India reportedly emerged as the biggest smartwatch market in the world during the third quarter of the year 2022. During the quarter, India’s market grew 171% YoY to become the biggest smartwatch market in the world, according to Counterpoint Research’s latest Global Smartwatch Model Tracker. Other markets also grew YoY, except China and Europe. This despite inflation and geopolitical crises that have continued since the beginning of this year. Over all, the global smartwatch market shipments increased 30% YoY in Q3 2022.
In terms of regions, India occupied the top position for the first time. The growth in the smartwatch market in the country is largely led by local brands like Noise, Boat and Firebolt. Noise grew 218% YoY to regain the top spot in the Indian market. Among the premium smartwatches, Apple grew 48% YoY thanks to strong sales of its newly released Apple Watch 8 series.
What helped the boom in India’s smartwatch market
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.”
Covid continues to hurt China
In the case of North America, which remained the largest market from Q4 2020 to Q2 2022, the shipments increased 21% YoY. But India grew so much that it was pushed to second place globally. Due to the continued “zero-COVID” policy and the subsequent economic downturn, China fell 28% YoY. Its market size decreased for the fourth consecutive quarter.
Research Analyst Woojin Son said, “Among the types of smartwatches*, the basic smartwatch, with relatively lighter versions of operating systems (OSs) and more affordable prices, has been the key driver in sharply boosting the global market recently. While HLOS smartwatch shipments grew 23% YoY in Q3 2022, basic smartwatch shipments more than doubled YoY, accounting for 35% of the total market. This remarkable increase in basic smartwatch shipments shows us that the market base is rapidly expanding toward more accessible segments amid aggressive drives by the supply side. But still, in terms of revenue, the HLOS smartwatch overwhelms the basic smartwatch with a market size of almost 10 times due to its high average selling price (ASP).”
In terms of regions, India occupied the top position for the first time. The growth in the smartwatch market in the country is largely led by local brands like Noise, Boat and Firebolt. Noise grew 218% YoY to regain the top spot in the Indian market. Among the premium smartwatches, Apple grew 48% YoY thanks to strong sales of its newly released Apple Watch 8 series.
What helped the boom in India’s smartwatch market
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.”
Covid continues to hurt China
In the case of North America, which remained the largest market from Q4 2020 to Q2 2022, the shipments increased 21% YoY. But India grew so much that it was pushed to second place globally. Due to the continued “zero-COVID” policy and the subsequent economic downturn, China fell 28% YoY. Its market size decreased for the fourth consecutive quarter.
Research Analyst Woojin Son said, “Among the types of smartwatches*, the basic smartwatch, with relatively lighter versions of operating systems (OSs) and more affordable prices, has been the key driver in sharply boosting the global market recently. While HLOS smartwatch shipments grew 23% YoY in Q3 2022, basic smartwatch shipments more than doubled YoY, accounting for 35% of the total market. This remarkable increase in basic smartwatch shipments shows us that the market base is rapidly expanding toward more accessible segments amid aggressive drives by the supply side. But still, in terms of revenue, the HLOS smartwatch overwhelms the basic smartwatch with a market size of almost 10 times due to its high average selling price (ASP).”
Related Posts
Denial of responsibility! TechnoCodex is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – [email protected]. The content will be deleted within 24 hours.
