Despite challenges, consumer demand for wrist-worn devices — encompassing smartwatches and wristbands — continues to grow, driven by several key factors.
IDC said 139.0 million wrist-worn devices were shipped globally in the first three quarters of 2024, reflecting a 1 percent year-over-year decline due to market saturation and competition, particularly in India and the U.S.
China, the largest wrist-worn device market, experienced growth of 20.1 percent to 45.8 million units in Q1-Q3 2024.
Smartwatches accounted for 112.2 million global shipments, down 3.8 percent, while China saw a 23.3 percent growth, shipping 32.9 million units. The wristband segment grew globally by 12.7 percent, with 26.8 million units shipped, including 12.9 million from China, marking a 12.6 percent increase.
Huawei (16.9 percent share), Apple (16.2 percent), Xiaomi (14.7 percent), Samsung (8.3 percent), BBK (5.6 percent) and Others (38.2 percent) are the leaders in the wrist-worn devices during Q1-Q3 2024, IDC said.
Insights from the Worldwide Wearables Quarterly Tracker by IDC highlight the dynamics shaping this market.
# Growing Interest in Health and Fitness
The increasing consumer focus on health and fitness is a primary driver for wrist-worn device adoption. Advanced health monitoring capabilities, including heart rate tracking, blood oxygen monitoring, sleep analysis, and step counting, make these devices indispensable for health-conscious individuals.
Future developments in AI-powered sensors will enhance accuracy and expand monitoring capabilities to areas like blood pressure and stress management, further fueling demand.
# Improved Quality of Life and Lifestyle Needs
As consumers prioritize better living experiences, devices that provide convenience and actionable insights into their daily routines become more attractive. Smartwatches, for example, integrate with smartphones, streamlining communication, productivity, and entertainment, while wristbands offer a simpler, fitness-focused alternative.
# Personalization and Design Appeal
Modern wrist-worn devices are increasingly seen as fashion statements and personal accessories. Customization options, such as interchangeable straps and watch faces, coupled with sleek and innovative designs, broaden the appeal to diverse demographic groups, including professionals, athletes, and fashion-conscious consumers.
# Technological Advancements and AI Integration
The integration of AI and multimodal interaction capabilities is a game-changer. Wrist-worn devices are evolving to include voice assistants, gesture control, and seamless connectivity with other smart devices, enhancing their utility and making them more integral to users’ daily lives.
# Channel Diversification and Accessibility
The rise of diversified online sales channels has made wrist-worn devices more accessible, especially in regions like China, which showed strong year-over-year growth. While offline sales in central stores still play a critical role, the increasing importance of e-commerce platforms offers greater convenience and competitive pricing.
# Targeted Market Segmentation
Manufacturers are broadening their product portfolios to cater to different market segments. The focus on mid-to-high price ranges, coupled with segmentation targeting specific user needs — such as advanced fitness tracking for athletes or minimalist designs for casual users — is driving broader adoption.
# China’s Market Leadership
China’s leadership in the wrist-worn market, demonstrated by a 20.1 percent growth in shipments for 2024, underscores the role of regional markets in shaping global trends. Strong consumer demand and innovative product offerings from leading manufacturers in China are setting benchmarks for other markets.
While global wrist-worn device shipments face challenges like market saturation in developed regions, consumer demand remains strong, fueled by advancements in health monitoring, AI integration, design innovation, and targeted market strategies. The expected 3.2 percent growth in China’s shipments for 2025 exemplifies the market’s resilience and potential for future expansion.
Baburajan Kizhakedath
