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Wearable Devices

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Industry Application Analysis

Industry category

Wearable Devices

Wearable device refers to a kind of portable intelligent device that users can directly wear on their bodies or integrate into clothes or portable accessories. It can realize diversified functions such as communication, business, navigation, entertainment and health through software support, data interaction and cloud interaction. At present, wearable devices mainly include audible devices, watches, bracelets, etc.
According to the latest data of International Data Corporation (IDC), the global shipment of wearables reached a new high of 171 million units in the fourth quarter of 2021. The annual shipment in 2021 was 533.6 million units, with a year-on-year growth of 20.0%. The demand for devices with health and fitness tracking functions and audible devices continued to grow. The shipment of audible devices in the fourth quarter increased by 9.6% year on year, accounting for nearly 2/3 of the overall shipment of wearable products. The smart glasses, smart rings, smart shoes and other market segments achieved 94.1% growth in the fourth quarter. In addition, IDC expects that the global shipment of wearables will reach 631 million units in 2024, with a compound annual growth rate of 12.4% from 2020 to 2024.
The wearable device market in China is growing rapidly. According to IDC data, in 2021, the shipment volume of the wearable device market in China will be nearly 140 million units, with a year-on-year growth of 25.4%. In the fourth quarter, the shipment volume will be 37.53 million units, with a year-on-year growth of 23.9%. It is estimated that in 2022, the shipment volume of the wearable device market in China will exceed 160 million units, with a year-on-year growth of 18.5%. With the rapid development of the wearable device market, the demand for permanent magnetic materials will gradually release.