Now India overtook China to become the 2nd largest smartwatch market.
NRI Herald Australia, 19 September 2022
Following a Counterpoint Research survey, India's wristwatch industry surged by more than 300% year on year to overtake China for second place, with domestic companies like Fire-Boltt and Noise grabbing the top ranks in worldwide market share.
According to Counterpoint Research's newly published Global Smartwatch Model Tracker, FireBolt saw tremendous growth in shipments, taking first place in India's market in terms of quarterly shipments.
Noise expanded 298% year on year, finding traction in both India's internet and offline sectors. However, due to Fire-quick Boltt's expansion, it lost the top spot in the Indian market with a 26% share, according to the research.
Shipments in the worldwide wristwatch market increased 13% year on year in the second quarter of the calendar year 2022, despite macroeconomic risks such as inflation and geopolitical crises.
"In comparison to the projected slump three months ago, the market did rather well in the second quarter. Nevertheless, China's global downturn led to a YoY fall in its market, with prominent Chinese companies like Huawei, too, and Amazfit experiencing limited YoY growth or loss.
Nonetheless, considering that the smartphone market fell 9% year on year over the same time period, "we feel the wristwatch industry is on the right road to healthy development," Sujeong Lim, associate director at Counterpoint Research, agrees. North America remains the top region, though the gap to second place has narrowed.
India was the biggest hub for the quarter, growing 347% year on year to overtake China for second place. "During the quarter, 30% of models delivered in the Indian market were sold for less than $50, and key local companies introduced cost-effective models, decreasing consumer entry barriers," Lim notes.
China, which was second in the prior quarter, fell to third with a 10% year-on-year reduction in exports as consumer spending fell owing to COVID-19 lockdowns and weak economic development.
Apple's sales grew 8% year over year, propelling the company to the top of the charts again this quarter. However, as the impact of the new model launch faded, the drop in Apple Watch 7 series deliveries got greater in comparison to the previous year.
Samsung remained in second place, with a 40% year-on-year increase. It adds that the Galaxy Watch 4 series has retained its appeal, particularly in North America and India.
Xiaomi's shipments grew by 13% year on year, although its market share did not move significantly. According to Counterpoint Research, "the brand has to extend its presence in India to further improve its market share, although competition would be tough owing to strong local brands."
Garmin dropped two spots to seventh place from the previous year.
In respect of wholesale revenues, the company came in third place, after Apple and Samsung. Shipments at Amazfit fell 11% year on year owing to lackluster demand in China. It did, however, do well in India, increasing by 65% quarter on quarter.