The wrist-worn wearables market is projected to grow by 8.7% in 2024, to ship 213m units while retail value is forecasted to grow by 11% in the same year, generating revenue of $50.8bn.
The segment faced a period of low growth prior to 2024, with users choosing to hold on to their devices. 2024 is seen as the year of replacement sales, which will drive the projected growth across regions. In 2024 the competitive landscape is expected to shift as Apple’s market share declines, while Samsung is expected to grow. The Chinese brands are growing steadily with Huawei increasing its share.