Apple(US:AAPL) Counterpoint Research·2025-05-08 08:06Core Viewpoint - Apple Watch shipments declined by 19% in 2024, marking the second consecutive year of decline, primarily due to the absence of new SE models [1][5]. Group 1: Shipment Performance - In 2024, Apple Watch shipments fell to 19 million units, with all regions except India experiencing a decline, particularly in North America, which accounts for over half of Apple Watch shipments [5]. - The decline in market share for Apple in the high-end smartwatch segment was 8 percentage points year-on-year [5]. - The fourth quarter of 2024 marked the fifth consecutive quarter of declining shipments for Apple smartwatches, while competitors in the high-end smartwatch market saw growth during the same period [5]. Group 2: Contributing Factors - The limited upgrade of the Series 10, intensified competition, absence of new Ultra models, and legal disputes collectively hindered growth [6]. - The last update for the SE series was in Q3 2022, and Apple is attempting to change the SE series' aluminum base to plastic, causing delays in the new SE model release [7]. Group 3: Future Outlook - To achieve a market rebound in 2025 and maintain market share, Apple needs to focus on introducing new features, launching new SE and Ultra series models, and potential design upgrades [7].