Recently, TechInsights released the latest data stating that after six consecutive quarters of declining shipments, the global smartwatch market returned to growth in the second quarter of 2024, with a growth rate of 4%. Previously, the market had continued to grow every quarter since the fourth quarter of 2016. Smartwatch shipments fell 4% for all of 2023, marking the market's first-ever annual decline.
Smart watch market leader:
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Apple: Global smart watch market leader with shipments of approx. Accounting for half, the value share is even more advantageous.
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Huawei: ranks second in global smartwatch shipments.
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Samsung: Shipments fell 12% year-on-year and market share was 12%.
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Garmin: Shipments increased by 29% year-on-year.
Underperforming suppliers:
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Fitbit: After being acquired by Google, focus on the Google Pixel product line , there are no updates to the Fitbit Versa or Fitbit Sense series.
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Fossil: The demand for smartwatches has dropped significantly and it has decided to withdraw from the smartwatch market.
Market Trend:
- The global smart watch market has experienced greater volatility in recent years, but is generally on an upward trend.
- Suppliers need to adopt strategies to enhance competitiveness based on market changes and consumer demand.
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