Overview:
Global smartwatch shipments fell by 2% YoY. This decline is mainly due to a slowdown in the growth of the basic smartwatch market, which had been growing steadily thanks to the rise of local Indian brands. Besides, the HLOS smartwatch market, represented by the Apple Watch and Samsung Galaxy Watch, was also sluggish in finding new growth engines. The launch of a new model with a non-invasive blood glucose level check feature that the market is looking forward to is being delayed for technical and regulatory reasons.
One of the most noteworthy recent trends is that the growth of the Indian market is slowing significantly. For the past five years, India has consistently recorded double- or triple-digit YoY growth every quarter, but in Q1 2024, it showed single-digit growth of 3% for the first time.
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Sujeong Lim
Sujeong Lim is a Research Analyst at Counterpoint Research based out of Seoul Korea. In Counterpoint, she focuses on mobile ICT industry and mobile device research, especially dedicated on the Korea mobile market. After 10+ years product marketing experience during her working period, she joined Counterpoint to pursue her interest in IoT and emerging future technology.
