CHART: Global Wearable Tech Market Sees Modest Growth in Q2 2024

The global wearable band market saw a slight boost in Q2 2024, growing by 0.2% to 44.3 million devices, according to Canalys' latest findings.

While this growth may seem modest, it reveals a shift in power among key players as brands like Huawei and Xiaomi surge, offsetting Apple’s decline in the competitive smartwatch space.

Basic watches, known for their affordability and ease of use, are driving the market forward. Shipments in this category increased by 6%, giving basic watches their highest market share yet at 48%. Huawei and Xiaomi have been instrumental in this growth, accounting for 15% and 13% of global shipments, respectively.

Their success stems from strategic pricing and incorporating premium fitness features into budget-friendly models—particularly in Greater China, where these brands have dominated.

Meanwhile, the smartwatch segment remained flat, showing only a marginal 0.1% growth year-on-year. While Apple experienced a 5% decline, the momentum from Samsung, Huawei, Garmin, and Google kept the market stable. Garmin, in particular, stood out with a 16% increase in shipments, fueled by strong consumer demand for its health-focused devices and a ramped-up advertising push.