Global Smartwatch Shipments Declined in 2024

Global smartwatch shipments fell 7% in 2024, the market’s first-ever decline, according to Counterpoint Research. The downturn was primarily due to a decline in Apple’s shipments as the basic smartwatch segment saw lower upgrades amid a slowdown. Weakness in the basic smartwatch market originated in India, where consumer demand waned due to a slow replacement cycle, lack of innovation, and unsatisfactory user experiences among first-time buyers.

Apple retained its top position in the global market, hoisted by its growing iOS user base, followed by Samsung, which witnessed 3% growth as its newly launched Galaxy Watch 7, Galaxy Watch Ultra, and Galaxy Watch FE Series saw strong adoption. Xiaomi made a remarkable entry, experiencing the fastest growth in 2024 and securing a spot among the top five for the first time. The brand saw growth across all regions, propelled by its portfolio expansion and the strong performance of its Watch S1 and Redmi Watch series.

“Apple Watch witnessed a decline in momentum on its 10th anniversary, despite the launch of the S10 series. The biggest driver of the decline was North America, where the absence of the Ultra 3 and minimal feature upgrades in the S10 lineup led consumers to hold back purchases. Additionally, patent disputes limited shipments in the first half of the year. The slowdown of the existing Apple Watch SE lineup and the lack of new SE models also contributed to the decline,” said Anshika Jain, Senior Research Analyst at Counterpoint Research. “In terms of regions, China, for the first time, recorded the highest ever shipments, surpassing NAM and India in 2024. Huawei, Imoo, and Xiaomi were the front runners in the China market. Their diverse portfolios, ranging from basic, advanced to kids’ smartwatches, along with the Chinese consumer's inclination towards these brands drove the overall adoption.”

“Only the kids’ smartwatch segment witnessed growth with Imoo remaining the market leader driven by its affordable, feature-rich offerings. The kids’ smartwatch segment is gaining traction as parents are concerned for their children’s safety, and they desire to track and stay constantly connected with their children. With the decline of basic smartwatches, other brands such as Noise, boAt, and Google’s Fitbit have started diversifying their portfolio to include kids’ smartwatches. This is a good sign for the market’s diversification and indicates further growth in the future,” said Balbir Singh, Research Analyst at Counterpoint Research.

“The smartwatch market is expected to recover slowly and witness single-digit percentage growth in 2025. Both Android and iOS smartwatches are expected to integrate more AI capabilities and advanced sensors to provide deeper insights into health data. For advanced sensors, smartwatches are expected to incorporate sensors for measuring bodily signals such as serious heart health tracking, focusing on atrial fibrillation, sleep apnea, hypertension, and diabetes. Brands will emphasize getting regulatory approvals for their new smartwatch models and incorporating new health features to sustain their position in the market,” said David Naranjo, Associate Director at Counterpoint Research.