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.

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.

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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.