According to IDC's latest Quarterly Wearables Market Tracker, China has become the world's largest wrist-worn device market and continues to drive the growth of the global market. Despite a slight decline in overall shipments in the global market, the Chinese market has maintained strong growth momentum, especially in the smartwatch segment. The following is a detailed analysis of this phenomenon.
Overview of the global wrist wearable device market
In the first three quarters of 2024, shipments of the global wrist wearable device market reached 140 million units, a year-on-year decline of 1.0%. This decline was mainly due to the homogenization of competition and market saturation in India and the United States. India and the United States, two of the world's most important markets, are still the main markets for wrist-worn devices, but overall market growth has slowed due to fierce competition among brands and slower product upgrades, as consumer purchasing power has plateaued or declined.
However, the performance of the Chinese market is very different, becoming a major driver of growth in the global wrist-worn device market. China's large consumer base, rising demand for smart hardware, and the consumer preferences of the younger generation have strongly supported the rapid growth of wrist wearables.
The performance of China's wrist-worn device market
Shipment Growth:
In the first three quarters of 2024, China's wrist-worn device market shipments reached 45.76 million units to 45.8 million units, a year-on-year increase of 20.1%. This growth rate not only ranks first in the world, but also makes China the largest market in the global wrist-worn device market.
Smart Watch Market:
In the Chinese market, the performance of smart watches is particularly prominent. In the first three quarters of 2024, smartwatch shipments reached 32.86 million units, a year-on-year increase of 23.3%. As the main product of wrist-worn devices, smart watches have gradually transformed from the initial "auxiliary tools" to comprehensive intelligent hardware that integrates multiple functions such as health monitoring, sports tracking, and communication functions.
The demand for smartwatches continues to grow in China, especially driven by features such as health management, exercise monitoring, and mobile payments. At the same time, with the continuous enrichment of product functions and the improvement of consumers' awareness of high-end smart hardware, the sales of high-end smart watches have also shown strong growth momentum.
Figure: The world's top five wearable device manufacturers in the first three quarters of 2024 (Source: IDC)
The performance of the main brands
Huawei:
Huawei has performed particularly well in the global wrist wearable market, becoming one of the market leaders. In the first three quarters of 2024, Huawei's wrist-worn device shipments increased by 44.3% year-on-year, ranking first in the world with a market share of 16.9%. In the Chinese market, Huawei's market share has reached 35.7%, firmly occupying a dominant position in the market.
With its strong brand influence, innovative smart hardware technology, and in-depth health management capabilities, Huawei has successfully established a high-end image of smart wearable devices. In particular, in the field of smart watches, Huawei's self-developed health monitoring technology and AI functions related to sports and health have been highly recognized by consumers, further consolidating its leading position in the domestic and foreign markets.
Backgammon:
BBK is a leading children's smartwatch brand in China, and its share of China's children's watch market continues to lead, ranking first in the market. BBK's success in the field of children's watches is inseparable from its multiple focus on safety, communication functions and educational functions, which meets the needs of parents for children's safety monitoring and educational assistance.
In addition, BBK is also actively expanding overseas markets, strengthening its market layout in many countries and regions through its brand IMOO, and cooperating with local channels to further promote the internationalization process of the brand. BBK's international expansion not only helps to enhance its influence in the global wrist wearable device market, but also lays the foundation for continued growth in overseas markets in the future.
Market outlook
IDC expects that China's wrist wearable device market will continue to grow in the coming years. In 2025, shipments in China's wrist wearable market are expected to reach 62.5 million units, up 3.2% year-on-year. Although the market has entered a relatively mature stage, there is still great potential for development with the gradual popularization of high-end devices such as smart watches and the further enhancement of health management functions.
In addition, with the continuous development of technologies such as 5G, Internet of Things, and AI, wrist wearables will not only be limited to health management and exercise monitoring in the future, but the expansion of more intelligent application scenarios will promote the continuous growth of the market. For example, the application of smart wearable devices in smart home control, financial payment, AR/VR and other fields will further promote the diversification of products.
Summary
China not only dominates the global wearable device market, but has also become a major engine for global wearable device growth. In 2024, the strong growth of China's wrist wearable device market shows the strong consumer demand and the huge potential of smart wearables in the Chinese market. The outstanding performance of local brands such as Huawei and BBK has also provided strong support for the rise of Chinese brands in the global market.
With the continuous advancement of technology, consumer demand for smart wearable devices will continue to increase, and China's wrist wearable device market is expected to achieve a higher level of development and continue to lead the future trend of the global smart wearable device industry.
