It is predicted that smart watches will rebound strongly with a growth rate of 17 in 2024

Source: Canalys

    Global wearable wristband device analysis and prediction data show that the total sales of this category in 2023 will be 186 million units, an increase of 2%. The main driving force for its growth is emerging markets (especially India), with a significant 22% increase in the shipment volume of its basic watches. This growth effectively offset the decline in the other two subcategories, which came from a 9% decline in smartwatches and basic bracelets, respectively. Looking ahead, wearable wristband devices are about to enter a more sustained growth stage. Canalys predicts that the growth rate of wearable wristband devices will reach 10% in 2024. The resurgence of global interest in smartwatches is driving this positive trend, with shipments expected to increase by 17%.

    Canalys research analyst Jack Leathelm said, "Basic watches have become the forefront of the trend in 2023, and it is expected that this year‘s shipment of this category will account for more than 40% of wearable wristband device shipments. The reasons for the success of basic watches are three: affordable prices, attractive product designs, and the surge in demand in emerging markets. These types of devices not only balance trends and technology, but are also reasonably priced.". These devices balance fashion and technology, and are reasonably priced, making them a short-term practical alternative to high priced smartwatches. At the same time, they also affect the shipping performance of basic wristbands with fewer functions. Canalys predicts that shipments will decrease to 12% by 2027. The trend of basic bracelets falling out of favor will continue, especially as market leaders in basic bracelets such as Xiaomi and Google (Fitbit) increasingly shift their attention to higher priced and watch shaped products