Wrist-Worn Device Shipments Reach 44 Million Units in 2Q24

According to the IDC study, the global wrist-worn device market shipped 43.7 million units in the second quarter of 2024 (2Q24), a year-over-year decrease of 0.7%. China significantly outpaced the global wrist-worn device market with 15.5 million units shipped, an increase of 10.9%.

The global smartwatch market shipped 34.7 million units in 2Q24, a YoY decrease of 3.2%, while China shipped 11.1 million units, an increase of 18.7%. The global wristband market shipped 9.0 million units in 2Q24, an increase of 10.6%, while China shipped 4.4 million units, a decrease of 4.8%. The growth of the Chinese wrist-worn market is not only exceeding the global market, in the first half of 2024 Chinese manufacturers also maintained a rapid growth rate and a strong market position in the global wrist-worn market.

Huawei achieved significant growth in the first half of 2024 with the launch of new wristbands and smartwatches which resulted in a 55.1% increase in shipments, leading the global wrist-worn market for two consecutive quarters now. It has made substantial progress in regions such as the Middle East and Africa, Latin America, and Central and Eastern Europe.

Despite the lack of new wristband products in 1H24, Xiaomi still achieved significant growth and ranked second in terms of global wrist-worn market shipments. This is partly due to the strong performance of its smartphones, and on the other hand, Xiaomi's smartwatches have made breakthroughs in the entry-level and mid-range segments. Xiaomi's wrist-worn product line is expected to continue to grow with the launch of new wristband products in 2H24.

Apple's smartwatches have been affected by the global macroeconomic environment and fierce price competition in the market, leading to a decline in shipments. However, it is worth mentioning that Apple still ranks first in the global smartwatch market, which also represents its iconic market position in product development and sales performance. With the upcoming fall new product launch, Apple's next-generation smartwatches will be highly anticipated and are expected to boost its temporarily declining market performance.

Samsung's growth in the wrist-worn market mainly comes from its new wristband Galaxy Fit 3, which was launched at the beginning of 2024, effectively complementing its wristwear product line in terms of form, appearance, and price distribution. Galaxy Fit 3 is mainly sold in developing regions, filling the gap in the local wristband market's mid-to-high price segment and significantly increasing shipments. While Samsung's 6th generation smartwatches are entering its late stages, the launch of new products is expected to drive future growth.

As a kid's watch manufacturer, BBK's significant growth in shipments mainly comes from the recovery of China's kid's watch market, which saw a significant increase in 1H24, thanks to the resumption of social activities, a temporary stabilization of the age-appropriate population, and the impact of replacement cycles. BBK has further expanded its sales advantages in the Chinese market through channel efforts and differentiated pricing strategies, thus achieving significant growth.

”The wrist-worn market has been in a technological accumulation phase for some time, with relatively limited innovative technologies being put into the market. This has made the driving force of the high-end market slightly weak, prompting manufacturers to lay out more products in the mid-range to entry-level markets, providing consumers with more choices. On the other hand, it has also narrowed the gap between manufacturers on a global scale, promoting changes in the market structure and providing a buffer opportunity for manufacturers to break through with innovation in the next step,” said Sophie Pan, Research Director at IDC China.