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Apple Watch killed Smartwatches
Time is up for smart watches
In the first quarter of 2024, sales of smartwatches declined year on year. In the years following the release of the first Apple Watch in 2015, expectations over smartwatches’ potential impact has been heady and frothy. Since 2015, Apple has solidified public understanding of what defines a smartwatch. This has nothing to do with market share and everything to do with market influence. This state of affairs will end up breaking the supposed benefits of smartwatches for health and well-being.
There is no doubt that smartwatches have been a phenomenal business success. Revenue from smartwatch sales in 2024 were projected to be $1.05bn, rising to $1.57bn by 2029. Most of this growth is due to only 10% of the potential market actually owning a smartwatch, meaning there are way more wrists for manufacturers to aim for in the future. For Apple, specifically, the Watch has added to the company’s bottom line substantially. Between 2022 and the start of 2024, the Apple Watch accounted for between a quarter and a third of all smartwatch shipments worldwide. There’s plenty of growth left.
