The global smart wearable market has been doing well for years, but there was exceptional growth in Q4 2020 driven by increased demand for smartwatches. Smartwatches now dominate the smart wearable market, even more so recently in Q2 2021, where sales grew by an impressive 40%.
This report comes from the global market analyst firm Canalys.
The overall shipments for wearables increased by 5.6% compared to Q2 last year even though sales for basic watchbands fell by 23.8%. This is because the drop in sales was offset by the smartwatch market growing by 37.9% year-over-year, which now makes up 62% of the global sales.
In terms of brands and their total wearable sales, Xiaomi takes the lead thanks to its globally popular Mi Band 6. It dethroned Apple with a market share of 19.6% market share, reporting a 2.6% yearly growth. Apple was close behind at a 19.3% market share but showed a much bigger growth since Q2 2020 at 29.4%.
Huawei’s sales showed a significant decline of 53.9%, but it managed to keep third place on the list thanks to its home market keeping it afloat. The other two names in the top 5 were Fitbit and Samsung, where Samsung showed the biggest annual growth of them all at a whopping 114%.
Samsung’s sales are expected to grow even further over the upcoming period thanks to its recently released Galaxy Watch 4 and Watch Active 4. Apple may also strike back soon with its latest Apple Watch series.