The Philippine wearable market grew by 15.5% QoQ and by 23.7% YoY in the third quarter as shipments reached 370,000 units, according to IDC.
The Philippine wearable market grew by 15.5% quarter-on-quarter (QoQ) and by 23.7% year-on-year (YoY) in the third quarter (3Q 2022) as shipments reached 370,000 units, according to International Data Corp.’s (IDC) Worldwide Quarterly Wearable Device Tracker.
Note: The “Company” represents the current parent company (or holding company) for all brands owned and operated as subsidiary.
Despite an economic slowdown, Huawei took the top spot with its wristbands accounting for 66.0% of its overall wearable shipments.
Wristband is the fastest-growing category bringing in 106,000 units in 3Q22, growing 80% QoQ and 46.5% YoY, driven by Huawei’s hot selling Band 7 accounting for more than half of total wristband shipments.
Although smartwatch shipments (inclusive of basic and advanced) declined 3.5% 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% of the overall wearables 3Q22 market share, slowed down 5.4% 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.