China leads as global wearable market recovers, but the U.S. and India struggle
Apple remained the market leader, but Chinese brands Xiaomi and Huawei saw the strongest growth.
It’s wild how wearables have gone from simple step counters to full-on health monitors. Not long ago, they just tracked steps and calories. Now, they measure stress, oxygen levels, and even offer medical-grade heart monitoring. But while the tech keeps evolving, the market itself has been a rollercoaster.
In 2024, the global wearable band market grew 4%, reaching 193 million units, according to Canalys. It’s the second year of steady recovery after the 2022 slowdown, but not everyone is celebrating. China and emerging markets soared, while the US and India struggled.
China dominated shipments, accounting for 30% of the market with a 19% year-over-year growth. The final quarter alone saw a 50% jump, thanks to government incentives, better products, and deeper ecosystem integration. India, on the other hand, saw a 22% decline as local brands failed to improve basic watches, which make up 96% of its wearable market.
The US didn’t fare much better, slipping 8% as longer upgrade cycles and weaker smartwatch demand took a toll. But while mature markets lagged, emerging markets surged. The Middle East led global growth with a 55% increase, followed by Southeast Asia (45%), Latin America (21%), and Central and Eastern Europe (20%). Xiaomi, Huawei, and TRANSSION capitalized, targeting affordable pricing and first-time buyers.
Among brands, Xiaomi and Huawei saw the strongest growth, with shipments up 42.2% and 54.2%, respectively. Xiaomi shipped 29.3 million units, making it the second-largest player, while Huawei followed closely at 26.5 million. Samsung also had a strong year, growing 34.9% to 15.6 million units.
Meanwhile, Apple—still the market leader—saw a 3% decline as higher prices and longer upgrade cycles slowed sales. The hardest hit was Indian brand Noise, which dropped 25.9% to 8.8 million units, while smaller brands collectively fell 11.7%.
Basic watches remained the biggest segment, growing 8%, driven by Huawei and Xiaomi, which together held 41% of the market. But the biggest surprise came from basic bands, once thought to be fading. Shipments grew 7% in Q3, then surged 49% in Q4, proving demand for simple, lightweight, and health-focused wearables isn’t going anywhere.
Looking ahead, 2025 will be about balancing affordability and innovation. Smart rings and advanced health tracking are gaining traction, but with mature markets slowing and China leading the charge, the real question is: who will shape the future of wearables?
