While the global market for smartwatch shipments grew at just 13% YoY, India saw a 347% year-on-year (YoY) jump making it the second biggest smartwatch market in the second quarter of the year 2022. According to Counterpoint Research report, India for the first time has pipped China to emerge the second largest smartwatch market. Indian OEMs such as Fire-Boltt and Noise took top spots in global market share. North America secures the top spot with 26% of smartwatch shipments.
China which ranked first in the previous quarter saw a 10% YoY fall in its shipments in the second quarter pushing it down to the third place. As per the reports, the fall in consumer demand due to COVID-19 lockdowns and negative economic growth are few of the reasons for China’s slip from the top spot. Europe, which ranked third in the previous quarter, went a step down to fourth place with a 13% YoY decline citing the Russia-Ukraine war as one of the reasons.
Also Read | 5G roll-out in India by October 2022, 6G by end of this decade: Everything you need to know
Apple remained the top smartwatch selling brand with an increased 8% YoY shipments 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,” states the report.
Samsung stood at the second spot with a 40% YoY growth. Its Galaxy Watch 4 series has continued to keep up with its popularity, especially in North America and India. Huawei lost its second position to Samsung, coming down at the third position in the global market. The company, however, took the first position in homeland market China.
Xiaomi’s shipments increased 13% YoY with no significant change in its market share. The report highlights that 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.
