Canalys: Global wearable wristband shipments reached 52.9 million units in Q3 2024, a year-on-year increase of 3%

The global wearable band market grew 3% year-on-year to 52.9 million units in the third quarter of 2024, according to the latest research from Canalys. Shipments of all three device categories - basic wristbands, basic watches and smartwatches - are growing year-on-year. The basic band market returned to growth for the first time since the third quarter of 2020, thanks largely to the recent launches of the Xiaomi Mi Band 9 and Samsung Galaxy Fit3, growing 7% compared to the third quarter of 2023 with shipments of 10.4 million units. The basic watch market has begun to level off, growing 3% year-on-year to 23.9 million units, due to slowing demand in India. Smartwatch shipments grew just 0.1% to 18.5 million units, as growth from Huawei and Samsung offset Apple's decline.

Redmi achieved its highest wearable wristband shipments since the fourth quarter of 2020, driven by strong demand for the Mi Band 9 and Redmi Watch 5 series. Xiaomi has expanded these product lineups to appeal to a wider customer base, including offering multiple options such as Pro, NFC and Active versions of the wristbands, as well as Lite and Active versions of the Redmi Watch 5 series in a variety of colors and materials. "These diverse product offerings allow Xiaomi to target multiple price segments, helping it gain greater market share," said Jack Leathem, research analyst at Canalys. "The emphasis on entry-level products led to a 9% year-on-year decline in its average selling price, reaching its lowest level since the first quarter of 2021. At the same time, Xiaomi's efforts to move upmarket have also made progress, with shipments of the Watch S series increasing 70% year-on-year. Balancing its reliance on affordable devices with the desire to build a premium brand remains a major challenge."

“Regional differences shaped the wearables market, with emerging markets showing strong growth potential while North America struggled,” said Cynthia Chen, research manager at Canalys. “Emerging markets offer vendors opportunities to expand through low-cost devices, with Xiaomi’s Band series and Samsung’s Galaxy Fit3 having success in driving growth in Latin America and EMEA. Conversely, North America faced declining demand due to reduced demand for Apple’s legacy models and Fitbit’s shrinking share, as mature markets lacked compelling features to drive upgrades, leading to continued sluggish performance.”