Wristwatches Market Shipments to Grow 5% in 2024

According to the latest analysis from Canalys, the global wearable wristband market shipments are expected to grow by 5% in 2024 to 194 million units. Despite a slight decline of 0.2% in the first quarter of 2024, the market is expected to rebound sharply later this year, driven by a recovery in smartwatches with a 4% growth and the basic watch segment continuing to grow by 10%. However, basic wristbands will continue to shrink by 6% in 2024.

"Basic watches continue to grow in popularity worldwide, reaching an all-time high of 48% in the wearable wristband market in the first quarter, and full-year shipment share is expected to reach 46%," said Canalys Research Analysis.

Xiaomi and Huawei have released increasingly powerful basic watches to drive shipments to price-sensitive consumers, resulting in shipment growth, achieving 37% and 46% growth in the first quarter of 2024, respectively. With the advancement of user experience, tracking and smart features of basic watches, more and more consumers are choosing these affordable models to meet most of their needs. The longer battery life of basic watches is a big attraction for many users. However, in the long term, this growth in basic watches is expected to be overshadowed by the expansion of smartwatches, which will meet more complex use cases as battery life and cost competitiveness improve in the smartwatch sector.

Smartwatch shipments fell 9% in the first quarter of 2024, but are expected to rebound for the full year, growing 4%, driven by the expected release of upgraded devices in the second half of the year. "This growth trend reflects consumers' evolving expectations beyond basic data tracking and growing demand for detailed, personalized healthcare solutions. Companies such as Huawei, Zepp Health and Samsung are turning to software services that integrate advanced sensors, algorithms and artificial intelligence to provide comprehensive health insights. These innovations are designed to enhance the user experience and consolidate the position of wearable devices as essential tools for future health management, making a significant contribution to the expected growth in smartwatch shipments throughout the year.