The market for wearable smart devices fell, but Xiaomi grew

The latest Canalys survey has arrived! In Q4 2023, the wearable smart device market fell 3%, but Xiaomi and Huawei still grew, while Apple took a big hit.

Canalys Group recently published the results of its global market research, covering the last quarter of 2023. This includes the wearable smart devices market, which includes smart bracelets and smart watches. While not all companies offer affordable smart devices like Apple, Xiaomi and Huawei took a bigger bite out of the quarter's sales.

Canalys

• Although Apple's shipments have declined for four consecutive quarters, it still leads the market with 21% market share
• Xiaomi has launched smartwatches and smart bracelets across multiple categories, growing 45% year-on-year to take second place with 11% market share
• Huawei's new product, the Watch GT4, dominated the wearables market with 31% year-on-year growth in the fourth quarter, putting it in third place
• Google returns to fourth place with simultaneous launch of Pixel and Fitbit watches/wristbands, with 7% market share
• Relying on the Indian market, Fire Bolt has achieved a 52% increase in its price advantage, resulting in a market share of 6%, placing it in fifth place

The situation in China is completely different, with no reflection of the global market trend. Global leader Apple is only in fourth place, with a huge 32% drop. At the bottom of the podium, XTC, known for its smart devices for children, is up 27%. Xiaomi came second with a smaller 16% increase, statistically in line with the trend in the East so far. First in China is Huawei, more in demand than Xiaomi or Apple products combined. With 30% growth, it has held steady in first place, dominating 33% of the Eastern market.

Although the market battle is neither fierce nor passive, the market position of manufacturers has remained almost unchanged. Global and Eastern market players are still taking as much of the big cake as they did in the previous Q3. We are slowly reaching the end of Q1 2024 and the numbers for this period will be coming soon. We will see.