Market research firm IDC reported that the wearable market in the Philippines experienced a 15.5% quarter-over-quarter (QoQ) and 23.7% year-over-year (YoY) growth in Q3 of 2022. This is after the 370,000 shipments were during the said quarter.
The category was led by HUAWEI thanks to its smart wristbands which amount to 66% of its total wearable shipments.
In fact, wristbands are the fastest-growing category in Q3 with 106,000 units shipped. That’s a whopping 80% QoQ and 46.5% YoY growth, which was apparently driven by the Band 7, which is more than half of its overall wristband shipments.
Meanwhile, basic and advanced smartwatches declined by 2.5% compared to the previous counter, but the numbers are still double than they are last year.
Earwear is still the leading category with 172,500 units shipped during the said quarter. It has a disappointing -5.4% YoY decline, but does own 46.8% of the market