Smartwatch Shipment Forecast by Brand Region (2024 February Update)


Global smartwatch shipments reached 43.3 million units, marking a 5% year-on-year increase in Q4 2023, and moderate growth of 5.8% was achieved on an annual basis.

By smartwatch device types, HLOS smartwatch shipments experienced a 6% year-on-year decrease, whereas Basic smartwatch saw a notable 31% year-on-year increase. This trend appears to be linked to the rise in the proportion of Basic smartwatch shipments, particularly in India and LATAM, which significantly contributed to the overall year-on-year growth in global smartwatch shipments during the fourth quarter of 2023.

By region, NAM recorded a 10% negative growth, with dominant OEMs such as Apple and Samsung underperforming. In addition, Europe and AP Others regions each showed slow performance compared to the previous year due to geographical risks and exchange rate hike.

On the other hand, the Indian market, driven by aggressive shipments from local brands, still recorded high YoY growth annually, but the growth rate is slowing. China also showed annual growth of 3% in 2023 due to strong shipments from Huawei and Imoo.

This Excel report provides the smartwatch shipment forecast by key brand and region until 2026 including its ASP.

Published Date: February 2024



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