Global Smartwatch Market Faces First Decline as Brands Adapt Strategies
The smartwatch market has encountered a significant turning point in 2024 as it records its first-ever decline, prompting brands to rethink their strategies. As competition evolves and consumer preferences shift, companies are increasingly focusing on innovation and market demands to regain momentum.
The global smartwatch market saw a 7% decrease in shipments compared to the previous year. Apple retained its lead, but its shipments fell sharply by 19%. In contrast, Huawei rose to second place with an impressive 35% increase in shipments, spurred by a robust Chinese market and its wide range of products catering to various consumer segments, including basic wearables and advanced smartwatch options for children.
Samsung claimed the third position with a slight 3% uptick in shipments, attributed to the popularity of its Galaxy Watch7 and Galaxy Watch Ultra series. Meanwhile, Xiaomi triumphed with a staggering 135% rise in shipments, showcasing the brand's growing influence in the smartwatch space.
The downturn in the global market can largely be traced back to the Indian market, where demand has waned due to a sluggish replacement cycle, stagnant innovation, and less-than-satisfactory experiences reported by first-time buyers.
Looking ahead, experts predict a gradual recovery for the smartwatch market in 2025, bolstered by advancements in artificial intelligence and next-generation health monitoring features set to redefine consumer expectations.
