IDC: Global wrist-worn device shipments down 0.7% YoY in Q2 2024, China sees 10% growth

Global on-wrist devices (smart watches and bracelets) Posts In the second quarter of 2024, the total reached 43.7 million units, a slight decrease of 0.7% compared to the previous year.

According to IDC’s Worldwide Quarterly Wearable Device Tracker Report, China led the market with 15.5 million units shipped, up 10.9% year-on-year.

Globally, smartwatches will fall 3.2% YoY to 34.7 million units in Q2 2024, while wristbands will rise 10.6% YoY to 9.0 million units. In China, smartwatches will rise 18.7% YoY to 11.1 million units, while wristbands will fall 4.8% YoY to 4.4 million units.

Key Players in the Wrist-worn Devices Market (Q2 2024)

HUAWEI: HUAWEI experienced significant growth with a 55.1% YoY increase in shipments in the first half of 2024. The company led the global wristband market for two consecutive quarters, driven by the success of its new Fit 3 band and its continued dominance of China’s wristband market.

Xiaomi: Despite not launching any new bands in the first half of 2024, Xiaomi ranked second globally in wrist-worn device shipments. The growth was supported by strong smartphone performance and developments in its smartwatch lineup, including the Redmi series and S3 watch. Xiaomi’s wrist-worn product lineup is expected to expand with new band models later in the year.

Apple: Apple’s smartwatch shipments declined due to macroeconomic factors and intense market competition. However, Apple remains the largest player in the global smartwatch market. Anticipation of upcoming fall product releases could potentially improve current market performance.

Samsung: Samsung’s growth was driven by its new Galaxy Fit 3 band, which rounded out its product line and increased shipments, particularly in emerging regions. The company expects future growth from new product launches as its sixth-generation smartwatch nears end of life.

BBK: Known for its children’s watches, BBK has seen significant growth as China’s children’s watch market recovers. Increased social activities and stability in the target age group contributed to this growth as BBK leveraged channel strategies and pricing differentiation.

Market Trends and Factors (Q2 2024)

The rapid expansion of the wristwatch market in China is attributed to several factors:

• Product Price Differentiation: Manufacturers have focused on offering products priced around or below 1,000 yuan, providing more choices in terms of price, appearance, brand, and network standards.
• Promotional Activities: Leading manufacturers implemented early and diverse promotional activities that positively impacted shipments.
• Long-Tailed Device Consumption: Increasing consumer interest in various smart devices and health awareness have expanded the user base of wrist-worn devices.

The market has recently been characterized by limited technological innovation, leading manufacturers to focus more on mid-range and entry-level products.

Sophie Pan, IDC China Research Director, said this change could balance the global competitive landscape and pave the way for future innovations.

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