India Smartwatch Market Takes Second Spot for First Time in Q2 2022
- The global smartwatch market grew 13% YoY in Q2 2022 with Apple retaining the top spot.
- India became the second-largest smartwatch market driven by the strong growth of local brands such as Fire-Boltt and Noise.
Seoul, Beijing, Boston, London, Toronto, New Delhi, Hong Kong, Taipei – August 25, 2022
The global smartwatch market’s shipments grew 13% YoY in Q2 2022 amid macro uncertainties such as inflation and geopolitical conflicts, according to Counterpoint Research’s recently publishedGlobal Smartwatch Model Tracker．特别是,India’s smartwatch market grewby more than 300% YoY to overtake China for the second spot. Indian OEMs such as Fire-Boltt and Noise took top spots in global market share.
Associate Director Sujeong Limsaid, “The market performed relatively well in the second quarter compared to the downtrend we expected three months ago. However, as expected, China’s economic slowdown resulted in a YoY decline in its market, with major Chinese brands such as Huawei, imoo and Amazfit seeing limited YoY growth or decline. Nevertheless, given that the smartphone market declined 9% YoY during the same period, we believe that the smartwatch market is on the right track to healthy growth.”
Global Top-Selling Smartwatch Brands’ Shipment Share, Q2 2022 vs Q2 2021
Source: Counterpoint Global Smartwatch Model Shipment & Revenue Tracker, Q2 2022
Market summary
- Apple’s shipments increased 8% YoY, taking the top spot in this quarter as well. However, as the effect of the new model launch gradually weakened, the decline in Apple Watch 7 series shipments became larger compared to the previous quarter.
- Samsungmaintained its second place with a 40% YoY growth. TheGalaxy Watch 4 serieshas maintained its popularity, especially in North America and India.
- Huawei首次在中国市场的地位the third consecutive quarter. But the brand will find it difficult to regain the second position from Samsung globally due to the brakes on its global expansion.
- Xiaomi’s shipments increased 13% YoY with no significant change in its market share. The brand needs to increase its presence in India to further expand its market share, but competition will not be easy due to strong local brands.
- Garminfell two places to the seventh spot compared to the previous year. However, due to its higher ASP, the brand ranked third after Apple and Samsung in terms of wholesale revenues.
- Amazfit’s shipments declined 11% YoY due to the weak demand in China market. But it performed well in India, growing 65% QoQ.
- Fire-Bolttrecorded a remarkable increase in shipments, taking first place in India’s market in terms of quarterly shipments.
- Noise增长了298% YoY, gaining popularity in both online and offline markets of India. However, due to the rapid growth of Fire-Boltt, it lost the No. 1 position in the Indian market with a 26% share.
Smartwatch Shipment Proportion by Region, Q2 2022 vs Q2 2021
Source: Counterpoint Global Smartwatch Model Tracker, Q2 2022
By region, North America continued to occupy the top spot, but its gap with the second spot narrowed somewhat. A notable market for the quarter was India, which grew 347% YoY to overtake China for the second spot.Limsaid, “During the quarter, 30% of models shipped in the Indian market sold for less than $50, and major local brands launched cost-effective models, lowering the entry barriers for consumers.”
China, which ranked second in the previous quarter, was pushed down to third place with a 10% YoY decrease in its shipments as consumer demand contracted due to COVID-19 lockdowns and negative economic growth. In addition, Europe, which ranked third in the previous quarter, was pushed down to fourth place with a 13% YoY decline against the backdrop of the Russia-Ukraine war.
Analyst Contacts
Sujeong Lim
Neil Shah
Follow Counterpoint Research
[email protected]
相关的帖子
