Smartwatch Shipment Market Shares: 1Q 2024

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Global smartwatch shipment market shares, 1Q 2024

Apple continues to be the most popular smartwatch vendor, making up 21.6% of market share in 1Q 2024, followed by Fire-Boltt (10.1%), Samsung (9.2%), and Huawei (8.8%).

Fire-Boltt, an Indian brand, has made a remarkable ascent in the smartwatches sector having only started to export products outside of India in early 2023. Other India-based companies, BoAt and Noise, also aim to expand their offerings to other territories to capitalize on the nascent markets globally for budget smartwatches.

The complete smartwatch market shares are as follows:

• Apple (21.6%)
• Fire-Boltt (10.1%)
• Samsung (9.2%)
• Huawei (8.8%)
• Noise (7.1%)
• Others (43.2%)

Smartwatch shipments to reach nearly 172 million in 2024

Smartwatches will continue to dominate the wearables market over the next 5 years, led by the strength of Apple’s Watch series. The addition of new use cases, features, and sensors, as well as growth in emerging countries, particularly India, will also offer significant growth potential.

The smartwatches sector has been evolving and demand was accelerated by the COVID-19 pandemic. However, subsequent post-COVID-19 growth is expected to level out in the next few years. The global smartwatch market recorded shipments of 152.8 million in 2023 and is set to grow 12% in 2024 to 171.7 million, reaching 235 million by 2029, at a CAGR (2024 to 2029) of 6.5%.

Smartwatch market forecasts are based on a growing need for tracking and monitoring fitness levels and health concerns. General development of their functionality and updated features, such as better battery life and display, more powerful and accurate fitness metrics, improvements in design, durability and weight, plus greater affordability will combine to drive shipments and replacement rates.

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