The Apple Watch saw a significant rise in shipments last year, capturing half of the total premium smartwatch segment in India. This surge occurred as some seasoned users transitioned to advanced smartwatches for enhanced health insights and features. Despite an overall decline in the broader smartwatch market, Apple achieved a remarkable 141% increase in shipments, solidifying its position as a dominant player in the industry.
In 2024, India’s smartwatch shipments experienced their first annual decline, dropping by 30% year-on-year. This downturn was attributed to market saturation by unknown brands, causing a slowdown in sales. However, Apple managed to buck this trend. The Apple Watch’s success contributed to a 147% growth in premium smartwatch shipments, defined by devices priced above $230.
Apple’s Success in the Premium Segment
The Series 10 emerged as the top-selling model for Apple, closely followed by the Series 9. In the premium segment, Apple faced competition from Samsung and OnePlus, which held 4% and 1% market shares, respectively. Despite these competitors, Apple’s dominance was evident as it secured roughly 2% of India’s entire smartwatch market in 2024.
The growth in Apple Watch shipments aligns with the expanding market share of the iPhone in India. Apple emerged as one of the top-five smartphone vendors in the country last year, achieving a roughly 10% share in the fourth quarter. This synergy between Apple’s smartwatch and smartphone sales reflects a broader trend of increasing consumer preference for the brand’s ecosystem.
Apple’s resurgence comes after a challenging period in 2023 when the company saw a 57% decline. However, last year’s performance marked a significant recovery, with a reported 2.4x growth for the year. Analysts from Counterpoint anticipate this positive trend to continue into 2025, driven by consumer demand for sophisticated health features and seamless integration with other Apple devices.
Author’s Opinion
The competition in the smartwatch market is fierce, but Apple’s ability to not only recover but also thrive during a market decline reflects its strength in creating a seamless ecosystem that consumers trust. Its growth, particularly in the premium segment, further demonstrates its dominance in India. Apple is setting the standard with its sophisticated health features, and with its expanding market share in both smartphones and smartwatches, it’s clear that Apple’s ecosystem is becoming more compelling for consumers.
