According to the latest data from Counterpoint Research, the global smartwatch market will shrink by 7% in 2024.
Apple suffered the biggest losses, as its sales fell 19% compared to 2023. According to Counterpoint Research, this is due to a lack of demand in the US, which, in turn, is due to unreleased new models such as the Apple Watch Ultra 3, as well as minimal updates to the Apple Watch Series 10.
Despite this, Apple remains the market leader with a 22% share, followed by Huawei with 13%, Samsung with 9%, Xiaomi with 8%, and Imoo, which mainly operates in Asia, with 6%.
Xiaomi was the biggest winner in 2024, posting a 135% growth, driven by the success of the Xiaomi Watch S1 and affordable Redmi smartwatches. Huawei also benefited from the growth of the Chinese market, selling 35% more watches compared to the previous year.
Samsung saw a 3% growth thanks to models like the Galaxy Watch7, Galaxy Watch Ultra, and Galaxy Watch FE. China became the largest market for smartwatches, overtaking India with a 25% share, while India has 23%, North America has 22%, and Europe has 15%.
Counterpoint Research predicts that the smartwatch market will grow by several percent in 2025.