PH wearable market posts double digit growth in 3Q – IDC

The Philippines wearable electronic gadgets market grew 15.5 percent quarter over quarter (QoQ) and 23.7 percent year over year (YoY) in 3Q22 as shipments reached 370,000 units, according to International Data Corporation’s (IDC) Worldwide Quarterly Wearable Device Tracker.

Wristband is the fastest-growing category bringing in 106,000 units in 3Q22, growing 80.0 percent QoQ and 46.5 percent YoY, driven by Huawei’s hot selling Band 7 accounting for more than half of total wristband shipments.

Despite an economic slowdown, IDC said, Huawei took the top spot with its wristbands accounting for 66.0 percent of its overall wearable shipments.

Although smartwatch shipments (inclusive of basic and advanced) declined 3.5 percent compared to the previous quarter, it has still more than doubled compared to last year. In contrast, the leading category earwear accounted for 46.8 percent of the overall wearables 3Q22 market share, slowed down 5.4 percent YoY.

“Some vendors have expressed confidence in the wearable market’s growth in the Philippines. In fact, smartphone vendors have expanded their product portfolio to include wearables , in response to the growing demand for smart devices among Filipino consumers that seek a smart lifestyle,” said Angela Medez, Senior Market Analyst at IDC Philippines.

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