The newly released Apple Watch Series 10 and Apple Watch Ultra 2, along with the latest smartwatches from Samsung and Google, are expected to drive double-digit market growth in this quarter and the next, as reported by market research firm Canalys.
Apple continues to dominate the smartwatch market, holding a 49% share last quarter, followed by Samsung at 15% and Garmin at 11%, with Huawei and Google trailing behind. Notably, Garmin was the only smartwatch manufacturer to experience substantial growth last quarter, with sales increasing by an impressive 16%.
Apple, Samsung, and Google are now responding to Garmin’s rise by introducing more health and fitness-oriented products. Consequently, Canalys expects to see double-digit growth in smartwatch shipments in the second half of 2024.
These ecosystem vendors are poised to unveil enhanced health and fitness tracking features to challenge Garmin’s sustained success, leading to a surge in device upgrades. To thrive in this competitive landscape, smartwatch manufacturers must offer substantial enhancements in health tracking and battery life compared to earlier models. Additionally, continued growth in the basic watch segment is anticipated, with companies like Xiaomi and Huawei required to keep their pricing competitive while incorporating more premium features to draw in consumers. As smartwatches see a resurgence in innovation, competition within the wearable market is expected to escalate.
Apple introduced the 10th generation of its esteemed Watch series during the iPhone 16 Glowtime event, revealing a surprisingly significant upgrade beyond just the new, faster S10 chip.
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While the overall design remains similar to the Series 9, the Apple Watch Series 10 features the largest display and the thinnest design ever seen in an Apple Watch. At just 4.7mm thick, it is nearly 10% slimmer than its predecessor, making it the most stylish smartwatch Apple has created.
The stainless steel option has been replaced with a titanium model, in addition to the standard aluminum alloy case, both of which are incredibly lightweight. The Apple Watch 10 offers options for either GPS or GPS + Cellular connectivity, along with an IP6X dust resistance rating and water resistance up to 50 meters, similar to its predecessor.
Apple is currently awaiting FDA certification for the Watch 10 to enable its new sleep apnea notification feature, which is supported by clinical studies, further enhancing its value as a health and fitness device.
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