The global wearable tech market, comprising of smartwatches and wristbands, experienced a slight decline in the second quarter of 2024. However, certain key players demonstrated significant growth and innovation during this period.
Key Findings:
- Huawei’s Growth: Huawei emerged as the global leader in wrist-worn devices, achieving a 55.1% increase in shipments. Their new Fit 3 and smartwatch lineup contributed significantly to this success.
- Xiaomi’s Resilience: Despite a lack of new wristband products, Xiaomi maintained a strong position in the market,driven by smartphone sales and innovative smartwatch designs.
- Apple’s Challenges: Apple’s smartwatch shipments declined due to macroeconomic factors and price competition.However, they still hold the top spot in the global smartwatch market.
- Samsung’s Expansion: Samsung’s wrist-worn market growth was primarily fueled by the Galaxy Fit 3, which filled a gap in the mid-to-high price segment.
- BBK’s Kid’s Watch Success: BBK’s growth was driven by the recovery of China’s kid’s watch market and their strategic channel and pricing efforts.
The global wrist-worn device market is evolving rapidly, with companies like HUAWEI, Xiaomi, and Apple vying for leadership.
