Sales of Wearable Products Rise by 3% in Q3 2024

Smart wearable devices grew by 3% in the 3rd quarter of 2024 compared to the same period in 2023. In this context, 52.9 million units were shipped.

Smart bracelets showed the highest increase, growing by 7% and reaching a total of 10.4 million units.

Canalys analysts attribute this to the fact that, for the first time, cheap smart bracelets have advanced hardware. Xiaomi Smart Band 9 and Samsung Galaxy Fit3 were ranked as popular models in Latin America and EMEA.

Xiaomi in particular is on the rise, going neck and neck with market leader Apple, both with shipments of 8.5 million units (16.1% of market share). In addition to smart bracelets, Xiaomi’s Redmi Watch 5 series has also proven popular. The Xiaomi Watch S series has also increased in popularity, with a 70% annual growth in shipments.

Jack Leathem, Research Analyst at Canalys, says: “Smartwatches, accounting for just 35% of shipments but 74% of market value in Q3 2024, remain critical to sellers’ premiumization ambitions and the resilience of the end-user ecosystem. Competitive “To stay in business, vendors must continue to invest in software and hardware that make them stand out, for example, through AI-powered interfaces, dual-processor architectures, and advanced sleep tracking.”