Seoul, Beijing, Boston, London, Toronto, New Delhi, Hong Kong, Taipei – May 31, 2022
The global smartwatch market recorded 13% more shipments compared to the same period last year, despite concerns over economic slowdown and inflation, according to Counterpoint Research’s recently published Global Smartwatch Model Tracker. Despite -24% QoQ due to weak seasonal demand, Xiaomi performed well with it record-highest quarterly shipments.
Associate Director Sujeong Lim said, “Although the global smartwatch market saw little growth in 2020 due to the impact of Covid-19, it has continued to perform well since its rebound last year. In particular, Apple accounted for more than a third of the total shipments last year, and it is further increasing its influence with a market share of 36% in the first quarter of this year. The high brand loyalty of iPhone users is one of the success factors of the Apple Watch. This popularity appears to be higher among the younger generation, making Apple an irreplaceable market leader. Of course, everything was possible because the high performance of the product and the excellent connection among supported iOS devices. We believe that Apple's market share is likely to rise further by the end of this year.”
Global Top 8 Smartwatch Brands Shipment Share, Q1 2022 vs Q1 2021
Source: Counterpoint Global Smartwatch Model Tracker
Market Summary:
Smartwatch Shipment Proportion by Region, Q1 2022 vs Q1 2021
Source: Counterpoint Global Smartwatch Model Tracker, Q1 2022
By region, while most major regions grew YoY, only Europe recorded flat growth. Although Apple and Samsung continued to grow year-over-year, other major brands such as Garmin and Fitbit performed weakly in the European market during this period.
Ms. Lim said, “We initially expected the war between Russia and Ukraine to have minimal impact on the market in Q1, but the prolongation of the conflict and the resulting logistical constraints have begun to affect the European region. The impact of the war will become more serious in Q2”.
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.
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