The demand for wearables, including smartwatches, earphones and more, is on the rise even when other segments are witnessing a slump due to inflation. According to a recent report from Counterpoint, the wearable segment saw a growth of 13 per cent between January to March 2022, i.e., Q1 2022.
Apple, Samsung and Xiaomi went on to record an increase in the shipments in the first quarter of 2022. As per the report, Apple maintained its first position with a market share of 36.1 per cent, witnessing a 14 per cent year-on-year growth. The report also suggests that the late arrival of Watch Series 7 helped the Cupertino giant continue its lead. Sujeong Lim says that brand loyalty is one of the main reasons for the continued success of the Apple Watch. He believes that Apple’s market share is expected to rise by the end of the year.
Samsung, which recorded a 46 per cent year-on-year increase in shipments of smartwatches, again secured the second position this year. Counterpoint suggests that the popularity of the Galaxy Watch 4 series in the Asia Pacific region helped Samsung solidify its position in the market. Meanwhile, Huawei again came in at the third position, but its share in the global market is on a downward trend due to GSM restrictions.
Xiaomi, which is breaking the records every quarter, registered a 69 per cent year-on-year increase in the shipments in Q1 2022, securing the fourth position.
The premium segment was conquered by Garmin, which ranked fifth in terms of shipment but third in terms of revenue in the first quarter of 2022.
Amazfit, with a 4 per cent market share this quarter, secured the fifth position. As per the report, the brand was able to maintain its position due to the GTR 3 and GTS 3 series smartwatches launched in Q4 2021. The brand is trying to expand its presence outside the Chinese market, and the report states that it has found some success in Europe.
Meanwhile, Fitbit, which has been missing from the scene for a long time, witnessed a massive slump as, since its acquisition, it has not announced any new products. And even there is no word on the transition to WearOS.
Most regions, including North America, China and the rest of the world, recorded growth in the smartwatch shipments in Q1 2022 compared to the same period last year. However, the growth in Europe remains flat, likely due to the logistics constraint because of the ongoing war in Ukraine. The report notes that the issue will get more serious in the second quarter of 2022.
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