Huatai Securities says smart‑ring shipments are shifting from a niche market
toward a standalone wearable category. IDC data: global shipments rose from 880k
in 2023 to 4.34m in 2025; FDM CCS Insight forecasts ~6.0m in 2026 and ~15.0m by
2030. By contrast, smartwatches are forecast at ~162m units in 2026, implying
smart rings would be roughly 4% of smartwatch volumes. Huatai notes smart rings
have passed initial consumer‑need validation—Oura has a scaled user base and
Samsung provides major‑player validation—but Apple, Huawei and Xiaomi have not
yet fully entered. The sector remains in brand and scenario verification and has
not reached a full supply‑chain volume ramp.
