The global smartwatch market is facing challenges as it experiences a fifth consecutive quarter of decline, data from Counterpoint reveals. Despite this trend, China has shown a significant growth in smartwatch shipments with a 37% year-on-year increase.
The decline in the global market is attributed to a decrease in Apple smartwatch sales and a slowdown in the smartwatch market in India. Apple remains the market leader with a 20% share, despite a 9% drop in shipments. Huawei and Xiaomi have shown positive growth, each recording a 53% increase in shipments. On the other hand, Samsung's market share has decreased by almost 23%, falling from 9% to 7%.
Consumer preferences are shifting towards more expensive and feature-rich smartwatches, as evidenced by a 21% growth in the $100-$200 segment and a 17% decline in the sub-$100 category.
Looking ahead, there is optimism for a modest uptick in smartwatch sales by the end of 2025, with an expected 3% growth.
