Global wrist-worn device (smartwatches and wristbands) shipments totaled 43.7 million units in Q2 2024, reflecting a slight YoY decrease of 0.7%.
China led the market with 15.5 million units shipped, marking a 10.9% YoY increase, according to IDC’s latest Worldwide Quarterly Wearable Device Tracker.
Globally, smartwatches accounted for 34.7 million units in Q2 2024, down 3.2% YoY, while wristbands shipped 9.0 million units, up 10.6% YoY. In China, smartwatches shipped 11.1 million units, up 18.7% YoY, whereas wristbands shipped 4.4 million units, down 4.8% YoY.
Key Players in the Wrist-Worn Device Market (Q2 2024)
HUAWEI: HUAWEI experienced significant growth in the first half of 2024, with a 55.1% YoY increase in shipments. The company led the global wrist-worn market for two consecutive quarters, driven by the success of its new Fit 3 wristband and its continued dominance in China’s wrist-worn market.
Xiaomi: Despite no new wristband releases in the first half of 2024, Xiaomi ranked second globally in wrist-worn device shipments. Growth was fueled by strong smartphone performance and advancements in its smartwatch line, including the Redmi series and S3 watch. Xiaomi’s wrist-worn product lineup is expected to expand with new wristband models later in the year.
Apple: Apple’s smartwatch shipments declined due to macroeconomic factors and intense market competition. However, Apple remains the top player in the global smartwatch market. Anticipation for upcoming fall product releases could potentially improve its current market performance.
Samsung: Samsung’s growth was driven by the new Galaxy Fit 3 wristband, which complemented its product range and boosted shipments, especially in developing regions. The company expects future growth from new product launches as its sixth-generation smartwatches approach their end of life.
BBK: BBK, known for its kids’ watches, saw significant growth due to the recovery of China’s kids’ watch market. Increased social activities and stabilization in the target age group contributed to this surge, with BBK capitalizing on its channel strategies and pricing differentiation.
Market Trends and Factors (Q2 2024)
The rapid expansion of the Chinese wrist-worn market is attributed to several factors:
- Product Price Differentiation: Manufacturers have focused on offering products priced around or below 1,000 yuan, providing more choices in price, appearance, brand, and network standards.
- Promotional Activities: Leading manufacturers have implemented early and diverse promotional activities, positively impacting shipments.
- Long-Tail Device Consumption: Increasing consumer interest in various smart devices and health awareness has broadened the user base for wrist-worn devices.
The market has been characterized by limited technological innovation recently, leading manufacturers to focus more on mid-range and entry-level products.
This shift has balanced the global competitive landscape and could pave the way for future innovations, as noted by Sophie Pan, Research Director at IDC China.