Wearable band market forecast to grow 5% to 194 mn: Canalys

The global wearable band market is forecast to grow 5 percent to 194 million units in 2024, according to the latest Canalys analysis.

Forecast on smatwatch business Canalys report

The growth driver in the wearable band market will be a 4 percent growth in smartwatch and 10 percent rise in the basic watch segment. Basic band will shrink by 6 percent in 2024.

“Basic watches continue to grow in popularity globally, reaching their highest-ever share of 48 percent of the wearable band market in Q1, with a forecasted 46 percent shipment share for the full year,” said Canalys Research Analyst Jack Leathem.

Wearable band market fell 0.2 percent in Q1 2024.

Xiaomi and Huawei achieved 37 percent and 46 percent growth respectively in Q1 2024 after releasing increasingly capable basic watches to drive shipments for price-conscious consumers.

Smartwatch shipments fell 9 percent in Q1 2024 but are expected to rebound with 4 percent growth for the year.

Huawei, Zepp Health, and Samsung are considering software services, integrating advanced sensors, algorithms, and AI to offer comprehensive health insights.

Innovations aim to enhance user experience and cement wearables as essential tools for future health management, contributing significantly to expected increases in smartwatch shipments throughout the year, said Cynthia Chen, Canalys Research Manager.

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