Smartwatches boom in lockdown – Apple leads Samsung, Garmin

According to the latest research from Strategy Analytics, global smartwatch shipments grew 20 percent annually to reach 14 million units in the first quarter of 2020. Apple Watch maintained first position with 55 percent global smartwatch marketshare, while Samsung held second place, and Garmin rose to third.

Steven Waltzer, Senior Analyst at Strategy Analytics, said, “Global smartwatch shipments grew 20 percent annually from 11.4 million units in Q1 2019 to 13.7 million in Q1 2020. Despite considerable headwinds from the Covid-19 scare, global demand for smartwatches continued to grow. Smartwatches are selling well through online retail channels, while many consumers have been using smartwatches to monitor their health and fitness during virus lockdown.”

Neil Mawston, Executive Director at Strategy Analytics, added, “Apple Watch shipped 7.6 million units worldwide in Q1 2020, rising an above-average 23 percent from 6.2 million in Q1 2019. Apple’s global smartwatch marketshare has grown from 54 percent to 55 percent, its highest level for two years. Apple Watch continues to fend off strong competition from hungry rivals like Garmin and Samsung. Apple Watch owns half the worldwide smartwatch market and remains the clear industry leader.”

Steven Waltzer, Senior Analyst at Strategy Analytics, added, “Samsung shipped 1.9 million smartwatches worldwide in Q1 2020, inching up slightly from 1.7 million a year ago. Samsung’s global smartwatch marketshare has dipped from 15 percent to 14 percent during the past year. Samsung remains the world’s number two smartwatch vendor, but its growth was slowed by the coronavirus lockdown at home in South Korea and renewed competition from hungry competitors like Garmin.”

Neil Mawston, Executive Director at Strategy Analytics, added, “Garmin returned to third position for the first time in two years and shipped 1.1 million smartwatches worldwide in Q1 2020, leaping an impressive 38 percent annually from 0.8 million in Q1 2019. Garmin has grown from 7 percent to 8 percent global smartwatch marketshare in the past year. Enhanced new models, such as the Venu with OLED color touchscreen, are proving popular with sports and fitness fans across North America and elsewhere who like to track their daily activity.”

Woody Oh, Director at Strategy Analytics, added, “We expect global smartwatch shipments to slow sharply in the second quarter of 2020, due to the ongoing Covid-19 pandemic. Sales in Europe and the US have inevitably been hit by virus lockdown in recent months. However, the second half of this year and beyond will see a decent rebound, as consumers worldwide steadily regain confidence and more retail stores reopen. Smartwatches continue to have excellent long-term prospects, as younger and older people will become more health-conscious in a post-virus world. Smartwatches can monitor vital health signs, such as oxygen levels, and consumers may find comfort in having a virtual health assistant strapped to their wrist.”

Exhibit 1: Global Smartwatch Vendor Shipments and Marketshare in Q1 2020

Source: Strategy Analytics

The full report, Global Smartwatch Vendor Market Share by Region: Q1 2020, is published by the Strategy Analytics Wearable Device Ecosystems (WDE) service, details of which can be found here: https://tinyurl.com/yy6nsmzj.