智能手表市场反弹势头延续

Core Insights - The global smartwatch market is expected to rebound with a 7% year-on-year growth in 2025 after experiencing a decline in 2024, marking the first downturn in the market's history [1] - The growth in 2025 is driven by strong performances from Chinese brands like Huawei, Xiaomi, and Little Genius, as well as Apple's expansion through new smartwatch models [1][2] - The market is witnessing a structural shift towards mid-to-high-end smartwatches, with a focus on health-related applications and advanced features such as AI integration and 5G support [2] Group 1: Market Performance - In Q3 2025, global smartwatch shipments are projected to increase by 9% year-on-year, reaching 41 million units, continuing the rebound from the previous quarter [1] - Apple's new smartwatch models are expected to see a 12% year-on-year increase in shipments for the entire year of 2025, helping the company recover from seven consecutive quarters of decline [1] - The global smartwatch market experienced its first decline in 2024, primarily due to Apple's performance drop and reduced demand for basic models [1] Group 2: Regional Insights - China has emerged as the most significant growth engine in the global smartwatch market, with three out of the top five brands being Chinese [3] - The market share of Chinese brands is projected to rise from 25% in 2024 to an estimated 31% in 2025, maintaining the largest shipment share globally [3] - Huawei's shipments are expected to surge by 42% year-on-year in 2025, increasing its market share from 13% to 18%, while Xiaomi is projected to grow by 22%, moving its share from 8% to 9% [3] Group 3: Future Projections - The shipment volume of HLOS (Host Operating System) smartwatches is expected to grow at a compound annual growth rate of 7% from 2025 to 2030, with a 14% year-on-year increase in 2025 [3] - Apple and Huawei are expected to perform well in the HLOS smartwatch segment, while Samsung's shipments are projected to decline by 5% [3] - The shipment volume of children's smartwatches is anticipated to grow by 4% year-on-year, with Little Genius maintaining its leading position [3]