In 2024, global smartwatch shipments experienced a 7 percent year-on-year (YoY) decline, marking the first drop in sales in recent years, according to a new report from market research firm Counterpoint. Despite the overall downturn, Apple maintained its dominant position in the market, followed closely by Huawei and Samsung in second and third place. However, Apple experienced a significant 19 percent YoY decline in shipments, primarily due to a slowdown in its Apple Watch SE lineup and the lack of new SE model releases.
The drop in Apple’s shipments has had a notable impact on the overall market, but Chinese brands such as Xiaomi, Huawei, and Imoo have seen impressive growth in 2024. Xiaomi, in particular, recorded the fastest growth and secured a place among the top five smartwatch vendors for the first time. This surge in sales highlights the growing demand for affordable yet feature-rich smartwatches, a segment where Xiaomi has proven competitive. Huawei also performed strongly, securing second place with a 35 percent YoY growth, bolstered by the popularity of its smartwatch offerings.
Samsung, which has consistently held a top spot in global smartwatch shipments, saw modest growth in 2024, with a 3 percent YoY increase. This growth can be attributed to the success of its recent Galaxy Watch models, including the Galaxy Watch 7, Galaxy Watch Ultra, and Galaxy Watch FE. These models have been well-received, helping the South Korean brand maintain its foothold in the market amidst a broader decline in smartwatch sales.
While the overall smartwatch market faced challenges in 2024, the rise of Chinese brands like Xiaomi and Huawei, as well as the continued success of Samsung’s latest models, suggests that the landscape is shifting. With growing competition and evolving consumer preferences, companies will need to innovate and adapt to maintain their positions in this increasingly dynamic market. As the year progresses, it will be interesting to see how brands adjust their strategies to meet the demand for smarter, more affordable wearables.