On November 4, a research report from Huatai Securities noted that smart ring shipments are moving from a niche market toward an independent wearable category. IDC data shows that global shipments rose from 880,000 units in 2023 to 4.34 million units in 2025; CCS Insight forecasts 6 million units in 2026 and about 15 million units by 2030. Yet compared with roughly 162 million smartwatches projected for 2026, smart ring sales amount to only about 4% of that figure. Huatai Securities believes smart rings have passed the first-stage validation of "whether consumers need this form factor": Oura has built a scaled user base, and Samsung has completed validation as a major player, but leading manufacturers such as Apple, Huawei, and Xiaomi have not yet fully entered the market. The sector is currently still in the brand and use-case validation stage and has not yet entered a full-scale supply chain ramp-up period.