The Smartwatch Industry Faces Its First Decline: Analyzing 2024 Trends
In a surprising turn, the global smartwatch industry recorded its inaugural decline in 2024, witnessing a decrease of 7% relative to the previous year. Despite this downturn, Apple continued to hold onto its crown as the leader in smartwatch sales, albeit with a notable drop in shipments by 19%. Meanwhile, Huawei emerged as a strong competitor, capturing second place with an impressive 35% increase in shipments driven by robust demand within China and an extensive product range that includes basic wearables to children’s smartwatches and high-end models.
Following closely was Samsung, securing third place with a slight growth of 3%, attributed to the successful launch of its Galaxy Watch7 and Galaxy Watch Ultra series. In contrast, Xiaomi experienced remarkable success in the same year with an extraordinary rise of 135% in annual shipments.
Factors Behind Market Contraction
A key contributor to this worldwide decline stems from challenges within the Indian market. Here, consumer interest has waned due to prolonged replacement cycles coupled with minimal innovation and disappointing experiences for new buyers entering the market.
The Rise of China’s Smartwatch Market
Looking Ahead: Future Expectations
The outlook for recovery appears optimistic for 2025 as advancements in artificial intelligence integration alongside enhanced health monitoring features pave new avenues for smartwatch innovations.
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