Emir BardakçıThe wearable wristband device market is set for stable growth in 2024 with total worldwide shipment to reach 193 million units, according to the latest Canalys report. This is a 4% rise from last year, making it the second consecutive year of growth since the market correction in 2022. Increasing demand in China and emerging markets has balanced out declining sales in developed markets in the likes of the United States and India.
This has led to big brands like Apple, Xiaomi, and Huawei experiencing tough competition, encouraging further innovation and market penetration.
Robust Growth in China and Emerging Markets
China is still the largest wearable wristband device market with a 30% share in total global shipment, with a stunning 20% annual growth. This has been driven by government subsidies, technological innovation, and greater integration with wider ecosystems. Moreover, in the fourth quarter of 2024, there was an unprecedented 50% increase in demand, cementing China’s leadership in this market.
Conversely, markets in Southeast Asia, Latin America, and parts of Europe have contributed to market expansion. Basic smartwatches and fitness trackers have driven demand, with affordability and simple health-tracking capabilities drawing in a broader audience.
Xiaomi’s Remarkable Performance
Global Wearable Wristband Market Leaderboard (2024
- Apple – 34.5 million units, 17.9% market share (down 3% YoY)
- Xiaomi – 29.3 million units, 15.2% market share (up 42.2% YoY)
- Huawei – 26.5 million units, 13.7% market share (up 54.2% YoY)
- Samsung – 15.6 million units, 8.1% market share (up 34.9% YoY)
- Noise – 8.8 million units, 4.5% market share (down 25.9% YoY)
Xiaomi has moved to the number two position globally, reporting a staggering 42.2% growth in wearable shipment from last year. This is greatly contributed to by the popularity of the Xiaomi Smart Band series, which has been continuously providing cutting-edge features for low costs. Latest Mi Band 9 with a focus on improved health tracking, greater battery life, and smooth integration with HyperOS, Xiaomi has emerged as a serious player in the wearable segment.
The Future of Wearable Wristband Devices
In the future, wearables will continue to move in an upward direction with AI-based health tracking, battery life prolongation, and ecosystem integration being the determinants of next-gen devices. Xiaomi’s stellar performance and investment in wearables indicate a promising future with the brand set to challenge Apple for market dominance in a couple of years to come.
