According to Canalys, the global wearable device market achieved steady growth in 2024, with shipments reaching 193 million units, a year-on-year increase of 4%. This is the second consecutive year of expansion after the market adjustment in 2022, showing new momentum in the industry. The growth was mainly due to strong demand in China and emerging markets, offsetting the decline in mature regions such as the United States and India. Basic watches and basic bracelets played a key role in driving entry-level adoption, while competition among major manufacturers such as Apple, Xiaomi and Huawei intensified. China leads global growth, surpassing India and the US China remains the world’s largest wearables market, accounting for 30% of global shipments in 2024. China achieved 20% year-over-year growth, with 50% growth in the fourth quarter alone, as vendors took advantage of government subsidies, product enhancements, and strategic ecosystem integration. Emerging markets drive shipments, as manufacturers target new consumers The Middle East led global expansion, growing 55% year-over-year, followed by Southeast Asia (45%), Latin America (21%) and Central and Eastern Europe (20%). Much of the growth came from affordable, basic devices, with brands focusing on price accessibility and retail expansion to attract first-time buyers. Basic watches continue to grow, while basic bracelets rebound Basic watches remain the key driver of market growth, growing 8% in 2024, following strong growth of 25% in 2023. Huawei and Xiaomi together account for 41% of the market, and both companies are actively diversifying their product portfolios. The evolution of basic watches is no longer limited to incremental upgrades of entry-level bracelets, but is moving towards more business-oriented, advanced sports and medical devices, such as Xiaomi's Watch S series and Huawei's Watch D series. Meanwhile, the basic wristband market rebounded after years of decline. Shipments resumed growth in Q3 (+7%), followed by a sharp acceleration in Q4 (+49%), driven primarily by Xiaomi (46%), Samsung (18%) and Huawei (17%). This recovery highlights the continued consumer demand for simple, lightweight and unobtrusive wearable devices, especially for health and fitness tracking. The growing popularity of smart rings suggests that consumer preference for minimalistic wearable solutions is increasing. Samsung's re-entry into the basic fitness band market with the Galaxy Fit 3 fills a gap in its product line-up and intensifies competition. |
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