Overview

• Apple Watch shipments dropped 19% year-over-year in 2024, marking five consecutive quarters of decline and an 8-point market share loss in the advanced smartwatch segment.
• The downturn was driven by a lack of new SE and Ultra models, minimal upgrades to the Series 10, and the removal of the blood oxygen sensor due to legal disputes with Masimo.
• North America, which accounts for over half of Apple Watch shipments, experienced the most significant decline, while India was the only region to see growth.
• Competitors in the advanced smartwatch market saw year-over-year growth, further pressuring Apple’s market dominance.
• Rumors suggest Apple is preparing to launch refreshed SE, Series 11, and Ultra 3 models later in 2025 to address the prolonged slump.