A total of nearly 44 million wearable devices including wristbands and smartwatches were marketed globally in Q2 according to the latest IDC report. Huawei is the manufacturer with the largest market share this quarter with 20.3% followed by Xiaomi (13.5%), Apple (13.5%), Samsung (6.1%) and BBK (6.6%).
Huawei achieved year-on-year growth of 55.1% to lead the global wearable device market for two consecutive quarters. The Chinese market played a major role in Huawei's success although overall global shipments saw a slight decline of 0.7% compared to the same period last year. The success was also contributed by the popularity of Huawei Watch Fit3 around the world. In addition, it managed to expand its market share in several regions such as the Middle East and Africa, Latin America, and Central and Eastern Europe.
Huawei Watch Fit3
Xiaomi was ranked second with 5.9 million shipments which also saw year-on-year growth of 17.5% which is believed to be driven by the launch of the Redmi series for budget-friendly options. Followed by some high-end models such as Watch S3 and Watch 2 which also show the best performance. Xiaomi's range of wearable devices is expected to continue to grow with the launch of new products in the second half of 2024.
Xiaomi Watch S3
Apple's wearable devices are seen to be affected by the global macroeconomic environment and fierce competition from Huawei and Xiaomi who offer more affordable alternatives. With the launch of new products coming tomorrow, it is expected to be able to improve its market performance which has declined for the time being.
Meanwhile, Samsung is fourth on the list with shipments of 3.3 million units. It also witnessed year-on-year growth of 28.4% driven by the launch of the Galaxy Fit 3 product. It is also interesting that Samsung is actually still able to maintain a strong position in the market which is also expected to increase in the future.
Finally BBK which includes manufacturers such as Oppo and Vivo completes the chart with shipments of 2.9 million and a market share of 6.6%. BBK points to strong demand for children's smartwatches, particularly in China.
IDC also stated that the growth of wearable devices especially in the Chinese market has exceeded the global market due to the rapid growth rate of Chinese manufacturers. In addition to being driven by price differences, the promotional activities of most brands and consumer interest in health issues led to the development of this segment.