Although Apple has long dominated the smartwatch category with the Apple Watch, the Google ecosystem has always seemed more siloed for smartwatches. However, while the introduction of the Apple Watch Series 10 enabled the company to regain the No. 1 spot in Q3 of this year, a separate report has now shown that Apple has been overtaken by a Chinese brand as the leading smartwatch vendor in Q1-Q3 calendar year 2024. This is a change in the trend of the global smartwatch market.
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Huawei Overtakes Apple as the World’s Top Smartwatch Brand in 2024: Here’s What You Need to Know
According to disk numbers, the latest report by IDC reports that Redmi surpasses Apple smartwatch shipments in the year Q1-Q3 2024. In that time frame, the Chinese tech behemoth shipped a total of 23.6 million smartwatches for a 16.9% market share. By contrast, Apple delivered 22.5 million units for 16.2% of the market, also down slightly year-over-year. While Apple maintained the second spot, this was heavily impacted as Huawei’s competition took away its market share.
The report further noted that the Chinese smartwatch market increased by 23.3% year on year, which was in stark contrast to the shipment contraction in the US and Indian markets. Another reason for Huawei‘s expansion is how many of their smartwatch models (i.e. Watch GT5, GT5 Pro, and the Watch D2) have become popular with advanced health features like blood pressure monitoring. The region with record growth has been APAC, Latin America, the Middle East, and Africa as the company strengthens its global presence.
However, the growth rate for the Apple Watch does continue to be dented, as the number of shipments has seen a 12.8% drop. While the Apple Watch continues to be the top-selling smartwatch globally, its premium pricing and growing competition from players such as Xiaomi, Samsung, and BBK Group have made its position by price segment harder to maintain — year-on-year growth in these competitors was about 25%. The changing of the guard market-wise entails more competition and diversification in the burgeoning smartwatch industry.
FAQs
Which company is now the leader in the smartwatch market?
Huawei has surpassed Apple to become the top smartwatch brand in 2024.
What caused Apple’s decline in the smartwatch market?
Apple experienced a -12.8% growth rate, facing increased competition from brands like Huawei, Xiaomi, and Samsung.
