Smartwatches are expected to see a strong recovery in 2024 with a growth rate of 17%

Global wearable wristband device analysis and forecast data show that the total sales of this category in 2023 will be 186 million units, an increase of 2%. The main driver of its growth was emerging markets (especially India), where shipments of basic watches increased significantly by 22%.

This growth effectively offset the decline in the other two sub-categories, which came from a 9% decline in smart watches and basic bracelets respectively. Looking ahead, wearable wristband devices are about to enter a more sustained phase of growth.

Canalys predicts that the growth rate of wearable wristband devices will reach 10% in 2024. This positive trend is driven by a resurgence in global interest in smartwatches, with shipments expected to grow by 17%.

Canalys predicts that basic watch shipments will account for more than 40% of wearable wristband device shipments in 2024. But by 2027, shipments will drop to 12%.

The smartwatch industry is expected to rebound in 2024, with shipments expected to reach 83 million units.

Canalys research manager Chen Qiufan pointed out that by 2024, smart watch shipments in the Middle East are expected to grow by 27%, and shipments in Central and Eastern Europe will grow by 22%. Users in these regions have actively upgraded from basic watches to smart watches.

Chen Qiufan predicts that growth will continue until 2025, with the share of the smartwatch category rising from 38% in 2024 to 44% in 2025. At the same time, as more high-end smartwatches enter the market, Canalys expects the total shipment volume of this category to increase significantly.

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