Despite inflation and geopolitical crises that have continued since the beginning of this year, the global smartwatch market shipments increased 30 percent year-on-year in the third quarter of 2022, according to Counterpoint Research. In a report, Counterpoint said India’s market grew 171 percent YoY in the quarter to become the biggest smartwatch market the world over. With the exception of China and Europe, other markets too registered a YoY growth in the quarter.
The report shows that India occupied the top position for the first time. Senior Analyst Anshika Jain said, "India’s smartwatch market grew 171 percent YoY in Q3 2022 to become the biggest market in the world." She attributed this growth to Indian brands expanding their product portfolios at affordable price points and emphasis on local manufacturing during the festive season.
"Bluetooth-calling emerged as an important feature, contributing a 58 percent share in total shipments, the highest-ever share to date. Consumers are also preferring bigger display sizes, which is evident from the fact that over half of the total shipments in Q3 came from the 1.5”-1.69” display size," she added.
The report showed that Apple grew 48 percent YoY and accounted for about half of the market among the High-Level Operating System (HLOS) smartwatch segment with a 50.6 percent share in the quarter. The Apple Watch Series 8, released in September, accounted for about 56 percent of overall shipments.
The report also added that Samsung increased its shipments by 62 percent sequentially with the launch of the new Galaxy Watch 5 series, while its market share in the HLOS segment increased by five percentage points quarter-on-quarter.
HLOS Smartwatch Market (Source: Counterpoint Global Smartwatch Model Shipment & Revenue Tracker, Q3 2022)
However, Samsung’s shipments only grew six percent YoY as it lost ground in India, falling below three percent share here. In the global market, Samsung was still in second place but with a decreased market share, narrowing the gap with the third-placed Noise.
Basic Smartwatch Market (Source: Counterpoint Global Smartwatch Model Shipment & Revenue Tracker, Q3 2022)
Homegrown brand Noise grew 218 percent YoY to regain the top spot in the Indian market. It ranked third in the global market, followed by Apple and Samsung. In the case of the basic smartwatch market, Noise ranked first in India, but the gap with Fire-Boltt held less than one percent.