In the field of smart technology, wearable devices have become a popular trend, offering people a whole new experience in their lives and work. According to new data from the International Data Corporation (IDC), worldwide shipments of wearable devices are forecast to rebound in 2023, reaching a total of 504.1 million units, representing 2.4% year-over-year growth. Looking ahead, IDC expects the market will see several years of single-digit growth with shipments reaching 629.4 million units in 2027 and resulting in a compound annual growth rate (CAGR) of 5.0%.
As one of the world's largest manufacturing and technology innovation centers, China naturally demonstrates formidable strength in the field of smart wearable devices. Chinese companies specializing in smart wearable devices have achieved remarkable accomplishments in design, manufacturing, and innovation, actively expanding into the global market.
In this review article, we will focus on 10 global Chinese companies in the smart wearable device industry, introducing their products, technological innovations, and global market strategies. These companies have not only achieved success in the domestic market but also demonstrated strong competitiveness on the international stage. Their product offerings include smartwatches, smart wristbands, smart glasses, and other innovative wearable devices, providing users with convenient, intelligent, and health-oriented experiences.
Similar to the rise of cross-border e-commerce and remote work tools during the pandemic, smart wearable devices have also experienced significant growth during this particular period. The demand for health monitoring, lifestyle tracking, and smart connectivity continues to increase, and smart wearable devices are perfectly positioned to meet these demands. Additionally, the global market trend is driving Chinese companies to actively enter the global market, competing and collaborating with international brands to collectively propel the industry's development.
Through this review of 10 global Chinese companies in the smart wearable device industry, we hope to inspire insights for entrepreneurs and consumers in this field. Let us explore the globalization process of Chinese smart wearable device companies together and witness their splendid performance in the global market.
1. Xiao (Chinese: 小米)
Xiaomi Corporation was officially established in April 2010 and is a consumer electronics and smart manufacturing company with a focus on smartphones, smart hardware, and IoT platforms. Since its inception, Xiaomi has become one of the world's leading smartphone brands, consistently ranking among the top three globally in terms of smartphone shipments. Additionally, Xiaomi has established a leading consumer-grade AIoT (Artificial Intelligence of Things) platform. As of December 31, 2022, the company's business has expanded to over 100 countries and regions worldwide.
Currently, there are a total of 11 Xiaomi wearable devices available for sale, including:
Smart Band category, including Xiaomi Mi Band 8 (Standard Edition, NFC Edition), Xiaomi Mi Band 7 (Standard Edition, NFC Edition), Xiaomi Mi Band 7 Pro, and Redmi Band 2, totalling 6 products.
Smartwatch category, including Xiaomi Watch S2, Xiaomi Watch S1, Xiaomi Watch S1 Pro, and Redmi Watch 3, totalling 5 products.
IDC data suggests that Xiaomi ranked third in the global wearable device market by shipment volume, totalling 34.7 million units, with a market share of 7.1% in 2022.
2. Huawei (Chinese: 华为)
Founded in 1987, Huawei is a global leading provider of ICT infrastructure and smart devices. Currently, Huawei has approximately 195,000 employees and its business spans more than 170 countries and regions, serving over 3 billion people worldwide. Huawei's smart wearable products include smartwatches, calling wristbands, fitness wristbands, children's watches, smart glasses, VR glasses, and TWS earphones, among others. In 2021, Huawei achieved revenue of CNY 636.8 billion and a net profit of CNY 113.7 billion. In 2022, it achieved a revenue of CNY 642.3 billion and a net profit of CNY 35.6 billion.
IDC data suggests that Huawei ranked fourth in the global wearable device market by shipment volume, totalling 33.3 million units, with a market share of 6.8% in 2022. Strategy Analytics' research suggests that in the first half of 2022, Huawei has emerged as the second-largest global supplier of wearable devices in terms of shipments and revenue. Currently, Huawei accounts for one-seventh of the total global revenue from major wearable device manufacturers.
3. OPPO
OPPO is a globally leading manufacturer of smart devices and provider of mobile internet services, committed to offering customers the most advanced and refined smartphones, high-end audiovisual equipment, and mobile internet products and services. Founded by Tony Chen in 2004, OPPO operates in over 40 countries and regions, with more than 400,000 sales outlets. It has six major research institutes and four R&D centers worldwide, employing over 40,000 employees.
OPPO wearable devices currently available for sale include OPPO Watch series, OPPO band series and OPPO Air Glass.
4. BBK Electronics (Chinese: 步步高)
Currently having three major sectors - commerce, real estate, and finance, BBK Electronics is a Chinese multinational conglomerate involved in multiple formats such as retail, e-commerce, commercial real estate, internet finance, and large-scale logistics. The company specializes in developing consumer electronics products such as smartphones, tablet computers, smartwatches, smart TVs, Hi-Fi equipment, Blu-ray players, and digital cameras.
Developed by BBK Electronics, Imoo Phone Watch (Chinese: 小天才电话手表) is designed to meet the needs of children and tailored specifically for kids aged 5-12. It is a children's smartwatch that combines features such as making phone calls, location tracking, voice messaging, and socializing in one device. According to the latest report released by Counterpoint Research, in the first quarter of 2023, in the segment of children's smartwatches, Imoo ranked first with a market share of 35%, Huawei ranked second with a market share of 15% and Xiaomi ranked third with a market share of 9%.
5. Andon Health (Chinese: 九安医疗)
Founded in 1995, Andon Health is a listed company that specializes in the research, development, and production of health-related electronic products and smart hardware. It is also an innovative technology enterprise focused on building a "smart hardware + mobile application + cloud services" personal health management platform in the mobile internet industry. The company has established subsidiaries in Silicon Valley, Paris, Beijing, and Singapore.
The company was listed on the Shenzhen Stock Exchange's SME board on June 10, 2010 (stock code: 002432). In the same year, it transformed into the mobile internet industry and created its own innovative brand "iHealth." It launched a mobile-connected blood pressure monitor that is compatible with Apple smartphones and received strong support from Apple Inc., gaining access to Apple's online official website and offline retail channels. The company has subsequently introduced a range of personal health wearable devices in various fields, including blood pressure, blood glucose, blood oxygen, electrocardiogram, heart rate, weight, body fat, sleep, and exercise. It also received a strategic investment of $25 million from Xiaomi Technology, becoming a partner in Xiaomi's ecological chain.
6. cosonic (Chinese: 佳禾智能)
Cosonic specializes in the design, development, manufacturing, and sales of audio products and is a leading domestic manufacturer in the field. Its main brand is Cosonic, and it also provides ODM services to users. Its products are widely used in various fields such as smart communications, mobile networks, health and fitness, gaming and entertainment, and smart home.
It has developed and manufactured a series of audio products for internationally renowned clients such as Harman, Beats, House of Marley, PEAG, V-Moda, Pioneer, JVC, Audeze, Panasonic, and Creative, as well as domestically renowned clients including 1more (Chinese: 万魔声学), Lenovo(Chinese: 联想), Xiri Electronics (Chinese: 喜日电子), Anker(Chinese: 安克), and iFlytek (Chinese: 科大讯飞).
7. Lifesense (Chinese: 乐心医疗)
Founded in 2002, Lifesense focuses on smart health and currently specializes in two main directions- "smart wearables" and "mobile healthcare". Its product lineup includes wearable sports bracelets (watches), electronic health scales, fat-measuring devices, electronic blood pressure monitors, and other hardware devices. In addition, it provides software and integrated solutions of intelligent hardware for areas such as sports and weight management, and chronic disease management.
In February 2015, the sports bracelet "bonbon" received the iF Industrial Design Award in Germany.
On November 16, 2016, Lifesense was officially listed on the Shenzhen Stock Exchange's Growth Enterprise Market (stock code: 300562), marking a new milestone in the development of its wearable device business.
8. Fenda Technology (Chinese: 奋达科技)
Founded in 1993, Shenzhen Fenda Technology Co., Ltd. (Stock Code: 002681) started with the development and manufacturing of speakers. Through 30 years of development, Fenda Technology has established four core competencies in electronic sound, wireless, software, and precision manufacturing.
The company's products mainly cover five business segments: electronic sound products, health appliances, smart wearables, smart homes, and wireless headphones. Fenda Technology directly collaborates with and serves globally renowned brands such as Alibaba, Walmart, Yandex, Philips, Farouk Systems HOT Logitech, and Amazon. It is a leading provider and service provider of new-generation smart hardware integrated solutions, and one of the few domestic smart hardware companies capable of providing integrated software, hardware, and cloud services.
9. Huami Technology (Chinese: 华米科技)
Huami Technology, founded in 2013, is a cloud-based health service provider with globally leading smart wearable technology. It is also the first Chinese smart hardware innovation company to go public on the US capital market. In February 2018, Huami Technology debuted on the New York Stock Exchange (NYSE) with the ticker symbol "ZEPP". Its main products include smart bands, smart scales, and the Amazfit series of smart bands and smartwatches. Leveraging powerful artificial intelligence algorithms and big data analysis capabilities, Huami Technology provides 24/7 health monitoring services to users and integrates smart wearable technology into the global Internet of Things, creating a smarter and more convenient lifestyle for users.
10. iFlytek (Chinese: 科大讯飞)
iFlytek Co., Ltd., founded in 1999, is a well-known intelligent speech and artificial intelligence listed company in the Asia-Pacific region. The company has been engaged in core technology research in speech and language, natural language understanding, machine learning inference, and autonomous learning, maintaining an international cutting-edge technology level. It actively promotes the research and development of artificial intelligence products and the application of the industry, striving to enable machines to "listen, speak, understand, and think." In 2008, the company was listed on the Shenzhen Stock Exchange (stock code: 002230). In May 2021, iFlytek launched the world's first iFlytek wrist recorder R1, creating a new form of wearable recorder.