Overview:
Global smartwatch shipments fell 9% YoY in Q2 2024. We believe that overall, there will be a decline in the market mainly due to two reasons, 1) Absence of new features that could attract customers among major brands like Apple, Samsung and etc, and 2) Decline in the India Smartwatch market. The India market is not moving as per our previous projections. Most of the top vendors are trying to realign their strategy to target customers since the demand has slowdown from repeat buyers.
Along with the weakness in the Indian market with ultra-low ASP, the global smartwatch ASP in 2024 is expected to rise due to the impact of Apple, which is expected to launch the 3rd generation of the Apple Watch Ultra in the 2nd half of this year, and Samsung, which launched the Galaxy Watch Ultra variant.
Also, in India, where OEMs have been competitively releasing models with lower ASPs, ASPs are expected to start rising after 2025 due to OEMs’ drive to increase profits and consumers’ shift toward functionality-oriented purchasing motivations.
This Excel report provides the smartwatch shipment forecast by key brand and region until 2027 including its ASP.
Published Date: September 2024