China is leading the global wrist-worn device market with a 10.9% year-over-year growth in the second quarter of 2024, shipping 15.5 million units. This growth has outpaced the overall market, which saw a slight decline of 0.7%. The global wrist-worn device market includes smartwatches and wristbands. Smartwatch shipments totaled 34.7 million units globally, with a 3.2% decrease year-over-year. In comparison, China shipped 11.1 million smartwatches, showing an 18.7% increase. Wristband shipments globally reached 9.0 million units, marking a 10.6% increase, while China shipped 4.4 million units, a 4.8% decrease.
Huawei has seen significant growth in the first half of 2024, leading the global wrist-worn market for two consecutive quarters. The company’s new wristbands and smartwatches resulted in a 55.1% year-over-year increase in shipments. Xiaomi, despite not launching new wristband products in the first half of 2024, achieved substantial growth and ranked second in global shipments. Apple, on the other hand, faced challenges in the smartwatch market due to global economic conditions and price competition but remains the leader in the global smartwatch market. Samsung’s growth in the wrist-worn market was driven by the launch of the Galaxy Fit 3 wristband. BBK, a kid’s watch manufacturer, experienced significant growth in shipments, mainly due to the recovery of China’s kid’s watch market.
The growth of the Chinese wrist-worn market can be attributed to factors such as product price differentiation, promotional season activities, and long-tail device consumption. Manufacturers have focused on offering products at various price points to cater to consumer preferences. Promotional activities have also played a role in boosting shipments. Consumers’ interest in health issues and the exploration of smart devices have expanded the user base for wrist-worn devices.
Sophie Pan, Research Director at IDC China, highlighted that the wrist-worn market is currently in a phase of technological accumulation, leading to more products being introduced in the mid-range to entry-level segments. This has provided consumers with a wider range of choices and has narrowed the gap between manufacturers globally. Pan also noted that this trend could pave the way for innovative breakthroughs in the future.
Overall, the Chinese wrist-worn market’s rapid development and growth are indicative of the changing dynamics in the global wearable device industry. Manufacturers are adapting to consumer demands and technological advancements to stay competitive in the market. For more information on the Worldwide Quarterly Wearable Device Tracker, interested individuals can visit the IDC website.
