Highlights
- Global wearable shipments increased by 8.8% year-on-year in Q1 2024.
- Apple leads the market with an 18.2% share despite a decline in shipments.
- Xiaomi achieved 43.4% YoY growth, holding a 10.5% market share.
- Indian brand boAt secured the fifth spot with a 5.4% market share.
The whole world is increasingly showing an interest in wearables, including smartwatches, true wireless earbuds, and fitness trackers.
Global shipments for such wearable gadgets are said to have surged 8.8% year-on-year for the first quarter of 2024, according to a latest report by market research firm IDC.
While Apple continued to hold the lead, an Indian company named boAt surprisingly came into fifth place as the largest wearables brand in the world.
| Top 5 Wearable Device Companies by Shipment Volume, Market Share, and Year-Over-Year Growth, Q1 2024 (shipments in millions) | |||||
| Company | 1Q24 Shipments | 1Q24 Market Share | 1Q23 Shipments | 1Q23 Market Share | Year-Over-Year Growth |
| 1. Apple | 20.6 | 18.2% | 25.4 | 24.5% | -18.9% |
| 2. Xiaomi | 11.8 | 10.5% | 8.2 | 7.9% | 43.4% |
| 3. Huawei | 10.9 | 9.6% | 6.3 | 6.1% | 72.4% |
| 4. Samsung | 10.6 | 9.3% | 9.4 | 9.0% | 13.0% |
| 5. Imagine Marketing | 6.1 | 5.4% | 6.4 | 6.2% | -4.8% |
| Others | 53.1 | 46.9% | 48.2 | 46.4% | 10.1% |
| Total | 113.1 | 100.0% | 104.0 | 100.0% | 8.8% |
Affordable Wearables Gain Traction
The rising challenging economic conditions have fuelled the demand for low-cost wearables.
Brands such as Xiaomi and others have continuously launched new products, making them popular among consumers.
In fact, the trend has taken away from shipments for premium player Apple; its global shipment dropped by 18.9% year-on-year.
This has resulted in a reduction of the gap in features between high-end and budget wearables, hence making the latter more preferable to cost-conscious consumers.
IDC also noted that the average selling price of wearables has reduced for the fifth consecutive quarter.
Brand Breakdown: Market Shares and Performances
Apple held on to the top position with an 18.2% market share, as its shipments for AirPods and Apple Watch declined amid consumers increasingly opting for low-cost alternatives and a ban on sales of some Apple Watch models in Europe.
Xiaomi remained in the second spot with a 10.5% share as the brand posted a huge 43.4% YoY growth after flooding the market with multiple cheap offerings in different wearable categories.
Huawei rose to third place with a 9.6% share through strong volumes in its home market of China.
Samsung dropped to the fourth position with a 9.3% share, but it maintained a healthy lineup with the Galaxy Buds and its Watch series.
Surprisingly, the Indian company boAt secured the fifth spot globally with a 5.4% market share, despite facing intense competition from domestic rivals like Firebolt and Noise.
FAQs
What was the growth rate of the global wearable market in Q1 2024?
The global wearable market grew by 8.8% year-on-year in the first quarter of 2024.
Which company holds the top position in the global wearable market?
Apple holds the top position with an 18.2% market share despite a decline in shipments.
How did Xiaomi perform in the wearable market in Q1 2024?
Xiaomi remained in the second spot with a 10.5% market share, posting a 43.4% year-on-year growth.
Which new company entered the top five global wearable brands?
The Indian brand boAt entered the top five, securing the fifth spot with a 5.4% market share.
What factors contributed to the increased demand for affordable wearables?
Challenging economic conditions and the launch of low-cost wearables by brands like Xiaomi contributed to the increased demand.
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