Global wearable wristband device market grows by 7%

Recently, according to the latest report released by market research firm Canalys, the global wearable wristband device market will reach 185 million units shipped in 2023, an increase of 1.4% compared to last year. According to Canalys' forecast, the global wearable wristband device market is expected to continue its growth trend in 2024, with a year-on-year growth rate expected to reach 7%. By 2025, the shipment volume of the global wearable wristband device market is expected to reach 217 million units, with the growth rate of smartwatches surpassing other wearable wristband products.

Several industry insiders have told reporters from China Business News that wearable wristband devices mainly refer to smart watches and smart bracelets. With the improvement of consumers' aesthetic concepts, smart watches are increasingly focusing on fashion sense in their design. Many brands have launched various styles and colors of smartwatches to meet the needs of different consumers. Moreover, compared to other smart devices, smartwatches are more affordable, making them more affordable for more consumers. This is also an important reason for the rapid expansion of the smartwatch market.

Market size reaches billions

A smartwatch is an innovative product that falls between traditional watches and smartphones. It not only meets the accessory attributes of traditional watches, but also enables some communication functions of smartphones. Its small size, easy to wear, and close fit to human skin make it capable of monitoring human health status, and its application scenarios are irreplaceable. With the introduction of eSIM cards (electronic SIM cards), the independence of smartwatches has been effectively enhanced, freeing them from the inherent impression of being accessories for mobile phones. As operators and terminal manufacturers continue to promote the development of eSIM, the size of the smartwatch market continues to expand, and global sales are also increasing year by year.

After a detailed analysis of the shipment data of smart wristband devices from major manufacturers in 2023, Canalys report shows that Apple's shipment volume has decreased by 14% compared to last year, but its dominant position in the market remains stable, occupying 19% of the market share. Following closely behind is Xiaomi, which achieved a 21% year-on-year increase in shipments and held an 11% market share. Huawei ranks third with a market share of 9%, and its shipment volume increased by 13% year-on-year. In addition, Indian smart wearable brand manufacturer Fire Boltt and another emerging brand manufacturer Noise also performed well, achieving year-on-year growth in shipments of 79% and 40% respectively, occupying 7% and 6% of the market share, ranking fourth and fifth respectively.

Canalys stated that among the top five manufacturers, China's Xiaomi and Huawei have significant influence in the basic watch market. Huawei has improved its design and material quality, enhancing the attractiveness of basic watches and strengthening its high-end product image. Xiaomi has consolidated its market position by innovating and expanding its product portfolio, offering a variety of price range options, integrating GPS technology into low-priced products, and providing ecosystem connectivity for entry-level devices.