The global wearables market recorded strong growth with total shipments of 52.9 million units in the third quarter of 2024, a 3 percent year-on-year increase compared to the same period last year. Apple and Xiaomi topped the global wearables market rankings released by Canalys on Wednesday.
The expansion was mainly supported by strong growth for the Mi Band 9 and Redmi Watch 5 series. Xiaomi then expanded the lineup by offering various options such as Pro, NFC and Active versions for the Mi Band 9, while Lite and Active versions for the Redmi Watch 5 series.
The overall analysis shows that 8.5 million came from Apple's product range. While this figure puts Apple at the top of the list of best-selling wearables with a market share of 16.1 percent, the manufacturer only recorded an annual growth of -3.6 percent. Meanwhile, Xiaomi with the same shipment volume and market share is seen recording a better annual growth of 37.3 percent.
Also interesting is that Huawei recorded a massive annual growth increase of 38.5% through shipment volume of 7.1 percent and market share of 13.5%. Completing the ranking are Samsung and Noise with market shares of 9.1% and 4.7% respectively which is believed to be driven by the continued growth of the basic wearable segment especially among new users looking for affordable watches.