The Apple Watch, which has been for years the indisputable market leader Smart watches, lived in 2024 one of his worst years in sales. Despite the launch of the expected Apple Watch Series 10, which introduced a redesign with a larger screen and a thinner design, sales fell 19% compared to the previous year, according to Counterpoint data. This descent occurs at a key moment, when the competition begins to take strength and the expectations for Apple fired with the arrival of their new series.
Huawei and Xiaomi approach Apple
Apple is still the most important asset in the smart watches market, but its market share has experienced an important fall. In 2023, Apple Watch represented 25% of global sales, while in 2024 that figure fell to 22%. The competition has taken advantage of Apple's weak points, and several rivals, such as Huawei and Xiaomi have gained ground quickly.
The most decisive factor for this fall in Apple Watch sales was the North American market, where the absence of expected Ultra 3 and the minimum improvements in series 10 left users without weight reasons to consider a renewal of their watch. In addition, patent disputes in the US affected distribution in the first half of the year, which further delayed sales. To top it off, a sufficient renovation of Apple Watch SE did not arrive, the input range clock that was updated in 2024 with hardly any improvements.
On the other hand, Apple's rivals, especially Huawei and Xiaomi, did not miss the opportunity. Huawei saw how their smart watches shipments increased by 35%, while Xiaomi was the great winner of 2024. The Chinese brand experienced an impressive growth of 135% in its sales, which allowed it to enter for the first time in the Top 5 smart watch manufacturers. This increase was largely due to the launch of models with incredible characteristics and more accessible prices, such as the Xiaomi Watch S4.
Amazon also approaches
Another competitors who also benefited from Apple's fall was Samsung. The Korean company managed to increase its shipments by 3%, mainly thanks to the launch of the Galaxy Watch 7, which includes models such as the Galaxy Watch Fe, more affordable, and the Galaxy Watch Ultra, which attracted an enthusiastic audience for its design and premium characteristics.
The global smart watches market experienced a great transformation in 2024. For the first time, Smartwatches shipments in China beat those of India and North America, which marks a significant change in market dynamics. This turn to the Asian market also explains, in part, the rise of brands such as Xiaomi and Huawei, which have known better to the needs of consumers in the region.
Despite these changes, expectations by 2025 are not so negative for Apple. Global smart watches are expected to grow at a moderate pace, with a single digit increase. However, for Apple, the challenge is clear: it will have to face a more fierce competition than ever and find new ways of capturing consumers who feel more and more attracted to other brands.
Entry Apple Watch sales are bitten: why is this happening? It was published first in the bite apple.
