According to Counterpoint Research’s report, the smartwatch market shipments in the Q3 2022 increased 30% YoY.
In the third quarter of 2022, India’s market grew 171% YoY to become the biggest smartwatch market in the world.
Q3 2022 SmartWatch Market analysis
- Apple ranked first with a growth of 48% YoY thanks to strong sales of its newly released Apple Watch 8 series.
- Samsung achieved 62% QoQ growth by launching the new Galaxy Watch 5 series.
- Noise grew 218% YoY to regain the top spot in the Indian market. It ranked third in the global market, followed by Apple and Samsung.
- Fire-Boltt showed a flat market share compared to the previous quarter but fell behind Noise to retreat to second place in India.
- Although Huawei grew 65% YoY, it recorded zero shipments in India for the first time since 2018. It ranked fifth in the global market, the same as the previous year.
In terms of regions, India occupied the top position for the first time. Senior Analyst 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.”