Good wearables for the wrist – good bands, fundamental 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 posh combine.
Good 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 progress.
The analysts at Canalys attribute it to robust demand from rising markets the place first-time patrons have been lured in by the bettering {hardware} of low-cost good bands. The Xiaomi Good Band 9 and Samsung Galaxy Fit3 had been referred to as out as widespread 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 widespread. The Xiaomi Watch S line has additionally shot up in recognition with a 70% year-on-year progress in shipments.
| International wearable bands shipments and progress Q3 2024 | |||||
|---|---|---|---|---|---|
| Vendor | Q3 2024 shipments (million) | Q3 2024 market share | Q3 2023 shipments (million) | Q3 2023 market share | Annual progress |
| 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% |
| Observe: percentages could not add as much as 100% on account of rounding Supply: Canalys Wearable Band Evaluation (sell-in shipments), November 2024 | |||||
Whereas they ship items in equal numbers, Apple and Xiaomi see completely different returns – Apple made up a whopping 40% of the full 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 partially as a result of Xiaomi’s product combine has shifted in the 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.
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 important 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 trade, for instance by machine learning-driven insights, dual-processor structure, and superior sleep monitoring.”
