The global smartwatch market experienced a year-on-year decline for the first time in 2024. According to data shared by Counterpoint Research, the sector contracted by 7% compared to the previous year. The biggest reason for this decline is the decline in Apple’s sales.
Global smartwatch sales declined
Although Apple maintained its leadership in the market, its sales remained below expectations, especially in North America. The Apple Watch Ultra 3 model was not released and the Series 10 did not offer sufficient hardware updates, leading to a decrease in consumer interest. Despite this, the company continues to be the industry leader with a 22% market share.
Huawei was the brand that made the biggest breakthrough in the smartwatch market. The company, which recorded 35% growth on an annual basis, rose to second place with a 13% market share. Samsung, on the other hand, increased its market share to 9% by achieving 3% growth with the Galaxy Watch 7, Galaxy Watch Ultra and Galaxy Watch FE series.
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Xiaomi was the brand that achieved the most remarkable growth. The company entered the bestseller list for the first time, showing an extraordinary increase of 135%. The high sales rates of the Watch S1 and Redmi Watch series contributed to Xiaomi’s global growth.
Analysts expect the smartwatch market to recover and reach single-digit growth rates in 2025. Consumers‘ interest in new models, the development of health-oriented features and manufacturers’ innovative designs will be decisive in the market’s regaining momentum.
