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Global Smartwatch Shipments See YoY Growth After Two Quarters

In Q2 2023, global smartwatch shipments increased 11% YoY after declining for two successive quarters.
For the first time in two years, Huawei took the second spot, fueled by a 58% YoY surge in domestic shipments.
India’s market recorded a remarkable 70% YoY growth, whereas North America saw a 9% decline.

Seoul, New Delhi, Hong Kong, Beijing, London, Buenos Aires, San Diego – August 29, 2023

Global smartwatch shipments increased 11% YoY in Q2 2023 after declining in both Q4 2022 and Q1 2023, according to Counterpoint Research’s recently publishedGlobal Smartwatch Model Tracker．印度的发货量同比飙升70%,担任the primary driver for the global market’s rebound. China’s market also recorded a modest increase. Besides, a shift in the competitive landscape was evident as Huawei ascended to the second position in terms of global market share.

Research Analyst Woojin Sonsaid, “Huawei recorded impressive growth in Q2 2023, securing the second position in quarterly shipments for the first time in two years. The leading Chinese brand’s growth stagnated for some time due to technological sanctions and a slowdown in its domestic market. Although the Chinese market’s recovery remained lukewarm, Huawei aggressively pushed new flagship products such as the Watch 4 series into the market in Q2, achieving its highest quarterly shipments after 2020. Huawei seems to be determined to bounce back in the market. It remains to be seen whether this momentum can be effectively expanded to other sectors, such as smartphones.”

全球顶尖的3 Smartwatch Brands’ Shipment Share, Q2 2023 vs Q2 2022

Source:Counterpoint Global Smartwatch Model Shipment & Revenue Tracker, Q2 2023

Market summary

Applesaw a 10% YoY decline in its Q2 2023 shipments. This decline pushed its Q2 shipments to below 8 million units for the first time in three years. Consequently, Apple’s market share fell to 22% from 27% in Q2 2022.
Huaweimade big strides by increasing its domestic market share to 39% following a surge of 58% in shipments. This achievement propelled the brand to the second spot in the global smartwatch market share rankings. Another significant change was observed in the premium segment, especially in the >$500 band. Huawei’s products in the >$500 band in China expanded their share in the band to 52% in Q2 2023, a remarkable leap from the brand’s near-absence from the band in the same quarter of 2022.
Indian brandsNoiseandFire-Bolttemerged as major contenders, boasting 86% and 70% YoY growth, respectively. Within Noise’s offerings, products priced under $50 constituted a significant 98% of total shipments. Noise’s Colorfit Icon series managed to carve out a substantial 28% share of the total shipments. Fire-Boltt also made strides in expanding its market share by capitalizing on cost-effective smartwatches.
Samsungwitnessed a 19% YoY decline in Q2 2023. The brand managed to boost shipments in the Chinese and Indian markets. Samsung’s performance in North America and Europe, its pivotal markets, recorded 24% and 13% YoY declines, respectively.

Smartwatch Shipment Share by Region, Q2 2023 vs Q2 2022

Source:Counterpoint Global Smartwatch Model Shipment & Revenue Tracker, Q2 2023

In terms of regional shipment shares, India’s market stood at 34%, a 12% points surge compared to the year-ago period. In Q2 2023, 88% of India’s smartwatch shipments were dominated by products priced <$50. Leading the charge in this segment were Noise, Fire-Boltt and boAt, collectively contributing to 72% of India’s total shipments.

TheChinese market’s share declined due to the swift expansion of India’s market. However, China’s shipments grew 5% from Q2 2022. In terms of revenue, the share of products priced >$500 surged to around 34% in China.

In North America, there was an 9% YoY reduction in shipments in Q2 2023. However, the revenue saw a rise of around 3% due to the sustained popularity of high-end premium products. Nevertheless, North America’s share inglobal smartwatchrevenues declined, compared to both Q2 2022 and Q2 2021.

Background

Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media, and telecom) industry. It services major technology and financial firms with a mix of monthly reports, customized projects, and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.

Analyst Contacts

Sujeong Lim

Neil Shah

Follow Counterpoint Research

press(at)www.arena-ruc.com

India Smartwatch Market’s 121% YoY Growth Restricts Global Decline to 1.5% in Q1 2023

The global smartwatch market continued to contract in Q1 2023 following an 8% YoY decline in Q4 2022.
Fire-Boltt surpassed Samsung for the first time in the global smartwatch market, capturing the second spot.
All regions except India witnessed a YoY decline in shipments in Q1 2023.

Seoul, New Delhi, Hong Kong, Beijing, London, Buenos Aires, San Diego – May 25, 2023

Global smartwatch shipmentscontracted 1.5% YoY in Q1 2023, according to Counterpoint Research’s latestGlobal Smartwatch Model Tracker．The 121% growth in India’s shipments managed to restrict the decline. This was the second consecutive quarter of a YoY decrease in global shipments, which were hit by the seasonal decline in demand for products from major players like Apple and Samsung, along with consumer sentiment dampened by global financial pressures.

Research Analyst Woojin Sonsaid, “The global smartwatch market, which had been experiencing steep growth for several years, has entered a period of stagnation since the end of last year when itdeclined 8% YoY in Q4 2022．Amid a global slowdown in demand for tech devices, the smartwatch consumption trend has also undergone a transformation. The market share of high-price and high-performance HLOS smartwatches*, primarily released by Apple and Samsung, decreased from 60% in Q1 2022 to 53% in Q1 2023. On the other hand, the market share of Basic smartwatches* significantly increased from 23% to 34% driven by rapid growth in the Indian market. Although the overall smartwatch shipment volume declined slightly compared to last year, affordable products that offer a certain level of performance generated substantial demand based on their price accessibility. These low-end smartwatches are also absorbing or replacing the existingsmartband market．”

全球顶尖的3 Smartwatch Brands’ Shipment Share, Q1 2023 vs Q1 2022

Source: Counterpoint Global Smartwatch Model Shipment & Revenue Tracker, Q1 2023

Market summary

Apple’s shipment volume fell 20% YoY in Q1 2023. This was the first time in three years that its Q1 shipments fell below 10 million units. As a result, Apple’s market share, which was 32% in Q1 2022, dropped to 26%. This can be attributed to the ongoing macroeconomic crisis, which has led to decreased accessibility to relatively higher-priced Apple Watches. Despite the Apple Watch Series 8’s release about a month ahead of its predecessor, it did not achieve the same level of success as the previous model.
Indian brandFire-Bolttsurpassed Samsung for the first time and reached the second position in the global market. Its shipments increased by approximately three times compared to the previous year and saw a 57% growth compared to the previous quarter. This reflects the rapid growth of the Indian market, just like other local brands such asNoiseandboAt．
WhileSamsungexperienced a 15% increase in shipments in its key market North America, it witnessed a decline in shipments in other major markets. As a result, its overall global shipments declined by 15% compared to the previous year and 21% compared to the previous quarter.
Huawei, the most influential Chinese OEM, saw a 14% YoY decline in its shipments in the Chinese market, which is a key market for the company. However, Huawei saw increased shipments in India, LATAM and MEA, limiting its overall decline in global shipments to 9%. Huawei has been employing a strategy of relaunching models previously released for the Chinese market in the international market.

Smartwatch Shipment Share by Region, Q1 2023 vs Q1 2022

Note: Figures may not add up to 100% due to rounding

Source: Counterpoint Global Smartwatch Model Tracker, Q1 2023

In terms of the regional markets, India surpassed North America, reclaiming its position as the top region with a 27% share of global smartwatch shipments.Senior Analyst Anshika Jainsaid, “India’s smartwatch market grew 121% YoY in Q1 2023 driven by affordability, rising customer demand and availability of a wide variety of options in the budget segment. Around 40% of the total shipments were driven by the

China’s smartwatch marketexperienced a significant contraction of 28% compared to the previous year, as the country’s economy showed a slower recovery than expected. This decline represents the sharpest contraction among the major regional markets and the lowest quarterly shipments since the outbreak of COVID-19 in Q1 2020.

*Types of smartwatches:

HLOS smartwatch:Electronic watch running a high-level OS, such as Watch OS (Apple) or Wear OS (Samsung), with the ability to install third-party apps.
Basic smartwatch:Electronic watch running a lighter version of an OS, with no ability to install third-party apps.

Background

Analyst Contacts

Sujeong Lim

Neil Shah

Follow Counterpoint Research

press@www.arena-ruc.com

2022年全球Smartwatch发货量同比增长9%;Price Polarization Seen in Demand

The market showed decent YoY growth in 2022, though it dropped 8% YoY in Q4
Quarterly shipments turned to a YoY decline after seven consecutive quarters of growth.
Shipments in the >$400 price band more than doubled in 2022, while the mid-price range saw a YoY drop.
Indian brands such as Noise and Fire Boltt found spots in the global top 5 sellers’ list thanks to the rapid growth of their domestic market.

Seoul, New Delhi, Hong Kong, Beijing, London, Buenos Aires, San Diego – February 22, 2023

Theglobal smartwatch market shipmentsgrew 9% YoY in 2022 due to the strong YoY growth witnessed in the first three quarters of the year, according to Counterpoint Research’s recently publishedGlobal Smartwatch Model Tracker．But the shipments fell 8% YoY in Q4 2022 amid inflationary pressures and slowIndia growth．This was the market’s first negative growth in eight quarters since the pandemic hit the world in 2020.

Global Top-selling Smartwatch Brands’ Shipment Share, 2022 vs 2021

Source: Counterpoint Global Smartwatch Model Shipment & Revenue Tracker, Q4 2022

The most striking feature of the year was price polarization in demand. Shipments in the mid-price range decreased while those in the >$400 and ≤$100 segments increased 104% and 41%, respectively, compared to the previous year.

Research Analyst Woojin Sonsaid, “Apple strongly drove the average selling price (ASP) rise in the global smartwatch market in 2022, especially in the >$400 price band. There are two main reasons for this ASP rise – a diversified Apple smartwatch line-up and a rise in the exchange rate. This year, Apple released its first premium model, Ultra, at a release price of $799 in the US. In addition, as the exchange rate rose, the local price of Apple Watch in various countries changed. The demand for the premium segment remained relatively strong despite the decline in consumer sentiment at the end of 2022.

Sonadded, “On the other hand, we must be cautious about the low-price band of sub-$100. While this segment expanded in 2022 along with the remarkable growth of India’s market, it showed a large withdrawal in Q4 when compared to Q3.”

Global Smartwatch Shipment Share by Wholesale Price Band, 2022 vs 2021

Source: Counterpoint Global Smartwatch Model Shipment & Revenue Tracker, Q4 2022

Market summary

In 2022,Apple’s global market share decreased by 2.6%p with shipments remaining almost flat year on year. In terms of revenue, however, it grew 15% YoY, accounting for 56% of the global smartwatch market revenue and further widening the gap with No. 2 Samsung.
Samsung’s yearly shipments increased by 12% to account for more than 10% of global smartwatch shipments in 2022. Although sales of the newly released Galaxy Watch 5 series in the year were positive, its revenues only increased by less than 1%, which seems to be largely due to a slight drop in the ASP compared to the previous year.
Huawei‘s market share fell 0.5%p YoY due to the Chinese smartwatch market losing momentum to India in 2022. However, the brand’s revenue increased by 20% thanks to its relative focus on HLOS* smartwatches.
NoiseandFire Boltt, the Indian brands that supported the rapid growth of their home market, showed excellent growth in 2022. The two brands surpassed 5% of the global market share to rank fourth and fifth, respectively. Although the makers failed to beat Huawei as the Indian market’s growth slowed in Q4, they are attracting discussions on whether they will be able to threaten Samsung’s position beyond Huawei next year.
FitbitandXiaomi’s rankings fell to 10th and 11th in 2022 from 7th and 8th in the previous year. The strength of Indian brands was also affected, but these two brands failed to defend their share in their main markets like North America (Fitbit) and China (Xiaomi). Their shipments were decreased or flat compared to the previous year.

Smartwatch Shipment Share by Region, 2022 vs 2021

Note: Figures may not add up to 100% due to rounding

Source: Counterpoint Global Smartwatch Model Tracker, Q4 2022

In terms of regions,North Americarecovered as the largest smartwatch market in Q4 2022, which also allowed it to remain in first place for a full year again. The Apple’s home market showed a significant increase in shipments QoQ, despite the sales of Apple Watches being lower than expected in the fourth quarter. However, North America’s share decreased slightly as India emerged as another core region in 2022.

India’s market more than doubled compared to 2021. It grew steadily until Q3 2022 but fell 36% QoQ in Q4.Senior Analyst Anshika Jainsaid, “The third quarter of 2022 saw a big rise because most of the brands pushed high inventories into the channel ahead of the festive season. Therefore, we saw a decline in shipments in the fourth quarter.”

在2022年第四季度,中国的出口ebounded for the first time in the year as the COVID-zero policy was eased, and both Huawei and Apple are received a positive response with their more diverse products.

*Smartwatch type definition

HLOS smartwatch:Electronic watch running a high-level OS, such as Watch OS (Apple) or Wear OS (Samsung), with the ability to install third-party apps.
Basic smartwatch:Electronic watch running a lighter version of an OS, with the inability to install third-party apps.

Background

Analyst Contacts

Sujeong Lim

Neil Shah

Follow Counterpoint Research

press@www.arena-ruc.com

India’s Q2 Smartwatch Shipments Highest Ever, Fire-Boltt Leads

Fire-Boltt led the market for the first time in Q2 2022 with 28% share.
Noise second with 26% share overall, but it was the best-selling brand in online channels.
boAt, together with its sub-brands, maintained the third place with 19% share.
Online channels contribute 67% to the total shipment volume with Amazon leading.

New Delhi, Boston, Toronto, London, Hong Kong, Beijing, Taipei, Seoul – Aug 19, 2022

India’ssmartwatchmarket grew 312% YoY in Q2 2022, according to the latest research from Counterpoint’s IoT Service. This growth can be attributed to growing consumer interest in smartwatches as an accessory and as a fitness tracker. There were numerous product launches throughout the quarter as brands sought to grow their offline presence across the country.

Commenting on themarket dynamics,Senior Research Analyst Anshika Jaincommented, “India’s Smartwatch shipments grew by 4x annually in Q2 2022, with Fire-Boltt leading. Fire Boltt and Noise captured more than half of the total smartwatch market. The market is very dynamic and the top three positions will be fluid in the coming quarters. In terms of channels, we are seeing a steady increase in sales through offline channels with brands launching offline exclusive models and extending their partnerships with distributors across the country. One-third of the smartwatches are sold offline, the highest ever share. In the online domain, Amazon led the market followed by Flipkart, and with Noise, boAt and Fire-Boltt being the best-selling brands.”

Commenting onsmartwatchmodels,Research Analyst Harshit Rastogisaid, “We saw over 300 smartwatch models selling this quarter, the highest ever number. The top three brands combined offered 75 different models. The quarter saw over 50 new launches from major brands. Low-end smartwatches continue to attract more competition as half of the total models are in the sub-INR 3500 ($44) retail price band. Brands are pushing various models as consumers look for different options to choose from including dial size, display form etc. The colours and materials used continue to play a huge role in the purchase decision.”

Market Summary

Fire-Bolttled the market and had the most product launches in Q2 2022. Its increasing offline presence and good product features at affordable prices helped the brand to take the lead.
Noisecaptured the second spot with 26% share and registered 293% YoY growth. The brand has ramped-up its domestic production this quarter and contributed 3/4^thof the locally manufactured smartwatches. It introduced more models with Bluetooth calling features and this feature was present in 40% of its shipments for the quarter.
boAtregistered 199% YoY growth and captured the third position. The Storm and Xtend models remained the most popular. It launched “boAt Primia”, its first smartwatch with Bluetooth calling this quarter. Its sub-brandsTAGGandDefycontinue to grow as well.
Samsunggrew 295% YoY in Q2 2022. The Galaxy Watch 4 continued to be its top-selling model thanks to frequent promotional offers.
Dizoremained flat QoQ taking the fifth spot. Dizo Watch 2 Sports was the top model for the brand for the quarter. The brand also launched the offline-only Watch 2 Sports-i during the quarter.
Titanalong with its sub-brandFastrackwas 6^thwith 2% market share. It leveraged its existing brand value and wide distribution network across the nation.
realmegrew 76% YoY this quarter and took the 7^thIt also launched its first smartwatch with Bluetooth calling, the Watch R100. The brand maintained its presence almost equally across channels.
Appleregistered 197% growth in Q2 2022. The Watch Series 7 continued to be its best seller and has reached to almost 250k shipments till the end of the quarter in India. With upcoming launches in Q3 2022, Apple is expected to gain further market share.
Pebble grew267% in Q2 2022. It was acquired by Mensa Brands during the quarter with the aim to expand its distribution and further accelerate its growth.
OnePlusmaintained its first position in the INR 10,000-INR 15,000 ($125-$190) retail price band due to the popularity of the OnePlus Watch.

Background

Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media and telecom) industry. It services major technology and financial firms with a mix of monthly reports, customized projects, and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.

Analyst Contacts:

Anshika Jain

Harshit Rastogi

Counterpoint Research
press(at)www.arena-ruc.com

India Smartwatch Market Grows 173% YoY in Q1 2022; Noise Leads, Fire-Boltt Takes Second Spot for First Time

Noise led the market in Q1 2022 (January-March) with a 23% share.
Fire-Boltt took the second spot for the first time with a 21% share.
boAt captured the third spot with 18% share and 106% YoY growth.
Dizo entered the top five for the first time.
More than 10 brands entered this market in Q1 2022, including Defy, Fastrack, Truke and Reebok.
The INR 1,000-INR 2,000 ($13-$27) retail price band reached its highest ever share of 14%.

New Delhi, Boston, Toronto, London, Hong Kong, Beijing, Taipei, Seoul – May 5, 2022

India’ssmartwatchmarket grew 173% YoY in Q1 2022 (January-March), according to the latest research from Counterpoint’s IoT Service. This is attributed to growing consumer interest, multiple launches during the quarter and the availability of various discount offers and promotions.

Commenting on the market trends,Senior Research Analyst Anshika Jain说,“贡献的< 5000印度卢比(67美元)再保险tail price band increased to 87% from 78% in Q1 2021. The INR 1,000-INR 2,000 ($13-$27) retail price band reached its highest ever share of 14% from just 2% a year ago. Many brands have started to focus on this low price tier to attract first-time users and acquire the smart band user base. Consumer awareness has also increased in this segment due to brands’ continuous efforts on marketing and promotions through online and offline channels.”

On brands, Jain said, “The top three brands captured 60% share in Q1 2022. Noise led the overall smartwatch market driven by its value-for-money offerings, the addition of relevant features to its product portfolio and emphasis on the Make-in-India scheme. Fire-Boltt emerged as the second-largest player for the first time due to its focus on affordability and the introduction of feature-packed products. Fire-Boltt has a good offline presence and targets multiple smartwatch segments like fashion, lifestyle, fitness and luxury. boAt captured the third spot. It also refreshed its portfolio in Q1 2022 with five new models.”

Commenting on product features,Research Analyst Harshit Rastogisaid, “The brands are pushing larger displays, which consumers are readily accepting. By pushing larger displays, the brands are also attracting smart band users as these bands have limited functionality due to smaller displays. The contribution of the >1.5-inch smartwatches increased to more than half of the total smartwatch market from just 11% last year. In addition, some of the most demanded features like SpO2 are now present at all price levels. Blood pressure monitoring as well as voice assistant are trickling down to lower price bands to attract budget-conscious customers.”

On domestic manufacturing, Rastogi said, “Multiple brands have already started domestic manufacturing. We could see a major jump in the contribution of domestically manufactured devices in the second half of 2022, especially from brands like Noise, boAt and realme.”

Source: Counterpoint’s India Smartwatch Shipments Model Tracker, Q1 2022
Note: boAt’s share includes Tagg’s and Defy’s Share

Market Summary

Noiseshipments doubled YoY in Q1 2022 due to the good performance of its newly introduced devices. The Colorfit Pulse became the best-selling model for the brand.
Fire-Boltttook the second position for the first time with a 21% share. It had multiple launches this quarter with the Ninja Pro Max being its most popular device. Further, 57% of its watches come with the Bluetooth calling function.
boAtregistered 106% YoY growth and captured the third position. The Xtend and Storm models captured almost two-thirds of its total portfolio. boAt launched the Wave Pro 47, its first made-in-India smartwatch, in this quarter.
Dizocaptured a spot in the top five for the first time. The company introduced OLED display with its recently launched model Watch R. The brand also expanded its offline presence this quarter.
Samsunggrew 78% YoY in Q1 2022. The Galaxy Watch 4 series had the highest contribution here and higher shipments this quarter owing to promotional offers along with the Galaxy S22 Ultra smartphone.
realmehad 3% share in Q1 2022. The brand introduced its new Smartwatch S100, which was its major volume driver. We expect to see a portfolio refresh soon and a rise in shipments in the coming future. It is a well-established brand in both offline and online channels.
Applegrew 104% YoY in Q1 2022 with its series 7 variants contributing two-thirds of the shipments. It continued to lead the premium segment (>INR 30,000, >$400) with over 87% share.
Amazfitdeclined 35% YoY in Q1 2022. The GTS 2 Mini contributed over 30% of its shipments. With thenewer GTS Mini 2,we expect it to gain back some of its market share in the coming quarter.
Zebronicsmanaged to maintain a position in the top ten. The company launched several affordable models on various online and offline platforms.
OnePlustook the first spot in the INR 10,000-INR 15,000 ($133-$200) retail price band with around 45% share.
Xiaomiregistered a strong growth of 238% QoQ in Q1 2022. Its newly introduced model Redmi Watch 2 Lite is performing well in the market.

Background

Analyst Contacts:

Anshika Jain

Harshit Rastogi

Counterpoint Research
press(at)www.arena-ruc.com

India Smartwatch Shipments Triple YoY in Q2 2021, Noise Maintains Lead

Noise continued to maintain its lead for the fourth consecutive quarter.
boAt Storm topped the best-selling model chart for the quarter.
Over 70% of the shipments were driven by Indian brands.

Boston, Toronto, London, Hong Kong, New Delhi, Beijing, Taipei, Seoul – September 9, 2021

India’ssmartwatchshipments more than tripled in Q2 2021 compared to the same period last year, with 206% YoY and 18% QoQ growth during the quarter, according to the latest research from Counterpoint’s IoT Service. The growth was mainly driven by affordable offerings, new entrants, changing customer preferences and demand recovery from the lockdown period.

Looking at the overall market, Senior Research Analyst Anshika Jainsaid, “India’ssmartwatchmarket is in a boom phase as more and more people are trying out smartwatches because of the affordability factor. Smartwatches are now replacing traditional watches and complementing smartphone usage as well. Domestic brands are playing a pivotal role in making them accessible by introducing relevant functionality and fitness tracking functions at lower price points. The top three brands in the Indian smartwatch market are domestic and have over a three-fifths share of the total market.

We are estimating double-digit growth for the country’s smartwatch market in the coming period as new vendors are coming with emphasis on the CMF factor (Colour, Material and Finish), thereby offering a wide variety of options to the consumers at different price points.” Around 10 brands have already entered this market since the beginning of 2021.

On domestic production,Jainsaid, “We are also seeing domestic production picking up. Samsung is already producing smartwatches in India since June 2020. Other players like realme, Molife and Timex are also opting for domestic production as it would help reduce the prices as well as dependence on the external market.”

On the price trends and features,Research Associate Harshit Rastogisaid, “We are witnessing many new launches in the sub-INR 5,000 segment, which saw its contribution rising to 83% in the overall market in Q2 2021, compared to 67% in Q2 2020. Due to this, the ASP (average selling price) of smartwatches decreased by 36% in Q2 2021 compared to the same period last year. We are also seeing features like Voice Assistant, Bluetooth Calling, SpO2 and Blood Pressure Monitor trickling down from high-end models to the low-end ones.”

Market Summary:

Noisegrew 229% YoY to remain at the top with a 27.3% market share. TheColorfit Pro 2, launched in 2019, was itshighest-selling model.New launches like the Colorfit Pro 3 and Noisefit Active helped the brand maintain its lead. Noise also roped in cricketerRishabh Pantas its brand ambassador.
boAtgrew 34% QoQ in Q2 2021. ItsBoat Stormwas thebest-selling smartwatchmodelin the market in Q2 2021, capturing over one-fifth of the market. Since its entry in Q4 2020, the brand has quickly grabbed the second spot in the Indian smartwatch market. It is also rapidly closing the gap with Noise with new models like the Xtend and Xplorer, which have more features.
Fire Bolttquickly emerged as thethird-largest playerwith 243% QoQ growth. Multiple affordable-segment launches, feature-packed products, rewards program and exclusive tie-ups with online retailers made this growth possible. The company has signed actorVicky Kaushalas its brand ambassador.
Amazfitgrew 58% YoY in Q2 2021 due to its diverse offerings. It stood at number one in the INR 5,000 and above segment.
realmedeclined 49% YoY as it is facing tough competition from domestic brands. realme had its third-anniversary sale in June 2021 and also introduced bank offers to push its inventory. The brand is looking to upgrade its smartwatch series in Q3 2021 with two new models.
Samsunggrew 118% YoY aided by the sales of itsGalaxy Watch Active 2The watch was also bundled along with its Galaxy S21 smartphone series during April at just INR 990.
Xiaomimade anentry into the sub-INR 5,000price segment with its Redmi Watch. Xiaomi also slashed the price of itsMi Watch Revolvebefore launching theMi Watch Revolve Activeon June 22.
Applegrew 34% YoY mainly due to high sales of theSeries 6and SE. The sales of its other models have fallen rapidly since the introduction of newer models.
OnePlusalsoentered the smartwatch marketin Q2 2021 with its OnePlus Watch. It has already taken the top spot in the INR 10,000-INR 15,000 price band.

Background

Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media and telecom) industry. It services major technology and financial firms with a mix of monthly reports, customized projects and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.

Analyst Contacts:

Anshika Jain

Harshit Rastogi

Counterpoint Research
press(at)www.arena-ruc.com

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India Smartwatch Market’s 121% YoY Growth Restricts Global Decline to 1.5% in Q1 2023

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