IDC Report: Global Wrist-Worn Device Market Ships 44 Million Units in 2Q 2024; China Drives 10.9% YoY Growth, Huawei Dominates

IDC Report Global Wrist-Worn Device Market Ships 44 Million Units in 2Q 2024; China Drives 10.9% YoY Growth, Huawei Dominates - Before You Take
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The latest International Data Corporation (IDC) Worldwide Quarterly Wearable Device Tracker has revealed that the global wrist-worn device market shipped 43.7 million units in the second quarter of 2024 (2Q24). This represents a modest year-over-year (YoY) decline of 0.7%. Notably, China has significantly outperformed the global average, with its wrist-worn device shipments reaching 15.5 million units, marking a remarkable 10.9% YoY increase.

 

 

@IDC

 

 

Key Points

 

Global Market Performance: The global wrist-worn device market experienced a slight decline of 0.7% YoY.

 

China’s Dominance: China’s market saw a substantial 10.9% YoY growth, significantly outpacing the global average.

 

Segment Breakdown: The global smartwatch segment faced a decline, while the wristband market saw growth.

 

 

Insights

 

China’s Market Growth China has emerged as a standout performer in the wrist-worn device market, driven by strong demand and strategic advancements. Several key factors underpin the country’s impressive growth:

 

Product Innovation: Chinese manufacturers have introduced new models and features that appeal to both budget-conscious and high-end consumers.

 

 

@IDC

 

 

Market Leadership: Companies like Huawei and Xiaomi have significantly contributed to this growth. Huawei’s introduction of new wristbands and smartwatches, alongside Xiaomi’s breakthroughs in the entry-level and mid-range segments, has bolstered China’s market position.

 

 

Top Players in the Market

 

Huawei: Achieved a 55.1% YoY shipment increase in the first half of 2024, maintaining its leadership in the global wrist-worn market. The company’s growth is attributed to successful new product launches and expansion into emerging regions.

 

Xiaomi: Despite a lack of new wristband products, Xiaomi has grown significantly due to strong smartphone performance and advancements in its smartwatch lineup.

 

Apple: Remains the leader in the global smartwatch market despite experiencing a decline due to macroeconomic factors and price competition. Upcoming product launches are anticipated to rejuvenate its market performance.

 

Samsung: Gained traction with the Galaxy Fit 3, complementing its wrist-worn product line and expanding its market presence, especially in developing regions.

 

BBK: Significant growth was seen in China’s kid’s watch market, driven by the recovery of social activities and improved market conditions.

 

 

Market Trends

 

Smartwatch Segment: Global shipments for smartwatches totaled 34.7 million units in 2Q24, a 3.2% YoY decrease. In contrast, China shipped 11.1 million smartwatches, an 18.7% YoY increase.

 

Wristband Segment: Global wristband shipments reached 9.0 million units, a 10.6% YoY increase. Chinese wristband shipments were 4.4 million units, reflecting a 4.8% YoY decrease.

 

 

Market Dynamics

 

Product Price Differentiation: Manufacturers are focusing on mid-range and entry-level products, offering a broader range of options at various price points.

 

Promotional Activities: Increased promotional efforts have positively impacted shipments, with flagship products being promoted more aggressively.

 

Long-Tail Device Consumption: A growing interest in health and fitness has diversified the market and expanded the user base for wrist-worn devices.

 

 

Conclusion

The wrist-worn device market continues to evolve, with China leading the way in growth and innovation. The global market’s slight decline contrasts sharply with China’s robust performance, highlighting the regional disparities and varied consumer demands. As the market matures, the focus on mid-range and entry-level products, combined with strategic promotional activities, is shaping the future of wrist-worn devices. The next phase of innovation and product development will likely further alter the market landscape, offering new opportunities for manufacturers and consumers alike.

 

 

Via @ www.idc.com

 

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