The global smartwatch market fell 7% in 2024, the first ever decline in the overall market, according to Counterpoint Research. However, Apple retained its top position, despite a 19% year-over-year (YoY) decline in shipments due to tighter competition and weaker upgrade cycles.
Counterpoint says the downturn in the global smartphone market was primarily due to a decline in Apple Watch shipments as the basic smartwatch segment saw lower upgrades amid a slowdown. Weakness in the basic smartwatch market originated in India, where consumer demand waned due to a slow replacement cycle, lack of innovation and unsatisfactory user experiences among first-time buyers, according to the research group.
Still, Apple retained its top position in the global market, hoisted by its growing iOS user base, followed by Samsung, which witnessed 3% YoY growth as its newly launched Galaxy Watch 7, Galaxy Watch Ultra and Galaxy Watch FE Series saw strong adoption.
Apple had 22% of the global smartphone market in 2024 compared to 25% in 2023.
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