Despite a recent boost in sales of SamsungSamsung’s Smartwatch Sales Rise, Yet Market Position Slips smartwatches and wearables, the company’s ranking has slipped in the expanding market. The South Korean tech giant has been overtaken by Huawei, dropping from third to fourth place globally.
13% Increase in Samsung Smartwatch Sales in Q1 2024
According to the latest figures from market research firm IDC, Samsung shipped 10.6 million wearable devices, including the Galaxy Fit 3 and Galaxy Watch 6, in the first quarter of 2024. This marks a slight increase in market share from 9% in Q1 2023 to 9.3% in Q1 2024, reflecting a 13% year-over-year improvement.
Samsung’s performance in the coming quarter is expected to improve further, with the anticipated release of up to four new smartwatches: the Galaxy Watch FE, Galaxy Watch 7, and Galaxy Watch 7 Ultra.
Market Dynamics and Competitors
Apple maintained its position as the leading smartwatch brand, despite a decline in shipments by 18.9% to 20.6 million units. However, Apple’s performance is projected to recover in the third or fourth quarter of this year with the expected launch of the Apple Watch Series 10.
Xiaomi also showed impressive growth, shipping 11.8 million units, up from 8.2 million in Q1 2023, capturing a 10.5% market share. This represents a substantial 43.4% year-over-year increase, driven by its affordable Mi Band devices and new Wear OS-based smartwatches.
Huawei emerged as the biggest winner, achieving a remarkable 72.4% growth in shipments year-over-year. The company shipped 10.9 million wearable devices, surpassing Samsung with a 9.6% market share, up from 6.1% last year. IDC attributes much of Huawei’s growth to the bundling of wearables with its smartphones.
Outlook for Samsung
With the upcoming launch of its new Galaxy Watch models, Samsung is hopeful of reclaiming its third-place position, or even advancing to second place, in the global wearable market in the near future.
