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Canalys: good watch/band market  up 3% in Q3’24, inexpensive good bands assist drive the expansion


Sensible wearables for the wrist – good bands, primary smartwatches and superior smartwatches – grew a modest 3% in Q3 2024 in comparison with the identical interval of 2023. That’s a complete of 52.9 million items shipped, however inside that complete is a fancy combine.

Sensible bands had probably the most upward momentum and grew 7% to a complete of 10.4 million items. The class has been in decline since Q3 2020 and that is the primary quarter of development.

Canalys: smart wearable market  up 3% in Q3'24, affordable smart bands help drive the growth

The analysts at Canalys attribute it to sturdy demand from rising markets the place first-time patrons have been lured in by the bettering {hardware} of low-cost good bands. The Xiaomi Sensible Band 9 and Samsung Galaxy Fit3 have been referred to as out as in style fashions in Latin America and EMEA.

Xiaomi specifically has been on the rise and is neck-and-neck with the market chief, Apple, each at 8.5 million items shipped (16.1% market share). Along with the band, Xiaomi’s Redmi Watch 5 sequence has additionally confirmed in style. The Xiaomi Watch S line has additionally shot up in recognition with a 70% year-on-year development in shipments.












World wearable bands shipments and development Q3 2024
Vendor Q3 2024 shipments (million) Q3 2024 market share Q3 2023 shipments (million) Q3 2023 market share Annual development
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%
Others 21.4 40.40% 23.7 46.20% -10.00%
Whole  52.9 100.00% 51.4 100.00% 2.90%
Word: percentages could not add as much as 100% as a result of rounding Supply: Canalys Wearable Band Evaluation (sell-in shipments), November 2024

Whereas they ship items in equal numbers, Apple and Xiaomi see totally different returns – Apple made up a whopping 40% of the entire cargo worth ($10.9 billion, up 5.6% from a 12 months in the past), whereas Xiaomi noticed a tenth of that, 4%. That is partly as a result of Xiaomi’s product combine has shifted in direction of extra inexpensive gadgets, dropping the Common Gross sales Value (ASP) by 9% – Xiaomi’s ASP is at its lowest degree since Q1 2021.

Canalys: smart wearable market  up 3% in Q3'24, affordable smart bands help drive the growth

In the meantime, mature markets like North America are presenting a problem – even Apple is seeing decrease demand for its older fashions whereas Fitbit’s market share continues to shrink. Homeowners of the extra superior smartwatches are seeing fewer causes to improve as producers aren’t providing sufficient compelling options with new releases.

Jack Leathem, Analysis Analyst at Canalys, says: “Smartwatches, accounting for less than 35% of shipments however 74% of market worth in Q3 2024, stay essential for distributors’ premiumization ambitions and end-user ecosystem stickiness. To remain aggressive, distributors should proceed investing in software program and {hardware} that assist put them on the entrance of the business, for instance by means of machine learning-driven insights, dual-processor structure, and superior sleep monitoring.”

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