The global wearable band market continued its upward trajectory in 2024, with shipments reaching 193 million units—a 4 per cent increase year on year—according to Canalys. 

This marks the second consecutive year of expansion following the market correction in 2022, indicating renewed momentum in the industry. 

The growth was largely fuelled by strong demand in China and emerging markets, which offset declines in mature regions such as the United States and India. 

Entry-level adoption played a crucial role in the expansion, particularly through basic watches and bands, while competition among leading vendors, including Apple, Xiaomi and Huawei, intensified.

China retained its position as the largest wearable band market, accounting for 30 per cent of global shipments in 2024. 

The country recorded a robust 20 per cent year-on-year increase, with fourth-quarter shipments surging by 50 per cent. 

Vendors capitalised on a combination of government subsidies, product enhancements and strategic ecosystem integration to drive demand.

“While China thrived, India and the US struggled, highlighting regional disparities in market performance,” said Canalys Research Analyst Jack Leathem. 

“India, the world’s second-largest wearable band market, saw shipments fall by 22 per cent in 2024, as local vendors struggled to enhance functionality and performance in the basic watch segment, which accounted for 96 per cent of India’s shipments.”

Beyond China, emerging markets played a pivotal role in global growth, with Xiaomi, Huawei and TRANSSION focusing on brand awareness and volume expansion.

“The Middle East led global expansion, growing 55 per cent year on year, followed by Southeast Asia at 45 per cent, Latin America at 21 per cent and Central and Eastern Europe at 20 per cent,” said Canalys Research Manager Cynthia Chen.

Much of this growth was driven by affordable basic devices, as brands prioritised price accessibility and retail expansion to attract first-time buyers.

The basic watch segment remained a key driver of growth, expanding by 8 per cent in 2024 following a strong 25 per cent surge in 2023. 

Huawei and Xiaomi collectively held a 41 per cent market share, with both companies diversifying their product portfolios. 

The category is evolving beyond incremental upgrades of entry-level bands, shifting towards business-focused, advanced sports and medical-oriented devices, such as Xiaomi’s Watch S series and Huawei’s Watch D series.

Meanwhile, the basic band market rebounded after years of decline. Shipments returned to growth in the third quarter of 2024, rising by 7 per cent before accelerating sharply in the fourth quarter with a 49 per cent increase. 

This resurgence was led by Xiaomi, which accounted for 46 per cent of shipments, followed by Samsung at 18 per cent and Huawei at 17 per cent. 

Consumer demand for simple, lightweight and non-intrusive wearables—particularly for health and fitness tracking—remains strong. 

Additionally, the rising popularity of smart rings signals a growing preference for minimalistic wearable solutions.

Samsung’s return to the basic fitness band segment with the Galaxy Fit 3 has intensified competition. 

This move prompted Xiaomi to enhance its pricing and distribution strategies, particularly in Latin America, the Middle East and Southeast Asia, as part of its broader strategy to transition users towards higher-margin wearables. 

Samsung’s re-entry into this category is also a strategic effort to attract new users to its Samsung Health ecosystem via entry-level wearables, eventually guiding them towards future smartwatch upgrades and expanding accessibility for budget-conscious and mid-tier Samsung smartphone users in these regions.

Chen noted that “the wearable band market’s continued expansion in 2024 highlights the growing demand for affordable wearables in emerging markets”. 

“But mature markets face increasing challenges, with longer upgrade cycles and stagnant innovation slowing demand,” she added.

“As vendors navigate these shifts, their success in 2025 and beyond will depend on balancing innovation with affordability, expanding their global reach and leveraging emerging trends, such as smart rings and advanced health tracking, to drive adoption,” said Leathem.