In 2024, the global smartwatch market saw its first decline, dropping 7% year-over-year. Apple held the top position but faced a 19% decrease in shipments. Huawei rose to second place with a 35% increase, driven by a robust Chinese market and diverse products. Samsung ranked third with a slight 3% increase, boosted by the Galaxy Watch7 and Ultra lineups. Xiaomi achieved remarkable growth with a 135% surge in shipments. The decline was primarily attributed to reduced demand in India, while China became the largest market, growing by 6%. Recovery is anticipated in 2025 due to advancements in AI and health features.
The global smartwatch sector faced its inaugural decline in 2024, dropping by 7% compared to the previous year. Apple retained its leading position but saw a notable 19% decrease in shipments. Huawei claimed the second spot, benefiting from a remarkable 35% rise in shipments, driven by a robust Chinese market and a varied product lineup that includes basic wearables, children’s smartwatches, and more sophisticated models.
Samsung ranked third with a slight 3% rise in shipments, attributed to the success of its Galaxy Watch7 and Galaxy Watch Ultra series. Meanwhile, Xiaomi had a stellar year in 2024, with an impressive 135% increase in annual shipments.
The primary factor behind the global market’s decline was the situation in India, where consumer interest waned due to a prolonged replacement cycle, a lack of innovative features, and less-than-satisfactory experiences for first-time buyers.
Conversely, the Chinese market emerged as the largest global market for the first time, with a year-on-year growth of 6%, achieving its highest shipment numbers to date. Huawei, Imoo (formerly BKK), and Xiaomi led the way.
Looking ahead, the market is projected to gradually rebound in 2025, driven by enhanced AI integration and more advanced health monitoring capabilities in forthcoming smartwatches.
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