Despite an economic slowdown, the Philippines’ wearable market posted double-digit growth in the third quarter of the year versus the same period in 2021, as shipments reached 370,000 units, according to International Data Corp.’s (IDC) latest report.
IDC’s Worldwide Quarterly Wearable Device Tracker showed the Philippines’ wearable market grew 15.5 percent quarter-over-quarter (QoQ) and 24 percent year-over-year (YoY) in the third quarter compared to last year.
IDC said Huawei took the top spot with its wristbands accounting for 66 percent of its overall wearable shipments.
Wristband is the fastest growing category, bringing in 106,000 units in the third quarter, growing 80 percent QoQ and 47 percent YoY, driven by Huawei’s hot selling Band 7 that accounted for more than half of total wristband shipments.
Although smartwatch shipments (inclusive of basic and advanced) declined by 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 in the third quarter market share, down by 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,” Angela Medez, IDC Philippines senior market analyst, said in a statement.
IDC Tracker products provide accurate and timely market size, vendor share and forecasts for hundreds of technology markets from more than 100 countries around the globe. Using proprietary tools and research processes, IDC’s Trackers are updated on a semiannual, quarterly and monthly basis.
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