Canalys: smart watch/band market up 3% in Q3’24, affordable smart bands help drive the growth | Infinium-tech
Smart wearables for wrist – smart bands, basic smartwatches and advanced smartwatches – grew marginally by 3% in Q3 2024 compared to the same period in 2023. That’s a total of 52.9 million units shipped, but within that total is a complex mix.
Smart bands had the biggest momentum, rising 7% to a total of 10.4 million units. The category has been in decline since Q3 2020 and this is its first quarter of growth.
on analysts canals This is thanks to strong demand from emerging markets, where the better hardware of cheaper smart bands has attracted first-time buyers. Xiaomi Smart Band 9 and Samsung Galaxy Fit3 were called out as popular models in Latin America and EMEA.
Xiaomi in particular is growing and giving a tough competition to market leader Apple with 8.5 million unit shipments (16.1% market share). Apart from the bands, Xiaomi’s Redmi Watch 5 series has also proved popular. The Xiaomi Watch S line has also grown in popularity with shipments increasing by 70% year-on-year.
| Global wearable band shipments and growth Q3 2024 | |||||
|---|---|---|---|---|---|
| Seller | Q3 2024 Shipments (million) | Q3 2024 market share | Q3 2023 Shipments (million) | Q3 2023 market share | annual growth |
| Apple | 8.5 | 16.10% | 8.9 | 17.20% | -3.60% |
| Xiaomi | 8.5 | 16.10% | 6.2 | 12.10% | 37.30% |
| huawei | 7.1 | 13.50% | 5.1 | 10.10% | 38.50% |
| SAMSUNG | 4.8 | 9.10% | 3.9 | 7.60% | 24.30% |
| Noise | 2.5 | 4.70% | 3.5 | 6.90% | -29.60% |
| Other | 21.4 | 40.40% | 23.7 | 46.20% | -10.00% |
| Total | 52.9 | 100.00% | 51.4 | 100.00% | 2.90% |
| Note: Percentages may not add up to 100% due to rounding Source: Canalys Wearable Band Analysis (Sell-In Shipment), November 2024 | |||||
While they ship similar numbers of units, Apple and Xiaomi see different returns – Apple made 40% of total shipment value ($10.9 billion, up 5.6% from a year earlier), while Xiaomi made one-tenth of that, 4 % saw. , This is partly because Xiaomi’s product mix has shifted towards more affordable devices, leading to a 9% decline in average selling price (ASP) – Xiaomi’s ASP to its lowest level since Q1 2021 But it is.
Meanwhile, mature markets like North America are posing a challenge – even as Apple is seeing less demand for its older models while Fitbit’s market share continues to decline. Owners of more advanced smartwatches are seeing less reason to upgrade as manufacturers aren’t offering enough attractive features with new releases.
Canalys research analyst Jack Leathem says: “Smartwatches, accounting for only 35% of shipments but 74% of market value in Q3 2024, remain critical to vendors’ premiumization ambitions and end-user ecosystem stickiness. To remain competitive, vendors must continue to invest in software and hardware that help keep them at the forefront of the industry, for example through machine learning-powered insights, dual-processor architectures, and advanced sleep tracking.
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