent market share each, both Fitbit and BoAt sit at the fifth position in IDC’s report. Fitbit, as many would have expected, saw a drop in shipment volume as well as market share in Q3 2020. However, new launches towards the end of the quarter helped it stay within the Top 5. Google’s acquisition of Fitbit hasn’t been received well by both consumers and regulatory bodies, affecting its sales.
BoAt, meanwhile, was the biggest gainer in Q3 2020. The company, which primarily sells audio products, saw a massive 316.9 percent YoY growth during the quarter. BoAt focuses solely on the Indian market and is the No. 1 audio brand in the country. The company will likely expand to other regions in the coming years.