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

According to recent news, the latest research released by Canalys shows that global shipments of wearable bracelets in the third quarter of 2024 will increase by 3% year-on-year to 52.9 million units.

It is reported that the devices counted this time include three categories: bracelets, basic watches and smart watches. The shipments of the above three categories of products have resumed their growth momentum. Among them, bracelets increased by 7% compared with the third quarter of 2023, with shipments of 10.4 million units.

This was helped by Xiaomi’s recently launched Mi Band 9 and Samsung’s Galaxy Fit 3 products. Amid slowing demand in India, the basic watch segment has begun to stabilize, growing 3% year-on-year to 23.9 million units. Smartwatch shipments rose slightly by 0.1% to 18.5 million units as growth at Huawei and Samsung offset Apple’s decline.

Specifically in terms of the performance of each brand, Apple and Xiaomi shipped 8.5 million units in the third quarter of 2024, with a market share of 16.1% each, and the two major brands tied for first place.

Next are Huawei, Samsung, and Indian brand Noise, with shipments of 7.1 million units, 4.8 million units, and 2.5 million units, respectively, and market shares of 13.5%, 9.1%, and 4.7%, respectively.

Canalys research manager Cynthia Chen said: "There are regional differences in the wearable wristband category, with emerging markets showing strong growth potential while the North American market is struggling. Emerging markets give manufacturers the opportunity to expand their scale with cost-effective devices, with the Xiaomi Mi Band series and Samsung's Galaxy Fit 3 successfully driving growth in Latin America and the European, Middle Eastern and African markets."

In contrast, the North American market faced a decline in demand due to a drop in demand for Apple's traditional models and Fitbit's shrinking market share. In addition, mature markets lacked the functional highlights needed to drive upgrades, resulting in continued weak market performance.

Notably, AMOLED and advanced tracking features have revitalized the market for basic watches, and entry-level products have continued to expand, especially among consumers in emerging markets who want high-end features at lower prices.

The decentralization and popularization of high-end technology has increased consumers' expectations for wearable devices, but it has also led to increasingly fierce competition, resulting in a decline in profit margins and increased pressure on manufacturers to innovate. To remain competitive, manufacturers must continue to invest heavily in software and hardware.

Zikuai Technology