Samsung slashes Galaxy Watch 8 prices up to 40% in push to reclaim market share

Samsung Electronics has launched sweeping discounts on its Galaxy Watch 8 smartwatch in an effort to recover lost market share and clear inventory ahead of next month's new product launch.

Industry sources say prices for the Galaxy Watch 8 series have been cut sharply in major markets including the United States and the United Kingdom, with reductions of up to around 40% depending on the model. The series typically retails at an average of around 500,000 won ($324). Discounts of more than 10% are also available in South Korea, and the markdown is expected to deepen further.

When it launched last year, the Galaxy Watch 8 was regarded as the most significant design overhaul in Samsung's smartwatch lineup, featuring a slimmer profile, improved wearability and a new form factor that sits closer to the wrist.

The price cuts are seen as an attempt to clear stock and expand market share as a new model release draws near.

Global smartwatch shipments rose 4% year-on-year in the first quarter of this year, according to market research firm Counterpoint Research, but Samsung's shipments fell 28% — the steepest decline among major manufacturers.

Apple held first place with a 23% market share, up 3 percentage points from 20% in the first quarter of last year, while Chinese brands including Huawei and Xiaomi continued to grow. Samsung's share, meanwhile, slipped from 7% to 5%.

"Chinese manufacturers are aggressively expanding their share on the back of price competitiveness, and Samsung's position in the market is shrinking significantly," an industry official said.

A high-resolution render of Samsung Electronics' next-generation smartwatch, the Galaxy Watch Ultra 2. [Image: Evan Blass via X @evleaks]

Meanwhile, Samsung is set to unveil the new Galaxy Watch 9 and Galaxy Watch Ultra 2 next month. Leaked information suggests the Galaxy Watch 9 will adopt a more angular design than its predecessor. The Galaxy Watch Ultra 2 is expected to feature a thinner bezel, redesigned side buttons and a revised take on its signature orange quick button — with only the rim rendered in orange rather than the entire button.

For consumers, however, the heavily discounted Galaxy Watch 8 may offer better value than waiting for the new models at full price. The Watch 8 already underwent a major design overhaul last year, making the Galaxy Watch 9 likely to be an incremental upgrade focused on feature improvements rather than a visual refresh.

park@heraldcorp.com