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According to a report by Counterpoint Research, the global smartwatch market shipments grew 12% YoY in 2022 due to the strong YoY growth witnessed in the first three quarters. However, the shipments fell 2% YoY in Q4, 2022 because of inflationary pressures and slow India growth.
Reason for the growth in global smartwatch market
The Counterpoint report adds that price polarisation in demand is the main reason behind this growth. “Shipments in the mid-price range decreased while those in the >$400 and ≤$100 segments increased 129% and 34%, respectively, compared to the previous year”, adds the report.
The report also suggests that Apple strongly drove the average selling price (ASP) rise in the global smartwatch market in 2022. “There are two main reasons for this ASP rise – a diversified Apple smartwatch line-up and a rise in the exchange rate. This year, Apple released its first premium model, Ultra, at a release price of $799 in the US. “
Apart from this the low-price band smartwatch market also expanded with the remarkable growth of India’s market.
Here’s how the companies performed
Apple’s shipments increased by 17% YoY as the Apple Watch Series 8, Ultra and SE 2022 enjoyed strong sales. For the first time, the annual shipments also increased by 50 million.
The second spot in the global smartwatch market is captured by Samsung as its shipments increased by 12%. The company witnessed positive sales of its newly launched Galaxy Watch 5 series. Huawei sits in the third position as its market share fell 1%p YoY due to the Chinese smartwatch market losing momentum to India in 2022.
The fourth and fifth positions are captured by Indian manufacturers Noise and Fire-Boltt. The two brands surpassed 5% of the global market share and performed very well in the home market.
Reason for the growth in global smartwatch market
The Counterpoint report adds that price polarisation in demand is the main reason behind this growth. “Shipments in the mid-price range decreased while those in the >$400 and ≤$100 segments increased 129% and 34%, respectively, compared to the previous year”, adds the report.
The report also suggests that Apple strongly drove the average selling price (ASP) rise in the global smartwatch market in 2022. “There are two main reasons for this ASP rise – a diversified Apple smartwatch line-up and a rise in the exchange rate. This year, Apple released its first premium model, Ultra, at a release price of $799 in the US. “
Apart from this the low-price band smartwatch market also expanded with the remarkable growth of India’s market.
Here’s how the companies performed
Apple’s shipments increased by 17% YoY as the Apple Watch Series 8, Ultra and SE 2022 enjoyed strong sales. For the first time, the annual shipments also increased by 50 million.
The second spot in the global smartwatch market is captured by Samsung as its shipments increased by 12%. The company witnessed positive sales of its newly launched Galaxy Watch 5 series. Huawei sits in the third position as its market share fell 1%p YoY due to the Chinese smartwatch market losing momentum to India in 2022.
The fourth and fifth positions are captured by Indian manufacturers Noise and Fire-Boltt. The two brands surpassed 5% of the global market share and performed very well in the home market.
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