The global smart wearable market has been growing for many consecutive quarters now but there's a noticeable shift in the smart bands/smartwatches dynamic that started in Q4 2020 when smartwatches became the main driving factor for growth.
The overall shipments grew 5.6% year on year in Q2 2021 while the basic bands' 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 the global sales.
In the wristwatch segment, Apple is still leading the pack with a massive 31.1% market share and grew 29.4% year-on-year. Huawei and Garmin follow suit with 9% and 7.6%, respectively.
However, when taking the total number of smart wearables into account, Xiaomi takes the lead mostly thanks to its popular Mi Band 6 and the expanded availability worldwide. It overtakes Apple with 19.6% market share, recording 2.6% year-on-year growth. Apple is a close second with 19.3% share and a substantial 29.4% growth compared to Q2 2020. Huawei takes third place with 53.9% decline as its home Chinese market keeps the company afloat.