The global smartwatch market saw a notable shift in 2024, experiencing its first-ever annual decline, with overall shipments falling by 7% compared to the previous year, according to a report by Counterpoint Research. This drop marks a turning point for a market that had been steadily growing over the past decade.
Apple remained the top global smartwatch brand, but not without setbacks. The company recorded a significant 19% drop in shipments, signaling slower demand and possibly longer upgrade cycles among users. Despite holding its lead, Apple’s decline was one of the key contributors to the overall market dip.
Huawei, on the other hand, made substantial gains and moved into second place. It saw a 35% year-over-year increase, largely driven by strong performance in China, which became the largest smartwatch market in the world for the first time. Huawei’s wide-ranging lineup—from basic wearables to premium and kids’ smartwatches—helped fuel its success.
Samsung secured third place with a 3% increase in shipments, thanks to its Galaxy Watch7 and Watch Ultra offerings. Meanwhile, Xiaomi had a breakout year with a massive 135% jump, gaining traction through its affordable and feature-rich wearables.
The biggest reason behind the global slowdown was India, which had previously been a major growth driver. The market there cooled due to a slower replacement cycle, lack of compelling upgrades, and underwhelming experiences among first-time buyers. In contrast, China’s market grew by 6% year-over-year, with brands like Huawei, Imoo, and Xiaomi leading the charge.
Looking ahead, the market is expected to gradually recover in 2025, driven by AI-powered features and more advanced health monitoring in next-gen smartwatch models.
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