New figures claim the smartwatch market just shrunk for the first time ever, and the Apple Watch Ultra 3 is to blame

Garmin Instinct 3 next to the Apple Watch Ultra 2
(Image credit: Future)

  • New research claims that global smartwatch shipments declined in 2024
  • The 7% decline over 2023 would mark the first time the market has shrunk
  • It is claimed that the missing Apple Watch Ultra 3 launch and iterative Series 10 may be partly to blame

A new set of figures into the global smartwatch market claims that the sector shrunk in 2024 year-on-year, the first time the market has ever declined.

The figures from Counterpoint Research indicate that global smartwatch shipments fell in 2024 by 7% over 2023.

While the likes of Samsung and Huawei enjoyed some reported growth (35% for the latter if the figures are correct), Apple saw shipments of its best Apple Watches reportedly decline by some 19% year-on-year, enough to shrink the market as a whole.

Apple drives the seismic shift because it makes up so much of the market. Counterpoint estimates that 25% of smartwatches shipped in 2023 were Apple Watches, with that share shrinking to just 22% last year.

The reason? Counterpoint claims the biggest driver in decline was a waning North American market disappointed by the iterative Apple Watch Series 10 and the missing Apple Watch Ultra 3, which we'd hoped might launch last year.

The figures are unlikely to be spot on. Counterpoint Research figures are based on analyst estimates rather than sales data, which Apple never makes public, and the outlet has been off before about Apple. Still, the notion of a disappointing 2024 for Apple Watch rings true, and is a plausible reason as to why the market might have shrunk last year.

A much better 2025 in store for smartwatches

The Apple Watch Series 10 did actually mark quite a refinement over the previous Series 9. It's decidedly more comfortable to wear and the display is much brighter when viewed from an angle.

In my opinion, the lack of Apple Watch Ultra 3 was definitely more of a disappointment. Apple's Ultra 2 did get a new titanium black colorway, but the lack of any other upgrades was sure to put off prospective new customers, including those looking to upgrade from the original Apple Watch Ultra.

Whether or not these figures truly represent a decline in the smartwatch market, the outlook for 2025 is much better, at least for Apple. The company is planning to unveil three new models, including a new, redesigned Apple Watch SE 3, a long-overdue upgrade that has also likely impacted interest in the market.

The Apple Watch Series 11 might not be a major design change over the Series 10, but it is expected to include high blood pressure detection that will work in a similar vein to its sleep apnea detection, giving alerts for abnormal readings, rather than specific data.

Finally, the Apple Watch Ultra 3 will complete the set, with high blood pressure detection also in tow.

All of these should be unveiled at Apple's customary September event alongside the iPhone 17.

You might also like

TOPICS
Stephen Warwick
Fitness & Wearables writer

Stephen Warwick is TechRadar's Fitness & Wearables writer with nearly a decade of experience covering technology, including five years as the News Editor of iMore. He's a keen fitness enthusiast and is never far from the local gym, Apple Watch at the ready, to record his latest workout. Stephen has experience writing about every facet of technology including products, services, hardware, and software. He's covered breaking news and developing stories regarding supply chains, patents and litigation, competition, politics and lobbying, the environment, and more. He's conducted interviews with industry experts in a range of fields including finance, litigation, security, and more. Outside of work, he's a massive tech and history buff with a passion for Rome Total War, reading, and music. 

You must confirm your public display name before commenting

Please logout and then login again, you will then be prompted to enter your display name.

Read more
Apple watch pair with iphone
The Apple Watch SE 3 is apparently in 'serious jeopardy', and the news isn't much better for the Ultra 3 or Series 11
An Apple Watch Ultra 2 on an orange background
Apple Watch Ultra 3: Everything we know so far
Apple Watch Ultra 2 timer
Apple Watch Ultra 3 and SE 3 both leaked for 2025, but only one is set for a redesign
Apple Watch Ultra 2 displaying a step count and distance
Apple Watch Ultra 3 could bring a massive health upgrade
Apple Watch Series 10 42mm vs 46mm side by side
Apple Watch Series 11: Everything we know so far
Samsung Galaxy Watch Ultra
5 things the Apple Watch Ultra 3 should steal from the Samsung Galaxy Watch Ultra
Latest in Smartwatches
Apple Watch Ultra 2 move data
Apple is reportedly planning a huge future Apple Watch upgrade to turn it into an AI device with onboard cameras
Apple watch pair with iphone
The Apple Watch SE 3 is apparently in 'serious jeopardy', and the news isn't much better for the Ultra 3 or Series 11
Oppo Watch Mini X2 teaser
Oppo Watch X2 Mini teaser could be our first glimpse of the smaller OnePlus Watch 3
Google Pixel Watch 3
Google Pixel Watch 3's Loss of Pulse Detection could save your life – here's how the company created it
Apple Watch foldable display patent
Forget the folding iPhone – Apple has patented a foldable Apple Watch with two screens
Apple Watch Ultra 2
7 hidden features on your Apple Watch you should start using right now
Latest in News
Teams
Microsoft Teams is finally adding a tiny but crucial feature I honestly can't believe it never had
Apple Watch Ultra 2 move data
Apple is reportedly planning a huge future Apple Watch upgrade to turn it into an AI device with onboard cameras
Apple watch pair with iphone
The Apple Watch SE 3 is apparently in 'serious jeopardy', and the news isn't much better for the Ultra 3 or Series 11
Ray-Ban Meta Smart Glasses
Samsung's rumored smart specs may be launching before the end of 2025
Apple iPhone 16 Review
The latest iPhone 18 leak hints at a major chipset upgrade for all four models
Quordle on a smartphone held in a hand
Quordle hints and answers for Monday, March 24 (game #1155)