Global smartwatch sales likely to see 17% growth in 2024
Initially attracted to basic or affordable smartwatches, users are now seeking enhanced functionality, especially those who purchased devices during the pandemic.
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NEW DELHI: Smartwatch sales are likely to see a 17 per cent growth globally in 2024, with an anticipated shipment of 83 million units, a new report has shown.
Initially attracted to basic or affordable smartwatches, users are now seeking enhanced functionality, especially those who purchased devices during the pandemic.
“Vendors aim to boost shipment revenues by promoting advanced smartwatches with upcoming hardware improvements, including significant battery life enhancements and the potential arrival of micro-LED screens on premium devices,” said Jack Leathem, research analyst at market research firm Canalys.
These enhancements also encompass novel fitness and health capabilities like blood pressure monitoring and sleep apnea detection, which are expected to become new industry standards when introduced by Apple in its Watches.
“With regards to its recent ban by the US’s International Trade Commission (ITC), prior generation devices are expected to account for the majority of lost shipments in the US market,” Leathem added.
The wearable band market is poised for a more substantial uplift, with a 10 per cent growth in 2024.
“The global shift to advanced smartwatches will be most evident in emerging regions, with the Middle East and Central and Eastern Europe expected to see a remarkable 27 per cent and 22 per cent respective increase in smartwatch shipments in 2024,” said Cynthia Chen, research manager.
The global wearable band market analysis forecast a 2 per cent rise in 2023, reaching 186 million units.
This growth is primarily driven by a significant 22 per cent surge in basic watch shipments in emerging markets, notably India.
This increase effectively counterbalances a 9 per cent decrease in smartwatch sales and a 10 per cent reduction in basic band shipments, the report mentioned.
“Basic watches emerged as the standout trend in 2023, with the category expected to form more than 40 per cent share of wearable band shipments this year,” said Leathem.
