The global wearable band market grew by 4 percent in 2024, reaching 193 million units, the latest Canalys report said.
China led growth, accounting for 30 percent of global shipments in the wearable band market with a 20 percent annual increase and a 50 percent surge in Q4, supported by government subsidies and ecosystem integration.
India, the second-largest wearable band market, declined by 22 percent due to struggles in enhancing basic watch functionality. India accounted for 18 percent of the global wearable band market.
The US saw a downturn of 8 percent in the wearable band market. The United States accounted for 15 percent of the global wearable band market.
“India, the world’s second-largest wearable band market, saw shipments fall by 22 percent in 2024, as local vendors struggled to enhance functionality and performance in the basic watch segment, which accounted for 96 percent of India’s shipments,” said Canalys Research Analyst Jack Leathem.
Emerging markets contributed significantly, with the Middle East growing by 55 percent, Southeast Asia by 45 percent, Latin America by 21 percent, and Central and Eastern Europe by 20 percent.
The basic watch segment grew by 8 percent, with Huawei and Xiaomi holding a combined 41 percent market share and shifting toward advanced business, sports, and medical-oriented devices.
The basic band market rebounded with Q3 shipments rising 7 percent and Q4 surging 49 percent, driven by Xiaomi (46 percent), Samsung (18 percent), and Huawei (17 percent), reflecting demand for lightweight, non-intrusive health-tracking wearables.
Samsung re-entered the basic band segment with the Galaxy Fit 3, intensifying competition and prompting Xiaomi to enhance its pricing and distribution strategies, particularly in Latin America, the Middle East, and Southeast Asia.
The wearable market’s 2024 expansion underscores demand in emerging markets, while mature markets face challenges from longer upgrade cycles and stagnating innovation. Vendors’ success in 2025 will depend on balancing affordability with innovation, expanding market reach, and capitalizing on emerging trends like smart rings and advanced health-tracking features.
Apple’s wearable band market shipments decreased from 35.5 million to 34.5 million (-2.8 percent). Apple’s wearable band market share declined from 19.2 percent to 17.9 percent.
Xiaomi’s wearable band shipments increased from 20.6 million to 29.3 million (+42.2 percent). Xiaomi’s wearable band market share grew from 11.1 percent to 15.2 percent.
Huawei’s wearable band shipments increased from 17.2 million to 26.5 million (+54.1 percent). Huawei’s wearable band market share grew from 9.3 percent to 13.7 percent.
Samsung’s wearable band shipments increased from 11.8 million to 15.6 million (+32.2 percent). Samsung’s wearable band market share grew from 6.3 percent to 8.1 percent.
Noise’s wearable band shipments decreased from 11.8 million to 8.8 million (-25.4 percent). Noise’s wearable band market share declined from 6.4 percent to 4.5 percent.
Others’ wearable band shipments decreased from 88.8 million to 78.4 million (-11.7 percent). Others’ wearable band market share declined from 47.8 percent to 40.6 percent.
Baburajan Kizhakedath
