Are people fed up with Smartwatches?
After continuous growth, the demand for Smartwatches has started decreasing. In 2024, the speed of the Smartwatch industry has slowed down and global shipments have seen a decline of 7 percent. This is the first time that this industry has seen a decline. However, there is still a demand for Smartwatches in china and it has overtaken North America and india to have the largest share in global smartwatch shipments.
Why did the demand decrease?
According to Counter Point Research, there are many reasons for the decline in demand for smartwatches. The biggest reason for this is Apple's poor performance. Actually, the latest series of apple watch could not attract people. Because of this, people in many areas including North America did not upgrade their old smartwatches to Series 10 watches. Apart from this, demand in the basic smartwatch category has also decreased in India.
apple suffers loss, samsung gains
apple is still the largest company in smartwatch shipments, but it has suffered a 19 percent decline on an annual basis. apple is the strongest in North America, but here too people have decided to wait for the next upgrade instead of buying the company's latest smartwatch. On the other hand, samsung has strengthened its position during this period. Due to the Galaxy watch lineup, the company's shipments have grown by 3 percent on an annual basis.
Xiaomi is the fastest
Xiaomi has strengthened its position even more than Samsung. The company became the fastest growing company of 2024 and has managed to make its place in the top 5 smartwatch companies for the first time. The company has added many new products to the smartwatch portfolio and its watch S1 and redmi watch are being liked by the people.
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