In the second quarter of 2024, the global wearables market saw significant shifts, with 43.7 million wrist wearables (including smartwatches and fitness trackers) shipped globally, according to IDC. Despite a slight overall market decline of 0.7% compared to the same period last year, Huawei emerged as the leader in this competitive sector, achieving an impressive 42% year-on-year growth.
Huawei’s Dominance in China and Beyond
Huawei shipped 8.9 million devices globally in Q2, securing a 20.3% market share, solidifying its leadership position. A major portion of these shipments—6 million units—went to China, where Huawei’s market share surged to 38.4%. The key to this success has been the immense popularity of the Huawei Watch Fit 3, which drove growth across various regions, including Central and Eastern Europe, the Middle East, Africa, and Latin America.
Global Wearable Market Faces Challenges
While Huawei was thriving, the global wearables market as a whole faced challenges. Despite Huawei’s strong performance, the sector experienced a slight downturn, with overall shipments dipping by 0.7% compared to the previous year. This decline underscores increasing competition and market saturation in some regions.
Xiaomi and Apple Compete for Second Place
Xiaomi came in second, shipping 5.9 million wearables and holding a 13.5% market share. Xiaomi’s growth was driven primarily by its budget-friendly Redmi series, although its premium Watch S3 and Watch 2 models also performed well.
In third place, Apple shipped 5.7 million devices, securing a 13.1% market share. However, the tech giant saw a 12% decline year-on-year, largely due to increased competition from Chinese brands such as Huawei and Xiaomi.
Samsung and BBK Close the Top Five
Samsung followed with 3.3 million units shipped, with its popular Galaxy Fit3 fitness tracker driving most of its sales. BBK, which includes brands like Oppo and Vivo, rounded out the top five with 2.9 million shipments and a 6.6% market share, particularly excelling in the children’s wearables segment in China.
As the wearables market continues to evolve, Huawei’s momentum, along with its expanding global presence, positions it as a formidable competitor, even as the market faces increased competition and economic challenges.
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