XIAOMI(HK:01810) Qian Zhan Wang·2025-06-11 02:18Industry Overview - The smart wristband is a wearable smart device that allows users to record real-time data related to exercise, sleep, and diet, syncing this data with their smartphones to guide a healthier lifestyle [1] - The smart wristband industry involves multiple segments, including upstream raw material and component suppliers, midstream device manufacturers, and downstream sales channels and application fields [4][5] Industry Development - The development of smart wristbands in China has progressed through several stages: initial phase, rapid growth phase, mature phase, and is currently in the innovation development phase, focusing on product differentiation and smart upgrades [6] - The market for smart wristbands is projected to grow at an annual rate of 18%, potentially reaching a market size of 21 billion yuan by 2030 [24] Market Size and Sales - In 2024, China's smart wristband market is expected to see a shipment volume of 17.99 million units, representing a year-on-year growth of 20.2% [14] - The total market size for smart wristbands in China is estimated to be approximately 7.78 billion yuan in 2024, driven by the "national subsidy" policy [15] Competitive Landscape - The smart wristband market is characterized by a "dual oligopoly" structure, with Xiaomi and Huawei dominating approximately 85% of the market share [21] - Xiaomi has emerged as the only brand among the top five to achieve growth, largely due to the successful launch of the Xiaomi Band 9, which has enhanced features and performance [21] Policy Support - The Chinese government has implemented various policies to support the development of wearable devices, particularly in health monitoring applications, encouraging advancements in technology and component manufacturing [11][12][13]