A fresh report from the Counterpoint Research’s latest Global Smartwatch Model Tracker, the global smartwatch market shipments increased 30% YoY in Q3 2022.
In terms of the biggest market coverage, India’s market grew 171% YoY to become the biggest smartwatch market in the world. Other markets also grew YoY, except China and Europe.
Market analysis
- Apple grew 48% YoY (Apple Watch 8 series)
- Samsung increased its shipments by 62% QoQ by launching the new Galaxy Watch 5 series. (Quick Links 1,2,3)
- Noise grew 218% YoY to regain the top spot in the Indian market.
- Fire-Boltt showed a flat market share compared to the previous quarter but fell behind Noise to retreat to second place in India.
- Although Huawei grew 65% YoY, it recorded zero shipments in India for the first time since 2018.
- Like Fire-Boltt and Noise, the sixth-placed oat targets the entry-level smartwatch market. oat crossed the 2-million mark in shipments during the quarter.
- Garmin’s shipments were flat from the previous year.
Research Analyst Woojin Son said, “Among the types of smartwatches*, the basic smartwatch, with relatively lighter versions of operating systems (OSs) and more affordable prices, has been the key driver in sharply boosting the global market recently. While HLOS smartwatch shipments grew 23% YoY in Q3 2022, basic smartwatch shipments more than doubled YoY, accounting for 35% of the total market. This remarkable increase in basic smartwatch shipments shows us that the market base is rapidly expanding toward more accessible segments amid aggressive drives by the supply side. But still, in terms of revenue, the HLOS smartwatch overwhelms the basic smartwatch with a market size of almost 10 times due to its high average selling price (ASP).”
Join the latest Samsung Update Group On Telegram
