Huawei records 46% YoY growth in Q1 2024 global wearable band market

Huawei continues to record growth in the global wearable band market for Q1 2024, according to a new report. Due to AI features and an upgraded software system, the Chinese tech giant is reaching new heights in the worldwide smart band field.

Canalys has published its analytical report for the Q1 2024 global wearable band market where Huawei showed an increase in its sales performance. The company has achieved 46% YoY growth in the first quarter this year for basic watches and bands.

This is another quarter when Huawei continued to rise in the smart band category. The report notes that the company mainly focused on budget-conscious consumers in this quarter.

A good example is the Band 9. The new smart band debuted in the global market in March this year with efficient features. Huawei now unveiled the Watch Fit 3 with interesting functions and more significant health features to boost user experience.

Xiaomi is second in this race with a 37% YoY growth rate. Canalys says that the overall wearable band market has fallen by 0.2% in the first quarter. However, the market could jump to new growth by the end of 2024 with a shipment increase of 5%.

Q1 2024 global wearable band market report (Image Credits: Canalys)

The sales of smart bands in the global market could reach 194 million units later this year. If true, this will ultimately add a 4% hike to the smartwatch growth and raise the basic wearable’s progress by 10%.

Research analyst Jack Leathem cites that the basic watch growth could be overtaken by new smartwatch expansions. This is so because users are shifting towards wrist gadgets with long-lasting batteries and affordable pricing.

Another analyst Cynthia Chen adds that consumers look for data tracking and more health-related features in a wearable band. Vendors like Huawei prioritize software, AI features, advanced sensors, and healthcare services to enhance the user experience.

Canalys mentions that vendors should look for growing demands in the wearable band market. Affordability has become a major point for basic watches in recent years. Thus companies should pay attention to bringing useful features at cost-effective rates.

Q1 2024 global wearable band market report (Image Credits: Canalys)

(Source – Canalys)