Canalys’ latest research reveals that the global wearable band market grew 3% year on year in the third quarter (Q3) of 2024 to 52.9 million units with China-based Xiaomi tying with Apple for the top spot.
Shipments of all three device categories – basic bands, basic watches and smartwatches – grew annually, according to Canalys. The basic band segment returned to growth for the first time since Q3 2020, growing 7% compared to Q3 2023 with 10.4 million units shipped, driven by recent product launches from Xiaomi with the Mi Band 9 and Samsung with the Galaxy Fit3.
The basic watch segment has started to plateau amid slowing demand in India, growing 3% year on year to 23.9 million units. Smartwatch shipments grew by a marginal 0.1% to 18.5 million, as Huawei’s and Samsung’s growth offset Apple’s decline.
That said, Apple and Xiaomi sold 8.5 million wearable bands in Q3 of 2024, giving them each 16.1% market share. Apple sold 8.9 million wearable bands in Q3 of 2023 for 17.2% market share. However, Apple continues to dominate when it comes to shipment value with 40% of the market value.
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