Key Takeaways
1. The worldwide smartwatch industry declined by 7% in 2024, with Apple experiencing the largest drop at 19%.
2. Apple still leads the market with a 22% share, followed by Huawei (13%), Samsung (9%), Xiaomi (8%), and Imoo (6%).
3. Xiaomi achieved significant growth of 135% due to the popularity of its Xiaomi Watch S1 and budget-friendly Redmi smartwatches.
4. Samsung recorded a modest growth of 3% driven by its Galaxy Watch series.
5. China has become the largest smartwatch market, accounting for 25% of sales, while single-digit growth is expected for the sector in 2025.
According to recent figures from Counterpoint Research, the worldwide smartwatch industry experienced a decline of 7% in 2024. Apple faced the largest drop, with sales plummeting 19% compared to 2023. This downturn is largely attributed to a decrease in demand within the US market, mainly because the anticipated Apple Watch Ultra 3 has not been released, and the Apple Watch Series 10 has seen only minor updates.
Market Shares and Competitors
Despite this setback, Apple continues to lead the market with a share of 22%. Following Apple, Huawei holds 13%, Samsung has 9%, Xiaomi stands at 8%, and Imoo, which operates mainly in Asia, captures 6%. Notably, Xiaomi emerged as the biggest winner, boasting a remarkable growth of 135% largely driven by the popularity of the Xiaomi Watch S1 and its budget-friendly Redmi smartwatches. Huawei also saw benefits from the expanding Chinese market, managing to sell 35% more smartwatches than the previous year.
Growth Trends and Market Dynamics
Samsung recorded a modest growth of 3% thanks to their Galaxy Watch7, Galaxy Watch Ultra, and Galaxy Watch FE. China has now surpassed India to become the leading market globally, accounting for 25% of all smartwatch sales, while India follows closely with 23%. North America holds 22% of the market, and Europe has a share of 15%. Looking ahead, Counterpoint Research anticipates that the smartwatch sector will see single-digit growth percentages in 2025.
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