The wearable wristband market grew 6% in the second quarter!Shipments reached 44 million units

[Gearbest News]On September 19, the famous analysis agency Canalys released the latest report showing that the wearable wristband market achieved 6% growth in the second quarter of 2023 after experiencing two quarters of decline.

According to Canalys, in the second quarter of 2023, global shipments of wearable wristband devices reached 44 million units, a year-on-year increase of 6%. Among them, Apple ranked first with a market share of 18%; Xiaomi ranked second with a market share of 11%; Huawei followed closely, ranking third with a market share of 10%. Indian manufacturers Noise and Fire Boltt ranked fourth and fifth respectively.

Basic watches continue to grow, accounting for nearly half of the market share, reaching 46%, mainly due to Indian manufacturers and leading smartphone manufacturers such as Huawei, Xiaomi and Huami. In the second quarter of 2023, basic watches continued to maintain an astonishing growth of 73% in the Indian market.

Despite the decline compared with the same period last year, the basic bracelet market still maintains a stable market share of approximately 19%, mainly due to its affordable price and consumers remaining cautious about higher-priced alternatives.

The watch category saw double-digit growth, driven primarily by cost-effective basic watches. Canalys said that in the second quarter of 2023, manufacturers will launch a series of new products to enhance market share. For example, Xiaomi and Huawei have launched affordable basic bracelets and watches to meet the preferences of various consumers. Indian manufacturers have also followed suit, with brands like Noise launching entry-level models and also launching products in multiple price segments to cater to a wider customer base. Fire Boltt has further reduced its price, providing consumers with an excellent user experience at an average selling price of less than $19.

With the development of the market, manufacturers are gradually clarifying the development trends of market segments to improve competitiveness. At present, consumers can not only find entry-level products with affordable prices but also more comprehensive functions. Advances in screen technology are expanding the audience for smart wearables. At the same time, high-end manufacturers are focusing on enriching product functions and providing added value, which has also led to an increase in average selling prices.

Canalys research manager Cynthia Chen said: “Given the current economic challenges, wearable devices still have long-term development prospects.” Canalys predicts that due to shifting consumer demand, the wearable wristband market will grow at an average annual rate of 4.1% until 2027. The growth rate continues to increase.

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