Apple Watch Maintains Lead in Growing Wearables Market

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Apple continues to dominate the wearables sector as the market rebounds after a pandemic-driven surge in 2020, according to recent research by ABI Research. The company’s Apple Watch remain at the forefront of the industry, which is projected to see renewed growth.

Smartwatches accounted for over 40% of wearable shipments in 2023, with Apple Watch being a big contributor. The wearables market is expanding, driven by consumer interest in health tracking and the introduction of advanced features.

Apple holds 18.2% of wearable unit shipments as of Q1 2024, maintaining its market leadership. New features like blood pressure monitoring and expansion into emerging markets like India are expected to drive further growth for Apple and the broader smartwatch category.

While Apple’s position in smartwatches is well-established, the company may also be eyeing the rapidly growing smart ring market. Although Apple has not officially announced plans for an “Apple Ring,” industry speculation suggests the company might enter this segment to compete with current leaders like Oura and McLEAR, as reported by Apple World Today.

The overall wearables market, including smartwatches and smart rings, is predicted to reach 591 million shipments by 2029, with smart rings alone accounting for 70.5 million units.

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