China leads global wrist-worn device market in 2024

China has emerged as the largest market for wrist-worn devices globally, leading in overall shipments and market growth according to International Data Corporation (IDC).

The global wrist-worn device market, which includes smartwatches and wristbands, shipped 139.0 million units in the first three quarters of 2024, marking a year-over-year decline of 1.0%. This downturn is attributed to factors such as market saturation in India and the United States, along with homogenisation in competition.

China's contribution to the wrist-worn device market has been significant, with shipments reaching 45.8 million units, representing a year-over-year increase of 20.1%. Consequently, China has become the leader in global growth for wrist-worn devices.

Within this market, smartwatches accounted for a substantial portion with 112.2 million units shipped globally in the first three quarters of 2024, despite a 3.8% decrease compared to the previous year. In China, the smartwatch market saw a 23.3% increase year-over-year, with shipments totalling 32.9 million units. The wristband market experienced a year-over-year global growth of 12.7% with 26.8 million units shipped, and China's wristband shipments rose by 12.6% to 12.9 million units.

Huawei has claimed the top spot in global cumulative shipments of wrist-worn devices in 2024. The company introduced several new products, including the GT5 and GT5 Pro watches, and the WATCH D2 with advanced health monitoring features. Huawei has noted continuous growth in regions such as Asia-Pacific, Latin America, the Middle East, and Africa, attributed to its localisation strategy and global brand development.

Apple retained its leading position in the smartwatch segment during the third quarter of 2024 with the launch of its Series 10. However, it faces growing competition across different price segments. The brand is recognised for its leadership, but continued dominance may require further innovations.

Xiaomi launched the Band 9 in the third quarter, seeing positive market reception due to improvements in screen brightness, battery capacity, and sports health functions. The Xiaomi Watch S series continues to cater to the mid-to-high-end market, supported by the success of the company's mobile phone and vehicle businesses, boosting its visibility in the wrist-worn market.

Samsung has also seen growth with its 7th generation products. The introduction of the Ultra model addresses the high-end smartwatch market, while the FE version bolstered entry-level offerings. Samsung's Fit3 wristband diversifies its product line, covering a range from entry-level to premium smartwatches.

BBK has a major share in the Chinese kids' watch market and is expanding its presence overseas under the IMOO brand. The company is enhancing its market influence by seeking channel cooperation in emerging international markets.

The increasing demand for sports and health-related features continues to drive growth in smartwatch and wristband sales. For 2025, wrist-worn shipments in China are projected to reach 62.5 million units, an increase of 3.2% from 2024. Sophie Pan, Research Director of IDC China, observes that the market is shaped by product launches from leading manufacturers and a rebound in mid- to high-price segments.

"The wrist-worn market is affected by the launch of new products by leading manufacturers, and the share of mid- and high-price segments has rebounded. However, it has become a recent trend for manufacturers' product lines to segment and gradually cover a wider audience. The current market is dominated by price and channel-driven, and product strength will be further enhanced by new technological innovations," said Sophie Pan.

Looking forward, the wrist-worn device market is expected to see improvements in health monitoring functions, challenges and opportunities in channel management, and enhancements in the aesthetic appeal of devices as demand grows among diverse consumer groups such as sports enthusiasts, fashion-conscious individuals, and business professionals.