Apple Watch, the iPhone Maker’s biggest innovation when it comes to health-tech, has been doing phenomenally well in sales.
According to the latest quarterly data acquired from IDC, Apple has achieved a new milestone by posting record-high sales figures of the Apple Watch Series in Q3 2020!
The new data from IDC’s Worldwide Quarterly Wearable Device Tracker showed that Apple Watch shipments touched a whopping 11.8 million units in Q3 2020, clocking a 75% year-on-year growth as the company was able to sell only 6.8 million units during the same period last year.
In Q3 2020, the data collected from IDC suggests that Apple held a 21.6% market share of the wrist-worn wearables in shipments and trailing behind only to Xiaomi which grabbed a 24.5% market share.
It’s important to note that the report considered everything from high-end smartwatches to basic fitness trackers worth $50.
When considering the overall wearables market which includes earwear/hearables, wristbands and watches, Apple emerged victorious here as well. IDC’s data reports that the Cupertino-based tech giant secured the numero-uno position with an estimated 41.4 million shipments which included AirPods and AirPods Pro.
The company achieved a 38.6% annual growth with the latest figures as only 29.8 million units in shipment during the same quarter last year were reported.
The report also sheds some light on why Q3 2020 was massively successful for Apple’s wearables. According to their notes, the Airpods along with Apple Watches became hugely popular due to the demand driven by the global COVID-19 pandemic.
Besides, Apple’s strategy to introduce the wearables at multiple price points which included the mid-level devices such as the Watch SE added to the ease of purchase for the various segment of consumers. The strategy to put its offerings in every segment has helped the iPhone maker to dominate the third quarter this year.
All in all, the growth of the global wearables market space wasn’t deterred by the devastating pandemic. Instead, the Q3 2020 witnessed a 35.1% increase in the market year-over-year as vendors shipped a total of 125 million units.
But, what drove the collective growth of the wearables space?
A mix of varied factors such as seasonality, new and innovative product launches coupled with the global pandemic was the reason for the growth.
Tech giants such as Apple, Samsung and many others helped renew the consumers’ interest in smartwatches and wearables with new products. Also, one needs to note that Q3 witnessed consumers resuming to spend on travel, dining out and other leisurely activities which also led to increased spending on electronics. Thus, the sudden shift in spending was another catalyst for the wearables market.
For Apple, hopefully, with the newly received boost in the wearables category, they will now come out with more innovative products in this category.
In 2019, the company’s CEO Tim Cook said that Apple’s greatest contribution to mankind will be the innovations it would do in the space of health. And, fast forward to 2020, it seems like the Apple Watch series has been able to live up to those exact words pretty well. We will keep you posted on all future developments. Until then, stay tuned.