Swept by the wave of digitalization and intelligence, China's smart wrist wearable device market is booming at an unprecedented speed. According to data from Lotu Technology (RUNTO), in the first three quarters of 2024, the cumulative online omni-channel sales of smart wrist wearables in China reached an astonishing 30.181 million units, a year-on-year increase of 22.6%, and the cumulative sales volume was 17.34 billion yuan, a year-on-year increase of 2.5%. This data not only reveals the rapid expansion of the market, but also reflects the continuous surge in consumer demand for smart wearable devices.
Market segmentation and brand competition landscape
The smart wrist wearable device market can be roughly subdivided into two categories: smart watches and smart bracelets, of which smart watches can be further subdivided into typical smart watches and children's smart watches. Judging from the market performance in the first three quarters of 2024, these three types of products accounted for 33.9%, 33.4% and 32.8% of the sales volume of traditional e-commerce, respectively, showing a trend of diversified demand. In terms of sales, typical smart watches are far ahead with a share of 65.9%, which is mainly due to their higher product unit price and richer functional configurations.
In terms of brand competition, Huawei has successfully surpassed Apple with a comprehensive product line and coverage strategies for different scenarios, becoming the leader of the typical smartwatch market with a market share of 30.9%. Huawei's sales reached 2.083 million units, a year-on-year increase of 23.5%. Although Apple's sales have declined, down 29.4% year-on-year, it still maintains a leading position in sales with its average price of 2,874 yuan.
Figure: China's smart wrist wearable device market sales exceeded 30 million units in the first three quarters of 2024
Xiaomi and vivo have achieved remarkable results in the thousand-yuan product market, with sales increasing by 108.3% and 207.9% respectively. Xiaomi has performed well in the smart bracelet market, leading the way with a market share of 48.1%, with sales reaching 3.19 million units, a year-on-year increase of 12.2%. Huawei and Honor followed with 36.2% and 3.2% market shares, respectively, forming a fierce competitive landscape.
Market trends and technological developments
With the rapid development of technology, the functions of smart wrist wearables are becoming more and more abundant, from the initial step counting and sleep monitoring, to today's heart rate monitoring, blood oxygen monitoring, GPS positioning, etc., the increase in these functions has greatly improved the user experience and satisfied consumers' pursuit of health and convenient life. In the future, the scale of China's smart wrist wearable device market will continue to expand, and the market competition will become more intense.
In the children's smart watch market, Imoo dominates with a market share of 25.7% with its excellent product design and functional configuration, followed by Xiaomi and Huawei, jointly promoting the rapid development of this market. The growth of this market is mainly due to the enhancement of device independence, such as the independence of eSIM cards for call and Internet access, which makes children's smart watches establish a closer connection between parents and children.
For the smart bracelet market, its future form may be closer to the watch, and the function is more specialized, such as a medical bracelet or a professional sports monitoring bracelet focusing on specific use areas. The emergence of these innovative products will further meet the personalized needs of consumers and promote the sustainable development of the smart wrist wearable device market.
Conclusions and prospects
The rapid growth of China's smart wrist wearable device market is not only due to technological advancement and product innovation, but also closely related to the improvement of consumer health awareness and the trend of aging population. The competition between brands is becoming increasingly fierce, and brands such as Huawei, Apple, and Xiaomi have consolidated their market positions through continuous technological innovation and market expansion.
Looking forward to the future, with the continuous expansion of the market and the progress of technology, China's smart wrist wearable device market will usher in a broader development prospect. It is estimated that in 2024, the online omni-channel sales of smart wrist wearables in China are expected to exceed 43 million units, an increase of 26.4% year-on-year. This will bring more market opportunities and challenges to smart wrist wearable device companies, and will also promote the development of the entire industry to a higher level.
In this market full of opportunities and challenges, companies need to continue to innovate and break through to meet the diverse needs of consumers. At the same time, it is also necessary to strengthen brand building and marketing to enhance brand awareness and reputation, so as to stand out in the fierce market competition.
