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.

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.