Apple Watch sales slump by 19%, Huawei and Xiaomi significantly increase market share

According to the latest data from Counterpoint Research, the global smartwatch market shrank by 7% in 2024. Apple was the biggest loser by far, with sales 19% lower than in 2023. According to Counterpoint Research, this is mainly due to the lack of demand in the US, which in turn is due to the fact that no Apple Watch Ultra 3 has been launched, while the Apple Watch Series 10 has only received minimal upgrades.

Apple nevertheless remains the market leader with a market share of 22%, followed by Huawei with 13%, Samsung with 9%, Xiaomi with 8% and Imoo, which primarily operates in Asia, with 6%. Xiaomi was the biggest winner by far with growth of 135%, mainly due to the success of the Xiaomi Watch S1 and the affordable Redmi smartwatches. Huawei also benefited from the growth of the Chinese market, among other things, and sold 35% more watches than in the previous year. 

Samsung achieved growth of 3% with the Galaxy Watch7, the Galaxy Watch Ultra and the Galaxy Watch FE. China has overtaken India to become the world's largest market with a 25% share of global smartwatch sales, followed by India with 23%, North America with 22% and Europe with 15%. Counterpoint Research expects the smartwatch market to achieve single-digit percentage growth in 2025.