According to the latest Worldwide Wearables Quarterly Tracker from the IDC or International Data Corporation, the global market saw shipments of 139.0 million wrist-worn devices in the first three quarters of 2024.
The figure reflects a modest year-over-year decrease of 1.0% and this decline mostly is linked to the increased competition and market saturation in some of the major regions including the United States and India.
China, on the other hand, has grown its wrist-worn device market and its shipment has reached 45.8 million units. It also shows strong growth of 20.1%, China now has emerged as a dominant player in wrist-worn device shipments and the country has significantly contributed to the overall expansion of the market,
Smartwatches as well as wristbands, are included in the category of wrist-worn devices, and within this segment, it is projected that around 112.2 million units will be shipped during the first three quarters of 2024. These figures indicate a decline of 3.8% in the shipment.
Whereas, the smartwatch market in China alone shipped 26.8 million units in the same period of time which marks a growth of 12.7%. The growing interest of consumers in sports and health has resulted in the growth of wristbands and smartwatches in the past year.
It is expected that the trend will continue to grow as now individuals are focusing more on improving the quality of their lives and overall experience. According to projections, wrist-worn device shipments in China may see a major growth of 3.2% reaching the figure of 62.5 million units. Moreover, other factors like advancements in Artificial Intelligence (AI) technologies and sensing techniques are expected to enhance. This will lead to smartwatches having the ability to monitor health with more and more people being interested in getting the devices.
