Huawei & Xiaomi Spearhead Growth in Global Wrist-Worn Device Shipments

According to the latest data from the International Data Corporation (IDC) Worldwide Quarterly Wearable Device Tracker, the wrist-worn device market has seen tremendous dynamics in the second quarter of 2024. China emerged as a significant growth leader outpacing global wrist-worn device shipments. Despite a slight global downturn, China showed a robust year-over-year (YoY) increase of 10.9%, shipping 15.5 million units out of the global total of 43.7 million.

The global wrist-worn device market includes smartwatches and wristbands. It experienced a marginal decline of 0.7% YoY. The smartwatch segment particularly saw a decrease of 3.2% worldwide, while wristbands increased by 10.6%. On the other hand, China’s market thrived, with smartwatch shipments growing by a significant 18.7% YoY.

China Outpaces Global Wrist-Worn Device Shipments in Q2 2024: IDC Report Insights

Huawei has remarkably led the charge, achieving a 55.1% increase in shipments in the first half of 2024, due to the launch of new wristbands and smartwatches like the Fit 3. This growth solidified Huawei’s dominance in the Chinese market and bolstered its presence in regions such as the Middle East, Africa, Latin America, and Central and Eastern Europe.

Xiaomi also impressed with significant growth despite not introducing new wristband products in the first half of the year. Its potency has been particularly apparent in the entry-level and mid-range segments, thanks to the Redmi series and innovations in the Watch 2 series.

Apple’s shipments faced several challenges due to macroeconomic conditions and fierce competition. Still, it maintains a good position in the global smartwatch market. The anticipation around Apple’s fall new product launch indicates a potential rebound that could revitalize its market standing. BBK also witnessed significant growth in shipments mainly due to the recovery of China’s kid’s watch market. It 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. Moreover, the company expanded its sales advantages in the Chinese market through channel efforts and differentiated pricing strategies, thus achieving considerable growth.

The IDC report underscores several key trends shaping the wrist-worn device market. These include product price differentiation, earlier promotional activities, and diversified device consumption due to heightened public interest in health. These factors contribute to a broader user base and more dynamic market competition. China’s important role and the strategic adaptations by leading brands like Huawei, Xiaomi, Apple, and BBK highlight a vibrant competitive landscape. This sector will undergo further innovations and growth, making it a key area to watch in the coming years.