India overtakes China to become world’s 2nd largest smartwatch market: 347% YoY increase
India’s market is driven by local brands like Fire-boltt & Noise, while the global leader remains Apple.
For the first time, India surpassed China to become the world’s second largest Smartwatch market in the second quarter of 2022, according to a Counterpoint Research report.
India’s smartwatch market grew by 347% year-on-year (YoY) to overtake China for the second spot, while the global smartwatch market grew 13%YoY in Q2 2022 with Apple retaining the top spot.
MARKET SUMMARY:
– Apple’s shipments increased 8% YoY, taking the top spot in this quarter as well. However, as the effect of the new model launch gradually weakened, the decline in Apple Watch 7 series shipments became larger compared to the previous quarter.
– Samsung maintained its second place with a 40% YoY growth. The Galaxy Watch 4 series has maintained its popularity, especially in North America and India.
– Huawei took the first position in the Chinese market for the third consecutive quarter. But the brand will find it difficult to regain the second position from Samsung globally due to the brakes on its global expansion.
– Fire-Boltt recorded a remarkable increase in shipments, taking first place in India’s market in terms of quarterly shipments.
– Noise grew 298% YoY, gaining popularity in both online and offline markets of India. However, due to the rapid growth of Fire-Boltt, it lost the No. 1 position in the Indian market with a 26% share.
– Xiaomi’s shipments increased 13% YoY with no significant change in its market share. The brand needs to increase its presence in India to further expand its market share, but competition will not be easy due to strong local brands.
– Garmin fell two places to the seventh spot compared to the previous year. However, due to its higher ASP, the brand ranked third after Apple and Samsung in terms of wholesale revenues.
“The international brands need to increase their presence in India to further expand their market share, but competition will not be easy due to strong local brands,” said the report.
China, which ranked second in the previous quarter, was pushed down to third place with a 10% YoY decrease in its shipments as consumer demand contracted due to Covid-19 lockdowns and negative economic growth.
