New figures claim the smartwatch market just shrunk for the first time ever, and the Apple Watch Ultra 3 is to blame
- New research claims that global smartwatch shipments declined in 2024
- The 7% decline over 2023 would mark the first time the market has shrunk
- It is claimed that the missing Apple Watch Ultra 3 launch and iterative Series 10 may be partly to blame
A new set of figures into the global smartwatch market claims that the sector shrunk in 2024 year-on-year, the first time the market has ever declined.
The figures from Counterpoint Research indicate that global smartwatch shipments fell in 2024 by 7% over 2023.
While the likes of Samsung and Huawei enjoyed some reported growth (35% for the latter if the figures are correct), Apple saw shipments of its best Apple Watches reportedly decline by some 19% year-on-year, enough to shrink the market as a whole.
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Apple drives the seismic shift because it makes up so much of the market. Counterpoint estimates that 25% of smartwatches shipped in 2023 were Apple Watches, with that share shrinking to just 22% last year.
The reason? Counterpoint claims the biggest driver in decline was a waning North American market disappointed by the iterative Apple Watch Series 10 and the missing Apple Watch Ultra 3, which we’d hoped might launch last year.
The figures are unlikely to be spot on. Counterpoint Research figures are based on analyst estimates rather than sales data, which Apple never makes public, and the outlet has been off before about Apple. Still, the notion of a disappointing 2024 for Apple Watch rings true, and is a plausible reason as to why the market might have shrunk last year.
A much better 2025 in store for smartwatches
The Apple Watch Series 10 did actually mark quite a refinement over the previous Series 9. It’s decidedly more comfortable to wear and the display is much brighter when viewed from an angle.
In my opinion, the lack of Apple Watch Ultra 3 was definitely more of a disappointment. Apple’s Ultra 2 did get a new titanium black colorway, but the lack of any other upgrades was sure to put off prospective new customers, including those looking to upgrade from the original Apple Watch Ultra.
Whether or not these figures truly represent a decline in the smartwatch market, the outlook for 2025 is much better, at least for Apple. The company is planning to unveil three new models, including a new, redesigned Apple Watch SE 3, a long-overdue upgrade that has also likely impacted interest in the market.
The Apple Watch Series 11 might not be a major design change over the Series 10, but it is expected to include high blood pressure detection that will work in a similar vein to its sleep apnea detection, giving alerts for abnormal readings, rather than specific data.
Finally, the Apple Watch Ultra 3 will complete the set, with high blood pressure detection also in tow.
All of these should be unveiled at Apple’s customary September event alongside the iPhone 17.