The market is expected to reach 279 million units by the end of 2023 with a compound annual growth rate (CAGR) of 8.9%.
Much of the growth was attributed to the growing number of ear-worn devices as they captured almost a quarter of the market during the year.
Two key factors are contributing to this growth, including the growing popularity of smartwatches and greater wearables adoption in emerging markets.
Asia/Pacific (excluding Japan), Central & Eastern Europe, Middle East & Africa and Latin America grew 14% YoY as basic wristbands are still in high demand.
The overall wearables market is expected to grow from 113.2 million shipments in 2017 to 222.3 million in 2021 with a CAGR of 18.4 percent.
This year, the research firm predicts vendors shipping a total of 121.7M wearable devices, marking a 16.6% increase from the 104.4M units shipped in 2016.
Device shipments grew 10.3% year over year to hit 26.3 million units during the second quarter of 2017; smartwatches grew 60.9%.
The wearables market is poised to reach a total of 240.1 million units shipped in 2021, resulting in a five-year CAGR of 18.2%.
Worldwide wearable device shipments will grow from 102.4 million in 2016 to 237.5 million in 2021, representing a five-year CAGR of 18.3%.
In Q1, we saw a number of new fitness trackers and smartwatches introduced, price reductions, and greater participation within emerging wearables categories.