Global smartwatch sales surge
Global smartwatch shipments have risen 30% year-on-year (YoY) in the third quarter of 2022, with the biggest market for the wearables being India, data from Counterpoint Research has revealed.
India’s smartwatch market grew by 171% over the same period, and while other markets showed significant growth, China and Europe’s growth remained flat.
However, it should be noted that low-end smartwatch sales made up much of the increase in shipments, with basic smartwatch sales having more than doubled YoY.
Basic smartwatches comprise approximately 35% of the overall market.
Higher-end high-level output specification (HLOS) smartwatches, such as the Apple Watch and Samsung Galaxy Watch models, also saw sales growth, with shipments increasing by 23% YoY.
However, research analyst Woojin Son said the increase in basic smartwatch shipments shows that the market is expanding and making wearables more accessible.
“But still, in terms of revenue, the HLOS smartwatch overwhelms the basic smartwatch with a market size of almost ten times due to its high average selling price,” Son added.
In the basic smartwatch segment, products from Boat, Fire-Boltt, and Noise hold a large portion of the market. However, according to Counterpoint Research’s data, lesser-known brands also have a significant market share.
Regarding HLOS smartwatches, Apple dominates with a 50.6% market share.
The next highest market share belongs to Samsung, but its share is less than half that of Apple at 22.3%.
Amazfit, Huawei, and Garmin are also big players in the HLOS smartwatch market, with shares of 7.1%, 6.4%, and 4.5%, respectively.
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