Smartwatches are now getting popularity. According to Counterpoint Research’s latest Global Smartwatch Model Tracker, global smartwatch market shipments grew by 30% YoY in Q3 2022. During this time period, India’s smartwatch market grew 171% YoY and became the biggest smartwatch market in the world. North America’s smartwatch market grew 21% year-on-year. Europe and China recorded Negative growth during the quarter.
The report was divided into two categories: High-level operating system smartwatches (HLOS) and basic smartwatches. HLOS devices are from companies like Apple, Samsung, Huawei, Garmin, and Amazfit. Basic smartwatches are affordable smartwatches from brands like Noise, Fire-Bollt, and boAT.
If we see HLOS (high-level OS) smartwatch market, Apple has a 50.6 percent market share. The new Apple Watch Series 8 accounts for around 56% of the overall shipments. Samsung is at second place with a 22.3 percent market share. The company increased its shipments by 62% QoQ.
The Indian smartwatch market is the biggest in the world led by Noise. Noise get 218% YoY and ranked third in the global market followed by Apple and Samsung. Fire-boltt is giving Noise tough competition and ranked second with a 24.6 percent market share. Huawei also grew 65% YoY and ranked fifth in the global market. The company recorded no shipments in India in the quarter.
Smartwatches come with health features. Now after the pandemic, people have started focusing on health and this led to the growth of smartwatches sale. Another research firm IDC also released a report earlier this month. As per the report, the smartwatch segment grew by 178% in India during the quarter ending September.
