The global smartwatch market, which had shown consistent growth in recent years, experienced a decline in the first quarter of 2023. According to Counterpoint Research’s Global Smartwatch Model Tracker, smartwatch shipments slumped by 1.5% year-over-year in Q1 2023. The shipment slump can be attributed to reduced demand from major players such as Apple and Samsung.
One of the significant contributors to the decline in smartwatch shipments is Apple, the leading player in the smartwatch market. The company witnessed a notable decline of 20% in smartwatch shipments during Q1 2023 compared to the same period last year.
This decline resulted in Apple’s shipments falling below 10 million units for the first time in three years. As a result, Apple’s market share dropped from 32% to 26%. The reduced demand for Apple watches can be attributed to the global economic crisis.