Counterpoint’s latest global smartwatch report shows that total shipments grew by 30% year-over-year in 3Q22. As India became the biggest smartwatch market globally, Apple Watch shipments increased by 48%.
India Becomes the Biggest Smartwatch Market
Based on Counterpoint Research’s report, the smartwatch market seems unaffected by the inflation and geopolitical crises that hit various industries. In 3Q23, global shipments of smartwatches increased by 30% year-over-year. Unexpectedly, India’s smartwatch market became the biggest globally, thanks to an increase of 171% in smartwatch shipments.
According to a Counterpoint research analyst, the basic smartwatches using a lighter OS version and sold at a more affordable price drove the surge in smartwatch sales in the country. This boosted the overall global shipment of smartwatches. While smartwatches with more advanced OS managed to increase shipments by 23% year-over-year in 3Q22, shipments of basic smartwatches more than doubled, with a 35% market share. Revenue-wise, the more advanced smartwatches still beat the basic smartwatch despite the latter’s bigger market size.
Meanwhile, smartwatch shipments in North America increased by 21% year-over-year. This, however, paled in comparison with the surge of smartwatch sales in India, making it the biggest smartwatch market in 3Q22.
Apple’s Smartwatch Shipments Grow by 48%
As mentioned, Apple’s smartwatch shipments grew by 48%, accounting for 50.6%, about half, of the market. However, the shipment for 3Q22 was slightly lower than in 2Q22, when Apple’s smartwatch market share was at 54%. The report attributed Apple’s smartwatch shipments in 3Q22 to the surprising sales of the new Apple Watch Series 8, which accounted for 56% of Apple’s shipments.
Other smartwatch brands that showed an increase in shipments in 3Q22 include Samsung, Noise, and Huawei. Noise smartwatch shipments grew by 218% year-over-year, making it the biggest supplier of smartwatches in India. The smartwatch market share of both Fire-Bott and Garmin remained flat compared with the previous quarter’s market share.