According to the latest quarterly tracking report on China's wearable device market released by IDC, the shipment volume of China's wearable device market in the first quarter of 2024 was 33.67 million units, an increase of 36.2% year-on-year. Along with the increase in sales volume, the pace of market shipments has significantly accelerated. Among them, the shipment volume of smart watches in the first quarter of 2024 reached 9.1 million units, a year-on-year increase of 54.1%. Among them, the supply side of the adult smart watch market has accelerated, and the inventory water level of some channels has begun to rise. However, the sales volume of the adult smart watch market increased by 38.6% year-on-year, maintaining a relatively fast growth rate. In addition, with the recovery of market demand, the shipment volume of children's smart watches increased by 4.04 million units, a year-on-year increase of 44.4%.

In the first quarter of 2024, the shipment volume of the wristband market was 3.7 million units, a year-on-year increase of 29.6%. The new product iteration of head manufacturers has driven a significant increase in shipments.

In the first quarter of 2024, the shipment volume of ear-worn devices reached 20.75 million units, a year-on-year increase of 30.6%. Among them, the shipment volume of true wireless earphones was 17.04 million units, a year-on-year increase of 37.2%. The open market represented by ear-hook and ear-hanging products is developing rapidly. Not only have head manufacturers joined the layout, but the low-priced market segment has also risen quickly through multiple e-commerce platforms.

IDC predicts that in 2024, the adult smart watch market will grow by 19% based on a relatively healthy inventory, driven by diversified forms and personalized appearance designs of new products. The wristband market still has 4% growth potential due to the entry-level prices and extensive market space in depth. In the short term, the wrist-worn market will further enhance its accessory attributes on the basis of the existing mature technology in the sports and health scenes, attract more consumers to purchase through increasingly exquisite and fit-for-occasion designs.

According to the latest quarterly tracking report on the global wearable device market released by IDC, the global wearable shipment volume in the first quarter of 2024 was 110 million units, a year-on-year increase of 8.8%. Although the wearable market worldwide is in an upward trend, the average selling price has continued to decline for the fifth consecutive quarter due to the active emerging markets and the downward pressure on economic consumption.

Jitesh Ubrani, IDC's global research manager, believes that the lack of significant innovation in the high-end market has led to a narrowing of the gap in all aspects for second-tier brands. Unless we reach a new height, that is, new sensors or algorithms can provide predictive advice or track new data types, such as blood pressure or blood sugar. Otherwise, consumers may tend to a more reasonable mid-range price, which also makes brands continue to adopt diversified pricing strategies for deployment.

Pan Xuefei, assistant research director of IDC China, believes that the current development of the wearable market is mainly based on creating more choices for consumers, including differentiated prices, diversified forms, personalized accessories such as straps and cases, etc. Due to the broad space of the Chinese market, the wearable market, especially the wrist-worn market, still has some penetration potential and leaves a window for the reserve of emerging technologies. However, the market urgently needs new sensing technologies and algorithms to appear to promote sustainable development of the industry.