The global smartwatch market experienced its first-ever decline in shipments, dropping by seven percent year-on-year (YoY) in 2024, according to a Counterpoint report. It was all down to lower Apple Watch shipments and fewer upgrades in the inexpensive smartwatch sector.
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Global Smartwatch Shipments Decline 7% in 2024, Apple Retains Lead: Counterpoint
While the overall numbers fell, Apple continued to hold the largest share of the market but saw its share decrease from 25 percent in 2023 to 22 percent in 2024. Its overall smartwatch shipments were down a stark 19 percent. Even the introduction of the Apple Watch Series 10, celebrating the product’s 10th anniversary, could not stem the decline. In North America, the draining of Apple Watch models, as well as just the Apple Watch Ultra 3 and some minor enhancements to the Watch Series 10 portfolio, led customers not to purchase.
Huawei climbed to second in the global smartwatch market, growing its market share from nine percent in 2023 to 13 percent in 2024, shipping 35 percent more units YoY. Samsung held on to the third spot as well, gaining a tiny bit of market share from eight percent to nine percent as sales climbed three percent YoY.
Strong adoption of the newly launched Galaxy Watch 7, Galaxy Watch Ultra, and Galaxy Watch FE series benefited the company. Xiaomi beats Apple as the world’s 4th biggest smartphone brand with a record 135 percent YoY growth Its market share also increased from three percent in 2023 to eight percent in 2024.
Regionally, smartwatch shipments in India declined by seven percent compared to the previous year. In 2023, OEMs had allocated 30 percent of their smartwatch shipments to India, but this figure dropped to 23 percent in 2024. The decline was linked to a slow replacement cycle, limited innovation, and dissatisfaction among first-time users. Conversely, shipments to China saw an increase, rising from 19 percent in 2023 to 25 percent in 2024. Meanwhile, North America, Europe, and the Middle East experienced slight growth in shipments, though North America registered a small decline.
FAQs
Why did global smartwatch shipments decline in 2024?
Global shipments dropped due to fewer upgrades and lower demand, especially for Apple’s smartwatches.
Which brand led the smartwatch market in 2024?
Apple remained the top brand, despite a decline in market share and shipments.
