Health is at hand, with wrist-worn wearables projected to grow by 8.7% in 2024

Futuresource Consulting’s latest comprehensive report on the global wearables market reveals that the wrist-worn wearables category is projected to grow by 8.7% in 2024, to achieve 213 million shipments. The specialist research agency has also announced that it expects retail value to grow by 11%, generating revenues of nearly $51 billion. 

Delivering an in-depth analysis of key trends, market opportunities and future projections for six different wearable product types, the report identifies smartwatches and sports watches as the main drivers of growth. 

Smartwatches lead the growth charge

Smartwatch shipments are expected to reach 90 million units in 2024, growing by 14% globally. The segment has seen a resurgence in replacement sales, with 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, with Samsung and Huawei gaining ground. 

“Smartwatches are now developing health-related capabilities that go beyond simple notifications,” says Arian Bassari, Lead Analyst at Futuresource Consulting. “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.” 

Sports watches pull their weight, activity trackers on the wane

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. 

Small growth spurt for kids’ watches

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. 

Smart moves for seniors

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. 

Rising demand signals bright market future

Looking ahead, Futuresource expects the wearables market to continue to gain momentum, with adoption driven by the growing demand for personalised 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. 

“Wearables are no longer just lifestyle gadgets. They’re becoming essential tools for healthier living,” says Bassari. “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.” 

Futuresource Consulting is at the forefront of tracking, analysing and consulting on developments in the global wearables market. Its comprehensive research and insights help clients navigate the complexities of the landscape and achieve their strategic goals.  

For more information or to purchase Futuresource Consulting’s Global Wearables Market Outlook Report, please contact Benedict Greenwood at benedict.greenwood@futuresource-hq.com.   

About the author

Arian Bassari

Arian joined the Gaming team at Futuresource in 2021 as an analyst, where he conducts research to understand market dynamics and provide data-driven insights.