Huawei has overtaken Apple for the first time to become the leading smartwatch manufacturer globally, according to data from Counterpoint Research. This shift in market dynamics occurred during the second quarter of 2024, marking a significant achievement for Huawei in the competitive wearable technology sector.
In this quarter, Huawei captured 21% of the smartwatch market, while Apple fell to 17%. The latest figures reveal a notable change, with Xiaomi securing third place at 9%, followed by imoo at 7% and Samsung at 6%. Together, these brands account for 40% of the remaining market share.
Huawei’s impressive growth is underscored by a 52% increase in shipments year-over-year (YoY), contrasting with a 3% decline in Apple’s shipments during the same period. Xiaomi also showed strong performance with a 38% increase in shipments, although it still trails behind Apple.
Market Dynamics and Growth Drivers
The emergence of imoo as the fourth-largest smartwatch manufacturer highlights the shifting landscape. Specializing in smartwatches for children, imoo achieved a respectable 21% growth in shipments. Meanwhile, Samsung’s position in fifth place is a concern, as its shipments also fell by 3%, aligning with the trend of declining shipments among many manufacturers. Overall, the smartwatch market has seen an 8% decline in shipments YoY across other brands.
Counterpoint attributes Huawei’s success to strong performance in China and strategic expansions into various global markets. The company’s ability to innovate and adapt to consumer demands has played a crucial role in its rise. The competitive landscape has shifted considerably from Q2 of 2023, when Apple held the top position, and Huawei was in second place.
As the market continues to evolve, experts will be watching closely to see if Huawei can maintain its lead or if Apple will reclaim its position in the coming quarters. The smartwatch sector is dynamic, with consumer preferences rapidly changing, and companies must remain agile to succeed in this competitive environment.
