Samsung’s wearable sales rise while Apple Watch sales falter

Samsung Rises in Smartwatch Market, Securing Second Highest Revenue in Q3

Despite shipping less than other major players in the wearable market, Samsung has achieved impressive results, securing the second-highest revenue in Q3 2024.

A Focus on Profitability

According to recent market research, while brands like Xiaomi may boast a larger volume with 16% of overall wearable shipments, their revenue hovers at just 4%. In contrast, Samsung commands just 9% of the market share but holds a strong position as the second-largest revenue generator.

Samsung Ships Millions of Smartwatches

During the third quarter of 2024, Samsung shipped 4.8 million Galaxy Fit and Galaxy Watch devices, solidifying its position as a key competitor in the growing wearable technology market. Despite modest market share, Samsung’s attractive pricing and focus on high-tech features led to substantial profits.

Apple Remains at the Top

Apple remains the undisputed leader in the global smartwatch market, holding a commanding 40% of the market revenue. The tech giant shipped 8.5 million Apple Watches during the same period, showcasing the continued popularity of its flagship smartwatch.

Beyond Apple and Samsung, the wearable market is a diverse landscape.
Huawei sits in third place overall, with a 14% share of shipments. However, Garmin, despite a smaller share of shipments, managed to secure the coveted third place in revenue during Q3. This achievement positions Garmin higher than Huawei, Google, and Xiaomi, highlighting the importance of premium features and a strategic pricing model in the ever-changing wearable market.

A clear pattern emerges: while high shipment numbers contribute significantly, they don’t necessarily translate into greater revenue. Samsung’s success reminds us that focusing on profitability and offering high-quality products can lead to impressive revenue even with a smaller market share.

Looking Ahead: A Competitive Landscape

The wearable market will likely continue to heat up as more players enter the scene. The success of brands like Samsung, emphasizing premium features and strong margins alongside Apple’s ongoing dominance underscores the importance of innovation and strategic pricing in this rapidly growing market.