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Q2 brings long-awaited growth to the global wearable band market

The global wearable band market showed signs of growth during the second quarter of this year, according to Canalys. Shipments in the worldwide wearable band market increased by 6% year-over-year, with a total of 44.2 million units shipped globally. Apple maintained its position as the market leader, shipping 8.1 million Apple Watch units during the quarter, although this represented a 3% decline compared to the previous year. Apple’s market share also dropped from 20% to 18% during the same period.

Xiaomi ranked second in the market, delivering 4.8 million units, the same as the previous year. As a result, Xiaomi’s market share remained at 11%. Huawei secured the third position, shipping 4.1 million units, a 13% increase from last year. Huawei’s market share rose from 9% to 10%.

Noise, an Indian wearable brand, shipped 3.5 million units and experienced the largest annual gain among the manufacturers on the list, with a 93% increase. The company’s market share doubled from 4% to 8%. Fire Boltt, another Indian wearable brand, finished fifth with 3 million units shipped, marking an 86% growth compared to the previous year. Fire Boltt’s market share increased from 4% to 7%.

Canalys Research Manager Cynthia Chen stated that wearables have significant long-term prospects despite current economic challenges. While short-term economic factors may influence consumers to opt for value-driven wearables, the enduring appeal lies in consistent quality and long-term data benefits. Canalys forecasts that the wearables market is set for sustained growth, with a compounded annual growth rate of 4.1% until 2027.

Premium wearable manufacturers, led by Apple, achieved an Average Selling Price (ASP) exceeding $450 during the second quarter. In contrast, Fire Boltt reduced its average selling price to under $19.

Overall, the wearable band market is showing positive growth, driven by increasing consumer demand in various aspects of daily life. As different segments rebound, vendors are adapting to address specific consumer needs. The future of wearables looks promising, with sustained growth predicted over the coming years.

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