The Chinese market for smartwatches and bands experienced double-digit growth in the first three quarters of this year, defying the global market downturn, Yicai Global reported Tuesday, citing market research firm International Data Corp.

While global sales declined by 1%, China saw sales increase by over 20%. This growth is attributed to a strong focus on health and wellness among Chinese consumers, the report said.

Market research indicates that the Chinese wearable market is expected to grow by over 3% in 2024, resulting in an estimated 62.5 million new devices sold, according to the report.

In terms of global market share, Huawei Technologies led with 23.5 million units sold, followed by Apple with 22.5 million and Xiaomi (HKG:1810) with 20.5 million. Samsung (KRX:005930) was fourth on the list with 11.5 million units sold, the publication said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)