India edges past China to achieve this feat as smartwatch market: Report
According to Counterpoint Research’s recently published Global Smartwatch Model Tracker, the global market shipments of smartwatch grew 13% YoY in Q2 2022. India has secured second spot only after North America in shipment shares.
India's smartwatch market has edged past China to become the second largest market, a research report says. The Indian market expanded by over 300 per cent year on year (YoY) to achieve the feat.
According to Counterpoint Research’s recently published Global Smartwatch Model Tracker, the global market shipments of smartwatch grew 13% YoY in Q2 2022. North America remained on the top spot with the world's shipment share of 26%, but the difference was narrowed by unprecedented growth in India, which overtakes China with 22% shipment share. The latter with a 10% YoY decrease contributes 21% in worldwide smartwatch shipment.
“The market performed relatively well in the second quarter compared to the downtrend we expected three months ago. However, as expected, China’s economic slowdown resulted in a YoY decline in its market, with major Chinese brands such as Huawei, imoo and Amazfit seeing limited YoY growth or decline,” said Sujeong Lim, Associate Director of Counterpoint. Lim believes that the smartwatch market is undergoing positive growth compared to the smartphone market because the latter’s market has declined by 9% YoY during the same period.
The survey points out that India has become the second-largest smartwatch market because of the vigorous growth of local brands such as Fire-Boltt and Noise. Fire-Boltt is leading the Indian market in terms of quarterly shipments. There is a significant increase in its shipments, the research mentioned.
Amit & Gaurav Khatri’s Noise has secured the second spot in the Indian market with gaining popularity in both online and offline selling platforms. Its market has grown 298% YoY and is leading only behind booming Fire-Boltt smartwatches.
Explaining the unprecedented growth of India’s smartwatch market, Sujeong Lim said, “During the quarter, 30% of models shipped in the Indian market sold for less than $50, and major local brands launched cost-effective models, lowering the entry barriers for consumers.”
In the global market, Apple has maintained its dominance even in this quarter by having shipments increased 8% YoY.
Counting on the popularity of the Galaxy Watch 4 series, particularly in the North American and Indian market, Samsung maintained its second place with a 40% YoY growth.
Other brands on the top ten lists are: Huawei, Xiaomi, Garmin, Amazfit and the last two spots held by the Indian brands. The Fitbit smartwatch, which was there in the top 10 shipment share in Q2 2021, could not make to the list this time.