Apple continues to lead the wearables market, maintaining its stronghold in the smartwatch segment as the industry rebounds from the pandemic-driven surge of 2020, according to recent findings from ABI Research.
Smartwatches, which made up over 40% of wearable shipments in 2023, have seen significant contributions from the Apple Watch, which remains the top player in the category. As consumer demand for health tracking features continues to rise, the wearables market is poised for further growth, with Apple holding an impressive 18.2% of wearable unit shipments as of Q1 2024.
New innovations such as blood pressure monitoring and Apple’s expansion into emerging markets like India are expected to fuel the continued success of the Apple Watch and boost the overall smartwatch market.
While Apple’s dominance in the smartwatch arena is clear, the company may be eyeing a new frontier: the rapidly growing smart ring market. Although Apple has yet to officially announce an “Apple Ring,” industry speculation suggests the company could enter this segment to compete with current leaders like Oura and McLEAR, as reported by Apple World Today.
The broader wearables market, which includes both smartwatches and smart rings, is forecasted to reach 591 million shipments by 2029, with smart rings alone expected to account for 70.5 million units.