Abstract

SAG estimates that global Apple watch shipments grew 3% YoY in 2025 full year. The growth is driven by new launches such as Apple watch series SE (3rd generation), series 11, and watch series Ultra 3rd generation in H2 2025. For 2025 full year, Apple watch trade wholesale revenue declined 4% YoY, driven by a 6% decline in ASP. The ASP decline is due to a higher mix of SE series models, which are relatively more affordable compared to the Series number and Ultra series.