Emir BardakçıAccording to the latest “Global Wearable Device Market Quarterly Tracking Report “published by International Data Corporation (IDC) , on December 17, the global wrist-worn device market shipped 140 million units in the first three quarters of 2024. While the segment witnessed a slight 1.0% year-on-year decline, Xiaomi stood out remarkably well and contributed much to segment growth, especially in China.
China leads in global growth. China was locked in as the largest wrist-worn device market as it shipped 45.76 million units within the first three quarters of 2024, up 20.1% year on year, and to drive the expansion in the global market. Xiaomi had important roles to play in that growth, drawing strength from its leading positions in both smartbands and smartwatches.
Xiaomi’s Key Achievements in the Wrist-Worn Device Market
- Success of Mi Band 9 The Mi Band 9, launched by Xiaomi in Q3 2024, saw a very good reception in the market. An attractively priced device, slim in design, with improved health-tracking features, consolidated its appeal in highly cost-sensitive markets like China and India. The Mi Band series is among the most popular wearables around the world, keeping Xiaomi’s edge razor-sharp in the wristband segment.
- Expansion of Mi Watch S Series That didn’t stop Xiaomi from continuing to upgrade its smartwatches, sporting the series Mi Watch S Series in positioning their models within the mid-to-high-end market. By improving features such as longer battery life, advanced health-tracking capabilities, and the enhanced integration of AI, it allowed Xiaomi to turn into a serious competitor for the brands Huawei and Apple in the smartwatch sector.
- Brand Synergy Across Ecosystem: Success in the wearable market is highly interlinked with the growth of Xiaomi’s smartphone and automobile businesses. The integrated ecosystem strategy adopted by the company strengthened its brand recognition, thus instilling consumer confidence in the adoption of wearables from Xiaomi.
Xiaomi’s Contribution to Global Market Trends
- Smartwatches: Global smartwatch shipments in the first three quarters of 2024 reached 110 million units, down 3.8% compared to the same period last year. However, thanks to the upgrade of Xiaomi’s Mi Watch S Series, the brand won more market share and was especially popular in China to maintain growth.
- Wristbands: Shipments of the former increased by a healthy 12.7% year-on-year and posted 26.82 mln. units this quarter. Strong demand for wristbands was attributed to major brands, particularly the debut of Xiaomi’s Mi Band 9. China’s wristband market accounted for 12.6% quarterly growth in the segment and continued strong there.
Competitive Landscape: Xiaomi in Top Three
IDC ranked Huawei, Apple, and Xiaomi as the top three global players in the wrist-worn device market for Q1-Q3 2024.
- Huawei took the leading position and led a solid growth in comparison with a year earlier by 44.3%, basing itself on the policy of localization and expansion to the international markets.
- Apple: Apple Watch dominated the global smartwatch segment, but the brand has come under increasing pressure from competitors such as Xiaomi.
- Xiaomi: Xiaomi’s mix of affordable smartbands and feature-rich smartwatches helped the brand to reinforce its position globally as well as in China.
Success has been back to back for Xiaomi within the wrist-worn device category, given its large ecosystem, enabling companies to innovate on their respective products while keeping prices very economical, such as with its Mi Band 9 and Mi Watch S Series. So, with growth driven out of China, Xiaomi stays again in the front among these key companies shaping wearables for the future based on strategic upgrades of product portfolios and market development efforts.
