Smartwatch Market Rebounds: 4% Growth in Q2 2024 After Six Quarters of Decline
Discover how the global smartwatch market returned to growth in Q2 2024 after six quarters of decline, driven by brands like Garmin, Huawei, and Google.
The global smartwatch market has rebounded in Q2 2024, ending a streak of six consecutive quarters of decline. The market's recovery was driven by strong performances from brands like Garmin, Huawei, and Google, along with stabilization from Apple. This turnaround comes after a challenging period where the smartwatch industry saw its first full-year volume decline in 2023 due to maturing markets, longer replacement cycles, and limited new features.
Key players have faced mixed results, with Fitbit and Fossil struggling. Google has shifted its focus to the Pixel Watch, leaving Fitbit's older models without updates, while Fossil has exited the market entirely. In contrast, Huawei and Garmin have capitalized on their innovations, with Huawei’s adoption of Harmony OS and Garmin's success in the fitness segment driving growth.
Looking ahead, the smartwatch market is expected to continue its upward trajectory, as more consumers move from fitness bands to smartwatches with advanced health monitoring features. As prices drop and technology improves, the market is likely to see sustained growth, offering opportunities for device makers and developers to capitalize on the evolving wearable landscape.
