3Q22: India Becomes Top Smartwatch Market

- Advertisement -

Growth of local brands led to India occupying the top position for the first time

As per the Counterpoint Global Smartwatch Model Tracker, the global smartwatch market grew 30% YoY in the third quarter of 2022. It was driven by the basic smartwatch segment. Owing much to the growth of local brands, India grew 171% YoY this quarter and stood first in the global smartwatch market. Interestingly, even North America, which has been the largest market from Q4 2020 to Q2 2022, was pushed to second place globally this quarter. Its shipments increased 21% YoY. Most other markets around the world grew YoY in Q3 2022, expect Europe and China.

Notably, the Chinese market decreased for the fourth consecutive quarter, falling 28% YoY this time, owing to its continued “zero-COVID” policy.

- Advertisement -

Senior Analyst with Counterpoint, Anshika Jain said, “India’s smartwatch market grew 171% YoY in Q3 2022 to become the biggest market in the world. The main factor behind the record quarter was India’s festive season. Indian brands expanding their product portfolios at affordable price points and emphasis on local manufacturing also contributed to the growth. Bluetooth calling emerged as an important feature, contributing a 58% share in total shipments, the highest-ever share to date. Consumers are also preferring bigger display sizes, which is evident from the fact that over half of the total shipments in Q3 came from the 1.5”-1.69” display size.”

HLOS smartwatches are those which run a high-level OS, such as Watch OS (Apple) or Wear OS (Samsung), with the ability to install third-party apps. On the other hand, basic smartwatches are those electronic watches that have a lighter version of an OS, and they can’t install third-party apps. Research Analyst Woojin Son remarked that the basic smartwatch has recently been the key driver in boosting the global market.

“While HLOS smartwatch shipments grew 23% YoY in Q3 2022, basic smartwatch shipments more than doubled YoY, accounting for 35% of the total market. This remarkable increase in basic smartwatch shipments shows us that the market base is rapidly expanding toward more accessible segments amid aggressive drives by the supply side. But still, in terms of revenue, the HLOS smartwatch overwhelms the basic smartwatch with a market size of almost 10 times due to its high average selling price (ASP),” added Son.

Among the HLOS smartwatches, Apple and Samsung took up a little less than three-fourths of the market share. In the basic smartwatch segment, Noise stood first and Fire-Boltt, second.

Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media and telecom) industry.


 

- Advertisement -

Related Artcles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Buzz

Infineon Beats Estimates With Stellar Q1 Results

0
The demand for chips by automakers has led to a steady rise in profits for Infineon. German semiconductor manufacturer Infineon Technologies topped estimates of its...

Pandemic Boosted Organic LED (OLED) Tablet Penetration

0
Samsung, making OLEDs since 2014, leads the way Emerging tech and declining manufacturing costs making OLED popular Apple expected to bring OLED iPads...

Netflix To Showcase GM EVs in TV Shows, Movies

0
The partnership between Netflix and General Motors (GM) is aimed at exposing people to EVs in a natural way. Netflix announced it would collaborate with...

Exclusive

Pandemic Boosted Organic LED (OLED) Tablet Penetration

0
Samsung, making OLEDs since 2014, leads the way Emerging tech and declining manufacturing costs making OLED popular Apple expected to bring OLED iPads...

India’ 22: Premium Segment Share Up by 11%; Overall Fall in Smartphone Shipments

0
Smartphone shipments fell 9% YoY in 2022 in India The premium segment brought 35% of total smartphone market revenue in 2022; Apple led...

ONE Raises $300 mn; Set To Launch LFP Cell Factory

0
Our Next Energy (ONE) raised $300 million in Series B equity led by Fifth Wall and Franklin Templeton Michigan-based energy storage technology company, Our Next...

Important Sectors

Infineon Beats Estimates With Stellar Q1 Results

0
The demand for chips by automakers has led to a steady rise in profits for Infineon. German semiconductor manufacturer Infineon Technologies topped estimates of its...

Pandemic Boosted Organic LED (OLED) Tablet Penetration

0
Samsung, making OLEDs since 2014, leads the way Emerging tech and declining manufacturing costs making OLED popular Apple expected to bring OLED iPads...

Netflix To Showcase GM EVs in TV Shows, Movies

0
The partnership between Netflix and General Motors (GM) is aimed at exposing people to EVs in a natural way. Netflix announced it would collaborate with...

India’ 22: Premium Segment Share Up by 11%; Overall Fall in Smartphone Shipments

0
Smartphone shipments fell 9% YoY in 2022 in India The premium segment brought 35% of total smartphone market revenue in 2022; Apple led...

ONE Raises $300 mn; Set To Launch LFP Cell Factory

0
Our Next Energy (ONE) raised $300 million in Series B equity led by Fifth Wall and Franklin Templeton Michigan-based energy storage technology company, Our Next...

Manufacturing

Infineon Beats Estimates With Stellar Q1 Results

0
The demand for chips by automakers has led to a steady rise in profits for Infineon. German semiconductor manufacturer Infineon Technologies topped estimates of its...

Honda, GM Partner To Develop Hydrogen Fuel Cell

0
The global hydrogen fuel cell vehicle market is estimated to generate $43,208.3 million by 2031. Japanese automaker Honda Motor Co announced that it would collaborate...

Adding The Edge In The Embedded Edge Market With SiMa.ai

0
SiMa in Hindi means edge, and that is exactly what this startup has brought to the embedded edge market. By integrating Machine Learning on...

Foxconn Hires Former Nidec CEO As Strategy Chief For EVs

0
Foxconn Technology group's latest hire has decades of experience in the automotive industry with names such as Nissan and Dongfeng Motors in his portfolio. Foxconn...
Bharat

Bharat Electronics Misses Profit Estimates For Q3

0
Bharat Electronics has declared an interim dividend of 60% payable to all the eligible shareholders holding shares as of the record date. Shares of Bharat...