The global smartwatch market has grown by 30% in the third quarter of this year in spite of inflation, as per the latest report by Counterpoint Research. But the key takeaway is that India became the biggest market for smartwatches and has observed a 171% year-on-year growth in Q3, 2022. Have a look at the details.
Affordable Smartwatches Led Market Globally
India’s feat in the smartwatch market in Q3, 2023 has been accredited to the festive season and a plethora of affordable options. Bluetooth Calling became a popular feature, which had a 58% share in the total shipments in India. Even bigger displays helped in the shipments.
With this, India beat North America, which led the global smartwatch market from Q4 2020 to Q2 2022. It now stands in the second position.
It is highlighted that the overall smartwatch market globally was driven by basic smartwatches with a YoY growth of 35%. This segment saw Noise in the first position with a share of 25.2% in India (it got the third position globally), followed by Fire-Boltt with a market share of 24.6%. boAt came third with a share of 16.8%, Xiaomi came fourth with a share of 4.2%, and Huawei stood in the fifth spot with a 3.2% share.
Counterpoint’s senior analyst, Anshika Jain, said, “India’s smartwatch market grew 171% YoY in Q3 2022 to become the biggest market in the world. The main factor behind the record quarter was India’s festive season. Indian brands expanding their product portfolios at affordable price points and emphasis on local manufacturing also contributed to the growth.“
As for the HLOS smartwatches (the ones that run the high-level OS), Apple contributed to 56% of the overall shipments. It also saw YoY growth of 48%. Samsung had a share of 22.3% and came second. This was followed by Amazfit (7.1%), Huawei (6.4%), and Garmin (4.5%).
The report further highlights that China saw a 28% YoY decline due to the “zero-COVID policy and the subsequent economic downturn.” So, what are your thoughts on this? Let us know in the comments below.