India becomes the largest smartwatch market in Q3 2022, with a year-on-year growth of 171%

[Zhaimi News]In the past two years, smartwatches have become increasingly popular around the world. According to Counterpoint Research's latest global smartwatch model tracking report, despite the ongoing inflation and geopolitical crises since the beginning of this year, global smartwatch market shipments increased by 30% year-on-year in the third quarter of 2022. This quarter, the Indian market grew by 171% year-on-year, becoming the world's largest smartwatch market. In addition to China and Europe, other markets also grew year-on-year.

Xiaomi Smart Watch S2

“Among smartwatch types, basic smartwatches with relatively light operating system (OS) versions and more affordable prices are the main driving force that has significantly boosted the global market recently,” said research analyst Woojin Son.

Thanks to strong sales of the newly released Apple Watch 8 series, Apple grew 48% year-on-year and ranked first in global shipments, accounting for about half of the HLOS smartwatch market in the third quarter of 2022. However, this was a slight decrease from the 54% share in the second quarter of 2022 due to the downturn in major markets North America and Europe.

Global best-selling smartwatch brand shipment share by device type in Q3 2022

Samsung launched the new Galaxy Watch 5 series, with shipments up 62% month-on-month. However, Samsung's shipments only grew 6% year-on-year as it lost market share in India, falling below 3%. In the global market, Samsung still ranked second, but its market share declined, and the gap with the third place Noise gradually narrowed.

Noise grew 218% year-on-year, regaining the top spot in the Indian market. It ranks third in the global market, behind only Apple and Samsung.

Despite a 65% year-on-year growth, Huawei recorded zero shipments in India for the first time since 2018. The company’s ranking in the global market remained the same as last year, at fifth place.

Smartwatch shipment share by region in Q3 2022 vs. Q3 2021

From a regional perspective, India topped the list for the first time. Senior analyst Anshika Jain said, “The main factor behind the record quarter was the festive season in India. Bluetooth calling became an important feature, with watches with this feature accounting for 58% of total shipments, the highest share so far. Consumers also preferred larger display sizes.”

For North America, which remains the largest market from the fourth quarter of 2020 to the second quarter of 2022, shipments grew 21% year-on-year. But India grew so fast that North America ranked second globally.

Due to the ongoing epidemic prevention policies, China's smartwatch market fell 28% year-on-year, and the market size has declined for the fourth consecutive quarter.

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