London, Seoul, New Delhi, Hong Kong, Beijing, San Diego, Buenos Aires – November 29, 2022
Despite inflation and geopolitical crises that have continued since the beginning of this year, the global smartwatch market shipments increased 30% YoY in Q3 2022, according to Counterpoint Research’s latest Global Smartwatch Model Tracker. During the quarter, India’s market grew 167% YoY to become the biggest smartwatch market in the world. Other markets also grew YoY, except China and Europe.
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).”
Global Top-selling Smartwatch Brands’ Shipment Share by Device Type, Q3 2022
Source: Counterpoint Global Smartwatch Model Shipment & Revenue Tracker, Q3 2022
Market analysis
Smartwatch Shipment Share by Region, Q3 2022 vs Q3 2021
Smartwatch Shipment Share by Region, Q3 2022 vs Q3 2021
Source: Counterpoint Global Smartwatch Model Tracker, Q3 2022
In terms of regions, India occupied the top position for the first time. Senior Analyst Anshika Jain said, “India’s smartwatch market grew 167% 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.”
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 6% YoY. Its market size decreased for the fourth consecutive quarter.
*Smartwatch type definition
Background
Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media and telecom) industry. It services major technology and financial firms with a mix of monthly reports, customized projects and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.
Analyst Contacts
Sujeong Lim
Neil Shah
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