Global Smartwatch Market Grows 13% YoY in Q1 2022: Report

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Apple maintained a solid lead and increased 14% YoY in Q1 2022. Samsung solidified second place with 46 percent YoY increase in shipments

The global smartwatch market recorded 13% more shipments compared to the same period last year, despite concerns over economic slowdown and inflation, according to Counterpoint Research. 

Despite -24% QoQ due to weak seasonal demand, Xiaomi performed well with its record-highest quarterly shipments.

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Apple maintained a solid lead and increased 14% YoY in Q1 2022. Samsungsolidified second place with 46% YoY increase in shipments. Huaweiremained flat YoY in terms of shipments. 

Xiaomi recorded its first Top 4 position with 69% YoY growth. Garmin ranked fifth in terms of shipments. After the merger with Google, Fitbit appears to be undergoing an internal reorganization. As a result, there were no new models released last year, and the transition to Wear OS was delayed, so its sales decreased compared to the same period of the previous year.

 By region, while most major regions grew YoY, only Europe recorded flat growth. Although Apple and Samsung continued to grow year-over-year, other major brands such as Garmin and Fitbit performed weakly in the European market during this period.

Associate Director Sujeong Lim said, “Although the global smartwatch market saw little growth in 2020 due to the impact of Covid-19, it has continued to perform well since its rebound last year. In particular, Apple accounted for more than a third of the total shipments last year, and it is further increasing its influence with a market share of 36% in the first quarter of this year. The high brand loyalty of iPhone users is one of the success factors of the Apple Watch. This popularity appears to be higher among the younger generation, making Apple an irreplaceable market leader. Of course, everything was possible because the high performance of the product and the excellent connection among supported iOS devices. We believe that Apple’s market share is likely to rise further by the end of this year.”

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