The global wearables market rebounded in the second quarter of 2023, with shipments increasing by 6% year-on-year to reach 44 million units, according to market research firm Canalys. This growth was attributed to a surge in consumer demand across various aspects of daily life, as well as the availability of affordable wearables.

Apple led the market with a share of 18%, followed by Xiaomi (11%), Huawei (10%), Noise (8%), and Fire-Boltt (7%). Out of all the wearable segments, the basic watch category experienced robust growth, capturing nearly half of the market share. 

This growth was primarily driven by Indian players and major smartphone vendors, such as Huawei, Xiaomi, and Huami. In the Indian market, basic watches saw a remarkable 73% increase in shipments.

Likewise, despite a year-on-year decline, basic smartbands also maintained a stable market share of 19%. This is likely due to the availability of affordable options and consumers’ cautious approach to higher-priced alternatives.

The smartwatch category experienced substantial double-digit growth—all thanks to the competitively priced products from companies like Xiaomi and Huawei. They introduced a slew of new wearables at aggressive prices to boost their market presence and appeal to diverse consumer preferences.

Wearables market growth in Q2 2023

Indian vendors also played a significant role, introducing entry-level and higher-priced products to cater to different customer segments. Brands like Noise and Fire-Boltt offered smartwatches with an average selling price below $19, helping them climb into the top five wearable brands.

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