Shulou(Shulou.com)11/24 Report--

CTOnews.com, September 20 (Xinhua)-- market research firm Canalys recently released a report saying that global shipments of wearable wristbands reached 44 million units in the second quarter of 2023, an increase of 6 percent over the same period last year.

The report points out that driven by brands such as Huawei, Xiaomi and Huami, basic watches continue to maintain growth, accounting for nearly half of the market share, reaching 46%.

Mainly due to its people-friendly prices and consumers' cautious attitude towards higher-priced alternatives, the basic bracelet market, despite a decline compared with the same period last year, maintained a stable market share of about 19 per cent.

Xiaomi and Huawei have introduced affordable basic bracelets and watches to meet the preferences of all kinds of consumers, driven by high-cost basic watches, resulting in double-digit growth in watch categories.

"given the current economic challenges, wearables still have long-term prospects," said Cynthia Chen, research manager at Canalys. "although short-term economic factors make consumers more inclined to pursue more cost-effective wearables, the lasting attraction lies in stable quality and long-term accumulation of health data."

Citing Canalys, CTOnews.com predicts that the wearable wristband market will continue to grow at an average annual rate of 4.1 per cent by 2027 due to shifts in consumer demand.

Referenc

The wearable wristband market grew by 6% in the second quarter of 2023 after two quarters of decline.

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