Counterpoint Research reveals that the global smartwatch market declined by 7% for the first time in 2024. While most global manufacturers reported a negative figure, Samsungโs market share has gained just a little bit. Samsung launched its first-gen Galaxy Watch Ultra last year.
Samsung stays stable with slight growth
According to Counterpoint, Samsungโs smartwatch market share in 2024 was fairly stable with a 3% shipment growth. The Galaxy Watch 7, Galaxy Watch Ultra, and Galaxy Watch FE Series were very well received. Apple still maintains its top position despite shipments shrinking by 19%. There are various reasons for this drop, with the key ones being higher competition and fewer upgrades.
OEMs from China dominate the combined list, with Huawei, Xiaomi, and the BBK Group leading among the top names. Huawei grew a massive 35%, capturing 13% of the global market in 2024 (its market share in 2023 was 9%). Its Harmony OS-based ecosystem of products is growing fast in the domestic market.
Thanks to products like the Xiaomi Watch S1 and a couple of Redmi brand watches, Xiaomi grew by 135% over the previous year, taking its market share from 3% to 5%. China also leads region-wise shipments, surpassing India and North America. This is actually the first time China is leading in the global smartwatch market.
The only category with even more significant growth is kidsโ watches. Brands like โImooโ led this segment, and they grew significantly. Research analyst Balbir Singh says that the reason for this is that many parents are concerned about their childrenโs safety and want to track and stay regularly connected with them.
Reasons for declining market share
India has been a major market for budget smartwatches. However, consumer demand declined last year due to slow upgrades and innovation. The unsatisfactory user experience with first-time buyers also resulted in a market share decline in India. It was the 10th anniversary of the original Apple Watch, but not many upgraded to it since they were waiting for the Ultra and SE models. A key reason for Appleโs loss is that the new watches have features similar to those of the old models.
However, according to David Naranjo, the smartwatch market could possibly grow again by a single-digit percentage in 2025. More advanced health monitoring features that can detect diseases such as sleep apnea, hypertension, and diabetes may contribute to growing the market share in the future.
