In Q2 2024, global wearable band shipments slightly increased by 0.2%, reaching 44.3 million units, according to market research firm Canalys. The market was primarily driven by basic watches, which saw a 6% YoY growth, with Huawei and Xiaomi leading the segment. Basic watches now represent 48% of the market, their highest share to date. Smartwatch shipments remained stable compared to Q2 2023, with growth from Samsung, Garmin, Huawei, and Google countering Apple’s decline.
Huawei and Xiaomi achieved significant growth in Greater China due to effective pricing and premium fitness tracking features in their basic watches. Vendors are now focusing on expanding their portfolios, including eSIM-enabled watches and advanced sports models, to capture new opportunities.
Smartwatch shipments grew slightly after six quarters of decline, driven by Garmin’s 16% increase in shipments. Canalys predicts double-digit growth in smartwatch shipments for the second half of 2024, with new offerings from major players like Apple, Samsung, and Google expected to drive competition. However, the convergence of features between basic and smartwatches may lead to market cannibalization unless new differentiators are introduced, such as gesture controls or GenAI integration.
| Vendor | Q2’24 shipments | Q2’24 share | Q2’23 shipments | Q2’23 share | Annual growth |
| Apple | 7.7 | 17.40% | 8.1 | 18.30% | -5% |
| Huawei | 6 | 13.50% | 4.3 | 9.70% | 0.4 |
| Xiaomi | 5.9 | 13.30% | 4.8 | 10.80% | 0.23 |
| Samsung | 2.8 | 6.40% | 2.3 | 5.20% | 0.23 |
| Noise | 2.4 | 5.40% | 3.5 | 8.00% | -32% |
| Others | 19.5 | 44.10% | 21.2 | 48.10% | -8% |
| Total | 44.3 | 100.00% | 44.2 | 100.00% | 0.002 |
