The global wearable band market is projected to grow by 5% in 2024, reaching 194 million units. Despite a 0.2% decline in Q1 2024, the market will rebound with smartwatch growth at 4% and basic watches up 10%. Basic bands will continue to decline by 6%. Basic watches are gaining popularity, expected to reach a 46% market share for the year, driven by brands like Xiaomi and Huawei, which saw significant shipment growth in Q1 2024.
Smartwatch shipments declined by 9% in Q1 2024 but are forecasted to grow by 4% for the year, thanks to new releases and advancements in health tracking technology. Vendors are encouraged to offer trade-in deals and expand their portfolios with ultra-premium smartwatches and smart rings to boost consumer loyalty and market differentiation.
Read more – https://www.canalys.com/newsroom/worldwide-wearable-band-market-q1-2024
