Competition in the global wearable device market is fierce: Apple continues to lead, Xiaomi solidifies its position

News on August 31, recently, market research organization Canalys released global wearable wristband device market data for the second quarter of 2023. According to the report, global shipments of smart wearable wristband devices reached 44 million units in the second quarter of this year, a year-on-year increase of 6%. This growth momentum is mainly attributed to the strong performance of the Indian market and the promotion of basic watches, which have an advantage in terms of market share, with a year-on-year growth of 31% and a market share of 46%

According to my understanding, not only on a global scale, but also in the Chinese market, there have been subtle changes in the market structure of wearable devices. In the ranking of global wearable wristband device manufacturers, Apple, Xiaomi, Huawei, Noise and Fire Boltt still rank at the top. Although Apple's market share dropped to 18%, it still maintained its market leadership. At the same time, Xiaomi has consolidated its market position through extensive coverage of multi-category products and a stable core price strategy, with a market share of 11%. Huawei has successfully covered multiple market segments with its diversified product lines, ranking third with a market share of 10%. It is worth noting that Noise and Fire Boltt, ranked fourth and fifth, are both local manufacturers in India. They have won the favor of consumers by launching a number of attractive basic watches with more attractive pricing. The market share of these two manufacturers increased by 93% and 86% respectively, and the market share increased accordingly to 8% and 7%

The top five wearable wristbands in the Chinese market There have been some changes in the rankings and lists of equipment manufacturers. Huawei, Xiaomi, XTC, Apple and OPPO are at the top. Huawei topped the list with a market share of 30%, a year-on-year increase of 20%. Xiaomi followed closely with a market share of 26%, an increase of 25%. XTC ranked third with 9% market share, an increase of 8%. Apple’s market share is 7%, a year-on-year increase of 14%, while OPPO has achieved an astonishing 57% growth with a 4% market share

Taken together, the wearable wristband device market shows diversified development situation. Various manufacturers compete for market share globally through different product strategies and market positioning. Among them, the rise of the Indian market has also injected new impetus into market growth. In the future, with the continuous advancement of technology, the wearable device market may usher in more innovations and changes

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