India's smartwatch market grew by more than 300% YoY in Q2 2022 to overtake China for the second spot.
The global smartwatch market’s shipments grew by 13% year-on-year (YoY) in the second quarter (Q2 2022) amid macro uncertainties such as inflation and geopolitical conflicts, according to Counterpoint Technology Market Research’s recently published Global Smartwatch Model Tracker. In particular, India’s smartwatch market grew by more than 300% YoY to overtake China for the second spot. Indian OEMs such as Fire-Boltt and Noise took top spots in global market share.
“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. Nevertheless, given that the smartphone market declined 9% YoY during the same period, we believe that the smartwatch market is on the right track to healthy growth,” said Associate Director Sujeong Lim.
Global Top-Selling Smartwatch Brands’ Shipment Share, Q2 2022 vs Q2 2021
Smartwatch Shipment Proportion by Region, Q2 2022 vs Q2 2021
By region, North America continued to occupy the top spot, but its gap with the second spot narrowed somewhat. A notable market for the quarter was India, which grew 347% YoY to overtake China for the second spot.
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.”
China, which ranked second in the previous quarter, was pushed down to third place with a 10% YoY decrease in its shipments as consumer demand contracted due to COVID-19 lockdowns and negative economic growth. In addition, Europe, which ranked third in the previous quarter, was pushed down to fourth place with a 13% YoY decline against the backdrop of the Russia-Ukraine war.