Interest in wearables, or smart accessories such as smart watches and activity bracelets, is growing in the market. And in this product category, five companies maintain leadership worldwide. Apple is in the lead, followed by Xiaomibut in this Top 5 there is a company that it is very likely that you have not heard of.
This is Imagine Marketing, a company dedicated to producing smart watches and other low-cost wearables, with a large presence in emerging economy territories, including India, where its brand of wearables called “boAt” It is very popular. This success has allowed it to remain the fifth company with the largest distribution of wearables in the world for two consecutive years.
These are the 5 most important manufacturers in the wearables market
This market analysis considers both smart watches and activity bracelets as well as headphones; basically, all smart accessories that we can use, all types of wearables. He latest IDC report provides very interesting data on the current state of this market.
Apple is the number 1 company on the list with 18.2% of the market, but it has still seen a considerable drop year-on-year. When comparing the figures for the first quarter of 2024 with the same period of time last year we see a drop of 18.9%, which according to IDC would be a consequence, at least in part, of the temporary ban suffered by the Apple Watch in the United States. , and the lack of new headphone models this year. In general, both the distribution of Apple Watch, AirPods and Beats fell in this quarter.
In second place is Xiaomi with 10.5% of the market. The company saw year-over-year growth of 43.4%, largely thanks to the company’s commitment to a wide variety of accessories with a wide price range. Huawei is in third place with 9.6% of the market sharewith a year-on-year growth of 72.4%, a surprising figure partly influenced by the popularity and impact of the brand in China, where IDC assures that a large part of its sales occur.
Samsung is fourth on the list with 9.3% of the market, having achieved year-on-year growth of 13%. IDC assures that although sales of smart watches have decreased compared to last year, the launch of the bracelet Galaxy Fit 3 and more affordably priced headphones would have enabled this growth in market share.
|
Company |
Shipments Q1 2024 |
Market share Q1 2024 |
Shipments Q1 2023 |
market share Q1 2023 |
difference year to year |
|---|---|---|---|---|---|
|
Manzana |
20.6 |
18.2% |
25.4 |
24.5% |
-18.9% |
|
xiaomi |
11.8 |
10.5% |
8.2 |
7.9% |
43.4% |
|
huawei |
10.9 |
9.6% |
6.3 |
6.1% |
72.4% |
|
samsung |
10.6 |
9.3% |
9.4 |
9.0% |
13.0% |
|
imagine marketing |
6.1 |
5.4% |
6.4 |
6.2% |
-4.8% |
|
others |
53.1 |
46.9% |
48.2 |
46.4% |
10.1% |
|
total |
113.1 |
100.0% |
104.0 |
100.0% |
8.8% |
The shipping data is in the millions. The table compiles information from the latest IDC Worldwide Quarterly Wearables Tracker report, dated June 4, 2024.
The company Imagine Marketing, responsible for the cheap wearables brand boAt, occupies fifth position among the main manufacturers of these devices in the world
The surprise, for many, is in fifth place on the list. Imagine Marketing occupies this position with 5.4% of the market share. The company produces a wide range of wearables of all types under the brand boAt, including smart watches and headphones, with very affordable prices aimed at emerging economy markets. A year ago, in the first quarter of 2023, this company also occupied the fifth position in the market, but this year its market share has decreased from 6.2% to 5.4%.
In total, in the first quarter of 2024 they were distributed 113.1 million wearable units8.8% more than the same time period last year, reflecting growth in this market and interest in these products.
Cover photo | Alejandro Alcolea for Xataka