The global smartwatch market experienced its first annual decline in 2024, with shipments dropping by 7% compared to the previous year, according to a Counterpoint Research report. This marks a significant shift after years of steady growth.
Apple remained the top smartwatch brand but faced a sharp 19% decline in shipments, indicating slower demand and longer upgrade cycles. Despite retaining its lead, Apple’s drop played a key role in the overall market downturn.
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Huawei, however, surged to second place with a 35% year-over-year increase, driven by strong sales in China, which overtook other regions as the world’s largest smartwatch market. Huawei’s diverse lineup, spanning budget-friendly to premium and kids’ smartwatches, fueled its growth.
Samsung secured third place with a modest 3% increase in shipments, bolstered by its Galaxy Watch7 and Watch Ultra series. Meanwhile, Xiaomi saw a remarkable 135% surge, capitalizing on demand for affordable, feature-packed wearables.
The slowdown was primarily attributed to India, previously a key growth driver. The market cooled due to a slower replacement cycle, lack of compelling upgrades, and underwhelming experiences among first-time buyers. In contrast, China’s smartwatch market expanded by 6%, with brands like Huawei, Imoo, and Xiaomi leading the growth.
Looking ahead, the market is expected to recover in 2025, driven by AI-powered features and advancements in health monitoring technology.
