CounterPoint: Global smartwatch market shipments to drop 7% year-on-year in 2024

At the same time, other brands performed well.

Thanks to its diversified product lines and local market advantages, Huawei's shipments increased by 35% year-on-year.

Samsung's shipments increased 3% year-on-year thanks to the success of the Galaxy Watch7, Galaxy Watch Ultra and Galaxy Watch FE series.

Xiaomi entered the global top five for the first time thanks to the strong performance of Watch S1 and REDMI Watch series, with shipments increasing by 135% year-on-year .

Thanks to its high cost-effectiveness and rich functions, Xiaotiancai has maintained its leading position in the children's smart watch market, with shipments increasing by 22% year-on-year.

In terms of regional markets, China became the world's largest smartwatch shipment market for the first time, with Huawei, Xiaomi and Xiaotiancai becoming the main driving forces.

In the Indian market, weak demand for basic smartwatches and a slowdown in consumer replacement cycles have led to a decline in overall demand.