. During the second quarter of 2024, shipments of smartwatches rose .1% year-over-year. While most manufacturers continued to suffer declines in deliveries, Garmin saw its year-over-year shipments rise 16% during the second quarter due to strong consumer demand and increased advertising spending.
"These ecosystem vendors are set to introduce advanced health and fitness tracking features to counter Garmin’s ongoing success, spurring a wave of device upgrades. To succeed in this competitive market, smartwatch vendors must deliver significant improvements in health tracking and battery life over previous generations...
But smartwatches are only one of three different segments that make up the wearable band industry. The other two parts of the equation include Basic Bands which is led by Xiaomi whose Smart Band is a big seller every year. Xiaomi's 40% share of the Smart Band market during Q2 easily beat out Huawei's 23%, Google's 10%, Samsung's 6% and Honor's 2%.
Overall, 44.3 million wearable bands were delivered during the second quarter which was a small .2% annual gain for the period.