News Summary

The global smartwatch market experienced its first-ever decline in 2024, with a 7% year-over-year drop in shipments, primarily driven by a significant decrease in Apple Watch shipments, which fell by 19%. Despite the decline, Apple maintained its leading position in the industry. Several factors contributed to this downturn, including a lack of significant upgrades in the Apple Watch Series 10, the absence of the anticipated Apple Watch Ultra 3 model, and patent disputes affecting shipment capabilities. Additionally, competition from brands like Samsung and Xiaomi, which introduced feature-rich smartwatches at competitive prices, further impacted Apple’s sales. Samsung experienced a 3% year-over-year growth, and Xiaomi secured a spot among the top five smartwatch manufacturers for the first time. The market is expected to recover slowly with projected single-digit growth in 2025.