Global smartwatch shipments decline 9% YoY in Q3 2024; Apple maintains leadership
Apple continued to lead the market, holding a 21 percent share, followed by Huawei with 14 percent and Samsung at 11 percent despite the overall slowdown.
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As consumers seek multifunctional devices that blend seamlessly with their lifestyles, smartwatches have become a key player in the wearables industry, offering features such as fitness tracking, heart rate monitoring, and smartphone integration. The global smartwatch market experienced a 9 percent year-on-year decline in shipments during the third quarter of 2024, according to recent industry data by business intelligence platform, Counterpoint.
As per the report, Apple continued to lead the market, holding a 21 percent share, followed by Huawei with 14 percent and Samsung at 11 percent despite the overall slowdown.
While Apple remained the top player in the smartwatch sector, the company saw a 15 percent drop in its year-on-year shipments, primarily attributed to lower demand for its Watch S10 series, which did not perform as well as the previous Watch S9 series. In contrast, brands such as Xiaomi and Huawei saw significant growth, with Xiaomi and Huawei posting the fastest year-on-year growth among the top 10 brands for Q3 2024.
In terms of regional performance, India accounted for the highest share of global smartwatch shipments, contributing 25 percent of the total market in Q3 2024. This growth was driven by strong demand in the country, particularly for affordable smartwatches. Meanwhile, China saw the highest shipment growth at 24 percent YoY, fueled by strong performances from brands like Huawei, BBK (Imoo), and Xiaomi.
In North America, high-end smartwatches (HLOS) dominated the market, capturing 87 percwent of the region's total shipments. Leading the charge were Apple, Samsung, and Garmin, with their premium offerings making up the lion's share of the smartwatch market.
Despite the decline in global shipments, the smartwatch market remains competitive, with strong growth prospects in key regions like India and China. As brands continue to innovate and adapt to changing consumer preferences, the global smartwatch market is expected to remain a key segment of the broader wearables industry.
