The health wearable device market continues to trend up, and Futuresource Consulting’s latest comprehensive report on the global wearables market found that the wrist-worn wearables category is projected to grow by 8.7% in 2024, achieving 213 million shipments. The report also identifies smartwatches and sports watches as the main drivers of growth with retail value expected to grow by 11%, generating revenues of nearly $51 billion.
“Wearables are no longer just lifestyle gadgets. They’re becoming essential tools for healthier living,” said Arian Bassari, Lead Analyst at Futuresource Consulting. “It’s inspiring to see how these devices are breaking barriers, making health and fitness monitoring accessible, and empowering people to take charge of their well-being. This isn’t just a technology trend, it’s a movement towards better quality of life and a more active, mindful future.”
Smartwatches take the lead
Futuresource says smartwatch shipments are expected to grow by 14% globally, reaching 90 million units in 2024. This growth is boosted by consumers opting to upgrade their devices. At the same time, the competitive landscape is shifting, with Apple’s market share shedding more than eight percentage points, and Samsung and Huawei gaining ground.
“Smartwatches are now developing health-related capabilities that go beyond simple notifications,” Bassari added. “We’re seeing the key brands focusing their efforts on advanced heart monitoring and sleep apnoea detection, leaning hard into sophisticated AI models and robust algorithms to provide more accurate health insights.”
The sports watches segment is also experiencing significant growth, with Futuresource expecting shipments to reach 65 million units by the end of 2024, to achieve 14% growth. The premium segment, led by brands like Garmin, Polar, and Suunto, is focusing on developing health features for both casual users and professional athletes alike.
Conversely, activity trackers are projected to see a decline, with shipments expected to drop by 13% globally. Xiaomi will emerge as the brand leader, followed by Huawei and Fitbit.
(image credit: VTech)
Kids’ watches hit a growth spurt and seniors are on the move
The market for kids’ watches is expected to grow by 4.4% in 2024, with shipments reaching 26 million units. China remains the largest market, accounting for 77.4% of global shipments. The competitive landscape is dominated by Chinese vendors, with BBK, 360 Mobile and Huawei leading the market.
According to Futuresource, elderly watches are expected to see significant growth, with shipments projected to reach 3.1 million units in 2024, growing by a staggering 57% year-on-year. Major telecommunication companies are collaborating with brands to raise awareness about the benefits of elderly watches, which offer features like smart fall detection and continuous health monitoring.
Looking ahead, Futuresource expects the wearables market to continue to gain momentum, with adoption driven by the growing demand for personalized health and fitness solutions. As more individuals recognize the potential of wearables to enhance their daily lives, the market is projected to reach $72 billion by 2028.
For more information or to purchase Futuresource Consulting’s Global Wearables Market Outlook Report, please contact Benedict Greenwood at benedict.greenwood@futuresource-hq.com.
See also: Executive Insight: Smart Home Technology For Aging In Place
