The global wearable band market grew 3% year-on-year in Q3 2024, reaching 52.9 million units, driven by growth across all device categories: basic bands, basic watches and smartwatches. Basic bands rebounded with a 7% growth, thanks to new launches like Xiaomi’s Mi Band 9 and Samsung’s Galaxy Fit3. Basic watches grew 3%, while smartwatch shipments increased marginally by 0.1%, as Huawei and Samsung offset Apple’s decline.
Xiaomi saw strong demand for its Mi Band 9 and Redmi Watch 5 series, offering diverse options across price segments. However, its average selling price dropped 9% year-on-year due to a focus on entry-level products. Premium models like the Watch S series showed promise with 70% growth.
Emerging markets drove growth, while North America struggled with declining demand. Advanced features like AMOLED displays and enhanced tracking boosted the basic band segment, but competition and thin margins challenge vendors. Smartwatches, representing 35% of shipments but 74% of market value, remain key to premiumization strategies, requiring continued innovation in hardware and software.
Read more – https://www.canalys.com/newsroom/global-wearable-band-market-q3-2024
