2025年Q2全球智能手表出货量同比下降2%；中国市场维持增长势头

Core Insights - Global smartwatch shipments declined by 2% year-on-year in Q1 2025, marking the fifth consecutive quarter of decline, primarily due to a slowdown in the Indian market and a decrease in Apple smartwatch shipments [1][5] - In contrast, the Chinese market saw a significant growth of 37% year-on-year, achieving the highest market share since Q4 2020, driven by strong performance from domestic brands [1][5] Brand Performance - Apple remains the market leader despite a continuous decline in shipments for six consecutive quarters, benefiting from an expanding iOS user base [3] - Huawei and Xiaomi experienced significant growth in shipments, attributed to strong domestic performance and competitive pricing strategies targeting the mid-to-high-end market [3] - Samsung's previous generation products underperformed in major global markets, resulting in an 18% year-on-year decline in quarterly shipments [3] Market Trends - The global smartwatch market is witnessing a shift in consumer preferences towards higher price segments, with a 21% year-on-year increase in shipments priced between $100 and $200, indicating a rising demand for enhanced health and fitness features [9] - Conversely, entry-level products (under $100) saw a 17% year-on-year decline, reflecting consumers' willingness to pay a premium for accuracy, stability, and ecosystem compatibility [9] - The children's smartwatch segment continues to grow significantly, with brands like Imoo leading due to high cost-performance ratios and rich functionalities [9] Future Outlook - The global smartwatch market is expected to recover moderately at a rate of approximately 3% in 2025, driven by advancements in product capabilities, including the integration of AI features and next-generation health sensors [9] - Changing consumer behavior is shifting focus from novelty to product functionality, long-term value, and ecosystem compatibility, pushing the market towards higher-end models that support health, productivity, and lifestyle goals [9]