Wearable band market: 44 million shipped in Q2 2023, y-o-y growth of 6%

Canalys estimates, vendors shipped 44 million wearable bands worldwide in Q2 2023, representing year-on-year growth of 6%. “The wearables market is coming back to life, driven by increasing consumer demand in various aspects of daily life,” said Jack Leathem, Research Analyst at Canalys. “Demand across different segments is rebounding, leading vendors to address specific consumer needs.” Further findings and expert comments by Canlys includes: The basic watch category continued to grow, capturing nearly half the market, mainly thanks to Indian players and major smartphone vendors, such as Huawei, Xiaomi and Huami. In the Indian market, basic watches continued their phenomenal momentum, with shipments up 73%, underscoring the vibrancy of the country’s wearables market. Wearable Band Analysis Q2 2023.
Despite a year-on-year decline, basic bands maintained a stable market share at 19%, thanks to the availability of affordable options and consumers’ cautious attitudes to higher-priced alternatives. The watch category has seen substantial double-digit growth, primarily propelled by competitively priced basic watches. Vendors introduced a slew of new wearables in the second quarter to bolster their market presence. For example, Xiaomi and Huawei launched basic bands and basic watches...