The global market for smart wearable has grown in many consecutive quarters now, but there is a noticeable shift in the dynamic band / smartwatches dynamics that started in the 4th quarter of 2020, when smartwatches became the main driver of growth.
Total shipments grew 5.6% year on year in Q2 2021, while baseband sales fell 23.8%. The decline was offset by the full-fledged smartwatches as they grew an impressive 37.9% year-over-year and now account for 62% of global sales.
In the wristwatch segment, Apple still leads the package with a massive 31.1% market share and grew 29.4% on an annual basis. Huawei and Garmin follow suit by 9% and 7.6% respectively.
However, considering the total number of smart wearables, Xiaomi takes the lead thanks to its popular Mi Band 6 and the expanded availability worldwide. It overtakes Apple with 19.6% market share and records 2.6% growth on an annual basis. Apple is close to second place with 19.3% share and a significant growth of 29.4% compared to Q2 2020. Huawei occupies third place with a decrease of 53.9% as its home Chinese market keeps the company afloat.
