Overview:
The global smartwatch market declined 9% YoY. The reduction was driven by decline in global brands like Apple and Samsung and low shipment volumes by Indian brands including Noise, Fire Boltt and boAt due to high inventory levels. However, Chinese brands including Huawei, Xiaomi, BBK (Imoo) and Honor observed growth. By region, China, AP (ex CN, IN) and EU region shipments grew YoY by 22%, 6%, and 5% respectively. By type, basic smartwatches observed a 21% YoY decline, driven by slowdown in the India market.
Published Date: August 2024