The global smartwatch market experienced its first ever decline in 2024, falling by 7% compared to the previous year. Apple maintained its first position but experienced a significant 19% reduction in shipments. Huawei secured second place with a 35% surge in shipments thanks to a strong Chinese market and a diverse portfolio, ranging from basic wearables, kids’ smartwatches, and advanced offerings.
Samsung was third with a modest 3% increase in shipments thanks to the Galaxy Watch7 and Galaxy Watch Ultra lineups. Xiaomi’s 2024 smartwatch year was strong with a 135% jump in yearly shipments.
The main reason for the global market decline was the Indian market, where consumer demand diminished due to a slow replacement cycle, lack of innovation, and unsatisfactory user experiences among first-time buyers.
On the other hand, the Chinese market was the biggest global market for the first time. It grew by 6% year-over-year, recording its highest ever shipments. Huawei, Imoo (formerly BKK), and Xiaomi were the frontrunners.
The market is expected to slowly recover in 2025 on the heels of increased AI integration and advanced health monitoring in future smartwatches.
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