Earlier this week, Canalys, a market research firm that specializes in wearable wristbands, released its quarterly report on the Chinese wearable wristband market for the third quarter of the current year, containing the results of their research. Huawei has been embroiled in a dispute with the Chinese government, and the report shows that despite losing ground overseas, Huawei is still leading the domestic market. There is no doubt that the tech giant held the majority of the market share with 24% of the total market share. However, Huawei’s market share is shown to represent a 27% drop in its YoY performance.
As a major player in the smart wearable market, Xiaomi has become one of the most popular players, especially with the introduction of Mi Band 2 which is the most revolutionary product in the Mi Band series. With a 22% share of the market, Xiaomi trailed Huawei closely with a 6% growth year-over-year which shows a positive trend.
The third place is occupied by a new entrant known as XTC, which captured 10% of the market share, while Apple, the global market leader in wearable devices and the US tech giant, came in at fourth place with a 9% market share. There is no doubt that Apple’s market share is increasing as a result of a major 53% surge in its sales as compared to the year before. The fact that this quarter has seen such a large growth may be due to the release of new products that have been released.
A Canalys study also shows that the global wearable wristband market grew by 49 million units from Q3 2022 to Q3 2023, indicating that 49 million smart wearables will be shipped globally by the end of the year. This represents an increase of 3.4% on a year-over-year basis. There was a consistent pattern of growth of smartwatch sales in the report as well as a decline in sales of smart bands.
Apple leads the global wearable market with a 20% market share followed by Samsung, Xiaomi, Indian manufacturer Noise, and Huawei. It is impressive to see Huawei make the cut in the global market considering the US government’s sanctions against the company.