The global smartwatch market saw its first-ever decline in shipments in 2024, with an overall drop of 7% year-over-year. Apple, the market leader, was not immune to the downturn, experiencing a significant 19% reduction in shipments compared to the previous year.
Apple’s decline is attributed to a variety of factors, including minimal upgrades in its Apple Watch Series 10 lineup, the absence of an Ultra 3 model, and the lack of a new SE model since 2022. These gaps left many consumers without compelling reasons to upgrade, especially in a market where innovation often drives sales. Speculation suggests that Apple may have opted to skip the Ultra 3 due to concerns over its high price, with an anticipated third-generation Apple Watch SE set to be released this year.
Additionally, patent disputes, including a recent legal victory for Apple over medical device maker AliveCor, contributed to the slowdown in smartwatch shipments. Despite this, Apple maintained its position as the top smartwatch manufacturer, holding a 22% share of the global market.
Huawei secured the second position with a 13% market share, while Samsung accounted for 9%, followed by Xiaomi at 8%, and Imoo at 6%. Other manufacturers collectively made up the remaining 42% of the market.
While overall shipments declined, the smartwatch category is still seeing growth in certain segments. Notably, the kids’ smartwatch market has seen a rise in demand, with parents increasingly concerned about their children’s safety. Imoo, which specializes in connected devices for kids, has benefitted from this trend, and other brands like Fitbit, boAt, and Noise are also expanding their product lines to cater to this growing demographic.
Geographically, China led the smartwatch market, claiming a 25% share, narrowly edging out India’s 23%. North America accounted for 22% of global shipments, while Europe lagged behind with a 15% share.
Despite challenges, smartwatches continue to gain traction worldwide, with emerging markets and niche segments like children’s wearables providing a boost to the industry.
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