Global Smartwatch Sales Decline Amid Changing Consumer Preferences
In 2024, smartwatch sales experienced a global reduction for the first time, largely attributed to a decline in Apple Watch popularity.
The global smartwatch market has seen a significant downturn in 2024, marking the first year of declining sales since the inception of these devices.
According to market research firm Counterpoint, the sales of smartwatches decreased by 7% compared to the previous year, with Apple experiencing a notable 19% drop in sales of its Apple Watch products.
Analysts suggest that one of the primary contributors to Apple’s sales decline is the lack of new features in its devices, as well as the absence of the anticipated high-end model, the Ultra 3, from the market.
The most pronounced decline in Apple's market presence has occurred in North America, where consumers have delayed purchases due to the reasons mentioned above, in addition to sales and import restrictions imposed on Apple in the United States at the end of 2023 and early 2024. These restrictions are related to a controversial patent concerning blood oxygen level monitoring.
Despite the overall market contraction, there has been a notable increase in the sales of Chinese smartwatch brands such as Xiaomi, Huawei, and Imoo.
In China, the smartwatch market expanded by six percentage points compared to the last quarter of 2023, driven in part by the successful sales of child-centric smartwatches, where Imoo has emerged as a market leader.
Xiaomi has achieved the most significant growth globally, with its shipments increasing by 135% year-over-year, benefiting from its affordability and gaining traction in both Southern and Eastern Europe.
In contrast, the Indian smartwatch market has contributed to the global decrease, as analysts observe that very cheap Indian models often lack stability, leading to consumer dissatisfaction and a subsequent drop in purchases.
According to market research firm Counterpoint, the sales of smartwatches decreased by 7% compared to the previous year, with Apple experiencing a notable 19% drop in sales of its Apple Watch products.
Analysts suggest that one of the primary contributors to Apple’s sales decline is the lack of new features in its devices, as well as the absence of the anticipated high-end model, the Ultra 3, from the market.
The most pronounced decline in Apple's market presence has occurred in North America, where consumers have delayed purchases due to the reasons mentioned above, in addition to sales and import restrictions imposed on Apple in the United States at the end of 2023 and early 2024. These restrictions are related to a controversial patent concerning blood oxygen level monitoring.
Despite the overall market contraction, there has been a notable increase in the sales of Chinese smartwatch brands such as Xiaomi, Huawei, and Imoo.
In China, the smartwatch market expanded by six percentage points compared to the last quarter of 2023, driven in part by the successful sales of child-centric smartwatches, where Imoo has emerged as a market leader.
Xiaomi has achieved the most significant growth globally, with its shipments increasing by 135% year-over-year, benefiting from its affordability and gaining traction in both Southern and Eastern Europe.
In contrast, the Indian smartwatch market has contributed to the global decrease, as analysts observe that very cheap Indian models often lack stability, leading to consumer dissatisfaction and a subsequent drop in purchases.
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