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India’s Q2 Smartwatch Shipments Highest Ever, Fire-Boltt Leads

Fire-Boltt led the market for the first time in Q2 2022 with 28% share.
Noise second with 26% share overall, but it was the best-selling brand in online channels.
boAt, together with its sub-brands, maintained the third place with 19% share.
Online channels contribute 67% to the total shipment volume with Amazon leading.

New Delhi, Boston, Toronto, London, Hong Kong, Beijing, Taipei, Seoul – Aug 19, 2022

India’s smartwatch market grew 312% YoY in Q2 2022, according to the latest research from Counterpoint’s IoT Service. This growth can be attributed to growing consumer interest in smartwatches as an accessory and as a fitness tracker. There were numerous product launches throughout the quarter as brands sought to grow their offline presence across the country.

Commenting on the market dynamics, Senior Research Analyst Anshika Jain commented, “India’s Smartwatch shipments grew by 4x annually in Q2 2022, with Fire-Boltt leading. Fire Boltt and Noise captured more than half of the total smartwatch market. The market is very dynamic and the top three positions will be fluid in the coming quarters. In terms of channels, we are seeing a steady increase in sales through offline channels with brands launching offline exclusive models and extending their partnerships with distributors across the country. One-third of the smartwatches are sold offline, the highest ever share. In the online domain, Amazon led the market followed by Flipkart, and with Noise, boAt and Fire-Boltt being the best-selling brands.”

Commenting on smartwatch models, Research Analyst Harshit Rastogi said, “We saw over 300 smartwatch models selling this quarter, the highest ever number. The top three brands combined offered 75 different models. The quarter saw over 50 new launches from major brands. Low-end smartwatches continue to attract more competition as half of the total models are in the sub-INR 3500 ($44) retail price band. Brands are pushing various models as consumers look for different options to choose from including dial size, display form etc. The colours and materials used continue to play a huge role in the purchase decision.”

Market Summary

Fire-Boltt led the market and had the most product launches in Q2 2022. Its increasing offline presence and good product features at affordable prices helped the brand to take the lead.
Noise captured the second spot with 26% share and registered 293% YoY growth. The brand has ramped-up its domestic production this quarter and contributed 3/4^th of the locally manufactured smartwatches. It introduced more models with Bluetooth calling features and this feature was present in 40% of its shipments for the quarter.
boAt registered 199% YoY growth and captured the third position. The Storm and Xtend models remained the most popular. It launched “boAt Primia”, its first smartwatch with Bluetooth calling this quarter. Its sub-brands TAGG and Defy continue to grow as well.
Samsung grew 295% YoY in Q2 2022. The Galaxy Watch 4 continued to be its top-selling model thanks to frequent promotional offers.
Dizo remained flat QoQ taking the fifth spot. Dizo Watch 2 Sports was the top model for the brand for the quarter. The brand also launched the offline-only Watch 2 Sports-i during the quarter.
Titan along with its sub-brand Fastrack was 6^th with 2% market share. It leveraged its existing brand value and wide distribution network across the nation.
realme grew 76% YoY this quarter and took the 7^th It also launched its first smartwatch with Bluetooth calling, the Watch R100. The brand maintained its presence almost equally across channels.
Apple registered 197% growth in Q2 2022. The Watch Series 7 continued to be its best seller and has reached to almost 250k shipments till the end of the quarter in India. With upcoming launches in Q3 2022, Apple is expected to gain further market share.
Pebble grew 267% in Q2 2022. It was acquired by Mensa Brands during the quarter with the aim to expand its distribution and further accelerate its growth.
OnePlus maintained its first position in the INR 10,000-INR 15,000 ($125-$190) retail price band due to the popularity of the OnePlus Watch.

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:

Anshika Jain

Harshit Rastogi

Counterpoint Research
press(at)counterpointresearch.com

Infographic: Smartwatch Market | Q1 2022

Smartwatch Market Share by Brand

The global smartwatch market grew 13% YoY, reaching shipments at 33.7 million units in Q1 2022 and continued double-digit growth for the fifth consecutive quarter. Apple maintained a solid lead and increased 14% YoY in Q1 2022. Some shipments carried over to Q1 2022 due to a month late launch of Apple Watch 7, which helped continue the strength of the brand.

Smartwatch Market Share 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.

Use the button below to download the high resolution PDF of the infographic:

Can Google’s Pixel Watch Be a Game Changer in Smartwatch Market?

Google has finally unveiled its first smartwatch — Pixel Watch. No surprise here, considering that this is being predicted since 2019, when Google announced its acquisition of Fitbit. At the same time, there has been a lot of market interest in the details.

Although Google did not mention the price or detailed specifications, user-friendly software such as Google Maps, Google Wallet and Emergency SoS and the body designed in the shape of a circular dome are enough to be attractive options for users in many ways.

What has been officially announced?

Design: Unlike Apple Watch, Google has chosen a round-shaped display. Compared to Samsung’s Galaxy Watch, it has a slightly more dome-shaped and convex design. There is a tactile crown in the center of the right frame.
GMS powered by Wear OS: Google increases user convenience by allowing them to use Google Assistant, Google Maps and Google Wallet.
Cellular connectivity: Consumers will have the option to pick a cellular version of the model, which will allow for an LTE connection even without a smartphone.
Deep integration with Fitbit: The Pixel Watch is equipped with healthcare features such as heart rate and sleep tracking that Fitbit already has.
Release date: It is coming this fall with the new Pixel 7 smartphone. So, it will be on the market this October.

What about the specifications?

Other than the details mentioned above, Google has not announced the device’s detailed specifications. But here are some specifications that can be expected:

Display: 1.4’’ OLED
Memory: 32 GB internal storage, 1.5 GB RAM
Chipset: Samsung Exynos 9110
Battery: 300mAh
SPO2 and ECG monitoring features
Price: About $250

Why Google wants to enter smartwatch market?

In the smartphone market, Google has gained strong influence with its Android OS, but Wear OS, its operating system for wearables, is yet to show a significant presence in the market.

Starting with the use of Wear OS on the Galaxy Watch 4 through a partnership with Samsung last year, Google has now laid a firm foundation for improving and optimizing its wearable OS with its own Pixel Watch. And through this, Google can also grow its influence in the wearable market.

In terms of hardware, the smartwatch may become the foothold for Google to enter the healthcare market, which has great growth potential, as smartwatches are evolving into healthcare devices rather than simply acting as auxiliary devices for smartphones.

However, Google is more likely to consider growing revenues from healthcare services such as disease prediction and customized exercise suggestions, based on health data collected through its smartwatches, rather than solely depending on the revenue from device sales.

Global smartwatch market outlook

The global smartwatch market recorded remarkable growth in 2021, shipping 28% more devices compared to the previous year. The market was adversely affected by COVID-19 in 2020 but was able to record rapid growth soon by amplifying consumers’ interest in health and fitness. During this period, new manufacturers entered the market, bringing in more models, designs and price points. This has been another factor that has enabled market growth by broadening consumer choice.

However, growth slowed down to 13% YoY in Q1 2022 due to inflation and the Russia-Ukraine war. We expect this slowdown to continue until at least Q2 this year. The market will regain energy in H2 thanks to the launch of new models by Apple and Samsung and the entry of Google into the market.

Smartwatch Market Grows 13% YoY in Q1 2022; Apple Stays First, Samsung Solidifies Second Place

The market grew 13% YoY and continued double-digit growth for the fifth consecutive quarter.
Apple maintained its lead, while Samsung solidified its second place.
Xiaomi recorded first Top 4 position with 69% YoY growth, and is breaking its shipment record every quarter.

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:

Apple maintained a solid lead and increased 14% YoY in Q1 2022. Some shipments carried over to Q1 2022 due to a month late launch of Apple Watch 7, which helped continue the strength of the brand.
Samsung solidified second place with 46% YoY increase in shipments. It grew significantly in the APAC region with the popularity of Galaxy Watch 4 series.
Huawei remained flat YoY in terms of shipments. Due to the weak position in the international market caused by GMS restrictions, the proportion of the Chinese market in the brand’s total shipments is gradually increasing.
Xiaomi recorded its first Top 4 position with 69% YoY growth and is breaking its shipment record every quarter as it rapidly penetrates globally. A large proportion of its sales come from the low-end segment under $100.
Garmin ranked fifth in terms of shipments, but came in third in terms of revenues thanks to its higher ASP. It occupies the majority portion in the premium segment over $500.
Amazfit maintained its market share by occupying 6th place thanks to the GTR 3 and GTS 3 series that launched in the fourth quarter of 2021. In the meantime, it has been working to expand outside of China and has had some success increasing its presence in Europe.
With the China Kids Watch market sluggish at -7% YoY, and as Huawei and Xiaomi expanded their presence in this segment, imoo suffered a double-digit YoY shipment decline.
After the merger with Google, Fitbit appears to be undergoing an internal reorganization. As a result, there were no new models released last year, and the transition to Wear OS was delayed, so its sales decreased compared to the same period of the previous year.

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.

Analyst Contacts:

Sujeong Lim

Neil Shah

Follow Counterpoint Research
press@counterpointresearch.com

India Smartwatch Market Grows 173% YoY in Q1 2022; Noise Leads, Fire-Boltt Takes Second Spot for First Time

Noise led the market in Q1 2022 (January-March) with a 23% share.
Fire-Boltt took the second spot for the first time with a 21% share.
boAt captured the third spot with 18% share and 106% YoY growth.
Dizo entered the top five for the first time.
More than 10 brands entered this market in Q1 2022, including Defy, Fastrack, Truke and Reebok.
The INR 1,000-INR 2,000 ($13-$27) retail price band reached its highest ever share of 14%.

New Delhi, Boston, Toronto, London, Hong Kong, Beijing, Taipei, Seoul – May 5, 2022

India’s smartwatch market grew 173% YoY in Q1 2022 (January-March), according to the latest research from Counterpoint’s IoT Service. This is attributed to growing consumer interest, multiple launches during the quarter and the availability of various discount offers and promotions.

Commenting on the market trends, Senior Research Analyst Anshika Jain said, “The contribution of the <INR 5,000 ($67) retail price band increased to 87% from 78% in Q1 2021. The INR 1,000-INR 2,000 ($13-$27) retail price band reached its highest ever share of 14% from just 2% a year ago. Many brands have started to focus on this low price tier to attract first-time users and acquire the smart band user base. Consumer awareness has also increased in this segment due to brands’ continuous efforts on marketing and promotions through online and offline channels.”

On brands, Jain said, “The top three brands captured 60% share in Q1 2022. Noise led the overall smartwatch market driven by its value-for-money offerings, the addition of relevant features to its product portfolio and emphasis on the Make-in-India scheme. Fire-Boltt emerged as the second-largest player for the first time due to its focus on affordability and the introduction of feature-packed products. Fire-Boltt has a good offline presence and targets multiple smartwatch segments like fashion, lifestyle, fitness and luxury. boAt captured the third spot. It also refreshed its portfolio in Q1 2022 with five new models.”

Commenting on product features, Research Analyst Harshit Rastogi said, “The brands are pushing larger displays, which consumers are readily accepting. By pushing larger displays, the brands are also attracting smart band users as these bands have limited functionality due to smaller displays. The contribution of the >1.5-inch smartwatches increased to more than half of the total smartwatch market from just 11% last year. In addition, some of the most demanded features like SpO2 are now present at all price levels. Blood pressure monitoring as well as voice assistant are trickling down to lower price bands to attract budget-conscious customers.”

On domestic manufacturing, Rastogi said, “Multiple brands have already started domestic manufacturing. We could see a major jump in the contribution of domestically manufactured devices in the second half of 2022, especially from brands like Noise, boAt and realme.”

Source: Counterpoint’s India Smartwatch Shipments Model Tracker, Q1 2022
Note: boAt’s share includes Tagg’s and Defy’s Share

Market Summary

Noise shipments doubled YoY in Q1 2022 due to the good performance of its newly introduced devices. The Colorfit Pulse became the best-selling model for the brand.
Fire-Boltt took the second position for the first time with a 21% share. It had multiple launches this quarter with the Ninja Pro Max being its most popular device. Further, 57% of its watches come with the Bluetooth calling function.
boAt registered 106% YoY growth and captured the third position. The Xtend and Storm models captured almost two-thirds of its total portfolio. boAt launched the Wave Pro 47, its first made-in-India smartwatch, in this quarter.
Dizo captured a spot in the top five for the first time. The company introduced OLED display with its recently launched model Watch R. The brand also expanded its offline presence this quarter.
Samsung grew 78% YoY in Q1 2022. The Galaxy Watch 4 series had the highest contribution here and higher shipments this quarter owing to promotional offers along with the Galaxy S22 Ultra smartphone.
realme had 3% share in Q1 2022. The brand introduced its new Smartwatch S100, which was its major volume driver. We expect to see a portfolio refresh soon and a rise in shipments in the coming future. It is a well-established brand in both offline and online channels.
Apple grew 104% YoY in Q1 2022 with its series 7 variants contributing two-thirds of the shipments. It continued to lead the premium segment (>INR 30,000, >$400) with over 87% share.
Amazfit declined 35% YoY in Q1 2022. The GTS 2 Mini contributed over 30% of its shipments. With the newer GTS Mini 2, we expect it to gain back some of its market share in the coming quarter.
Zebronics managed to maintain a position in the top ten. The company launched several affordable models on various online and offline platforms.
OnePlus took the first spot in the INR 10,000-INR 15,000 ($133-$200) retail price band with around 45% share.
Xiaomi registered a strong growth of 238% QoQ in Q1 2022. Its newly introduced model Redmi Watch 2 Lite is performing well in the market.

Background

Analyst Contacts:

Anshika Jain

Harshit Rastogi

Counterpoint Research
press(at)counterpointresearch.com

Smartwatch Market Grows 24% YoY in 2021, Records Highest Ever Quarterly Shipments in Q4

The market grew a healthy 24% YoY, thanks to strong demand for sub-$100 smartwatches.
Samsung, Amazfit and Garmin recorded a higher growth than the market average, although Apple remained the undisputed leader.
The Indian market quadrupled YoY thanks to the notable growth of local brands such as Noise.

Seoul, Beijing, Boston, London, Toronto, New Delhi, Hong Kong, Taipei – March 14, 2022

The global smartwatch market shipments hardly grew in 2020 due to COVID-19, but they recorded a healthy 24% YoY growth in 2021, according to Counterpoint Research’s recently published Global Smartwatch Model Tracker. The fourth quarter alone saw shipments of more than 40 million units, the highest quarterly shipments ever.

Associate Director Sujeong Lim said, “The global smartwatch market’s good growth in 2021 is meaningful in itself, but it is more meaningful in that it makes us look forward to future growth. With their ability to monitor important health parameters like blood pressure, ECG and SPO2, these devices are becoming popular. Further, the attractiveness of smartwatches as independent wearable devices will increase if more of them start supporting cellular connectivity.”

Global Top 9 Smartwatch Brands Shipment Share, 2021 vs 2020

Source: Counterpoint Global Smartwatch Model Tracker

Market Summary:

Apple maintained its solid No. 1 position with a 30% market share but fell 3% points YoY due to intensified competition. However, its ASP rose 3% without the release of the SE model in 2021. As a result, Apple accounted for half of the total market revenue.
Samsung was one of the most successful smartwatch OEMs in 2021. Its QoQ growth was more than 200% in the third quarter to record the brand’s best shipments ever. This growth retained strength until the last quarter. Moving to Wear OS through a partnership with Google has worked well for the brand in many ways.
Huawei launched high-end new models and kids’ smartwatches despite continued US sanctions, but inevitably its shipments would decline YoY. Due to the Watch GT 3 and Watch Fit Mini, which were released in the fourth quarter, Huawei’s shipments more than doubled QoQ in the quarter.
imoo did not release a new model in 2021, resulting in a slight YoY decline. However, as it entered markets outside China, such as Europe, it remained the undisputed No. 1 in the kids’ smartwatch segment.
Amazfit succeeded in expanding its position in the market in 2021, recording more than 20% YoY growth over the past two years. Its ASP also rose 11% as the proportion of the GTR and GTS, the high-end models of the brand, gradually increased.
Garmin performed better than expected in 2021. Garmin had initially focused on introducing high-priced smartwatches for special categories like aviation and divers. But it is gradually shifting focus to bringing attractive consumer products from price and design perspective. As a result, it showed 35% YoY growth and took sixth place by raising its global ranking by one place.
Fitbit showed weak performance in 2021. Since the launch of the Sense and Versa 3 models in the third quarter of 2020, there has been no launch of new models, which seems to be due to strategy changes and reorganization due to the merger with Google. Therefore, it showed a YoY decrease of more than 15% in 2021. But it is expected to rebound with the release of the Versa 4 in the second half of 2022.
Xiaomi showed strong performance with its Mi Watch Lite in the first half of 2021 and released the Redmi Watch 2 series in Q4 2021. In this series, it launched the ‘Lite’ variant to broaden users’ choices and we expect it to contribute to Xiaomi’s market share gain.
Noise, the 1 local king in India’s smartwatch market, was the fastest-growing brand among the global top 9 brands. Leading the growth of the Indian smartwatch market, Noise was India’s No. 1 brand in 2021 and 2020.

Smartwatch Shipment Proportion by Region, 2021 vs 2020

Source: Counterpoint Global Smartwatch Model Tracker, Q4 2021

One of the driving forces behind the growth of the global smartwatch market in 2021 was the expansion of the Indian market. The Indian smartwatch market accounted for only 3% of the global market in 2020, but it grew four times in 2021 to raise its global market share to close to 10%.

Senior Research Analyst Anshika Jain said, “Noise is the No.1 Indian smartwatch brand and leads the growth of the local market. It captured the top position in 2021 due to its diverse product portfolio targeting the budget and mid segments, as well as strong partnerships with e-commerce players, financial institutions and celebrities. Noise also focused on community building and slightly shifted its price base towards the lower side to make its smartwatches accessible to a larger group of people, a strategy that proved to be effective. All this resulted in Noise ranking third in terms of shipments after Apple and Samsung in the APAC region except China in 2021.”

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

Anshika Jain

Neil Shah

Counterpoint Research
press(at)counterpointresearch.com

Infographic: 2021 | Smartwatch

Smartwatch Market Share By Brand, 2021 vs 2020

The global smartwatch market reached 127.5M units in 2021, with shipments of 42.4M in the fourth quarter.
While Apple’s Watch 7 series launch had been delayed to the fourth quarter, Samsung has boosted their market position in 2021 with the successful launch of the Galaxy Watch 4 series.
Similar to its decline in the smartphone market, Huawei showed weaker performance in the smartwatch market compared to 2020. But it still ranked 3rd in the global market.

Smartwatch Market Share By OS, 2021

Smartwatch operating systems: proprietary OS or RTOS still dominates. These lack the ability to install third-party apps.
With the popularity of the Apple Watch, Watch OS holds almost a third of the market.
The biggest change in 2021 in terms of smartwatch OS is Samsung’s move from Tizen to Wear OS. As a result, Google’s Wear OS has increased its share from 3% in 2020 to 10% in 2021.

Smartwatch Market Proportion By Region, 2021

The smartwatch market still has room to grow and shipments are yet centered around advanced markets such as North America and Europe.
China is the largest market for kids’ smartwatches, and this has helped it rank second in regional markets just behind North America in 2021.
The Indian smartwatch market was similar in size to MEA or LATAM in 2020, but recorded explosive growth of four times in 2021, achieving share of close to 10%.

Use the button below to download the high resolution PDF of the infographic:

India Smartwatch Market Sees Record 274% Growth in 2021; Local Brand Noise Remains Leader

Domestic brands captured over 75% of the total market shipments.
Noise led the market in 2021 with a 27% share, while boAt captured the top spot in Q4 2021.
Around 80 brands are present in India’s smartwatch market. Over 10 brands entered the market in 2021.
78% of the shipment came from online channels, where Flipkart and Amazon contribute 48% and 43% shares respectively.

New Delhi, Boston, Toronto, London, Hong Kong, Beijing, Taipei, Seoul – February 9, 2021

India’s smartwatch market saw record growth of over 274% YoY in 2021 shipments, according to the latest research from Counterpoint’s IoT Service. Further, with QoQ growth of over 8%, Q4 2021 became the market’s biggest ever quarter.

Commenting on the market trends, Senior Research Analyst Anshika Jain said, “The smartwatch market is showing tremendous growth, which is attributed to increased health awareness, affordable prices, growth of new entrants, discount schemes and numerous launches of feature-packed products throughout the year. More than 86% of the total shipments were driven by the under-INR 5,000 price band, compared to 59% in the previous year. Many of the features which were earlier present in the INR 3,000 – INR 5,000 price band smartwatches are now found in the INR 2,000 – INR 3,000 segment, like SPO2, blood pressure monitoring, voice assistance and larger display. Even features which were earlier prominent in premium smartwatches, like ECG and Bluetooth calling, can be seen in smartwatches priced under INR 5,000.”

India Smartwatch Market Share of Top 5 Brands, 2021 vs 2020

Source: India Smartwatch Shipments Model Tracker, 2021

Commenting on domestic manufacturing, Jain said, “Although only 1% of the total smartwatches shipped were domestically assembled, this number is likely to jump many times due to duty structure changes and government push.”

Commenting on market trends, Research Associate Harshit Rastogi said, “Indian players led the market by capturing over 75% share. The top three brands captured two-thirds of the total smartwatch market in 2021, compared to just half in 2020. The market saw over 10 new entrants in 2021, intensifying the competition. The market is estimated to grow by around 50% in 2022 considering the high demand and brands’ dedicated efforts to bring additional capabilities to their devices.”

India Smartwatch Market Share of Top 5 Brands, Q4 2021 vs Q4 2020

Source: India Smartwatch Shipments Model Tracker, Q4 2021

Market Summary:

Noise led the market in 2021 with a 27% share and over 278% YoY growth. Portfolio expansion towards lower price points, emphasis on community building, designing products according to preferences backed by a strong consumer database, and new alliances and partnerships helped the brand become the market leader. Four out of the top 10 models in 2021 were from Noise. The ColorFit Pro 2 remained the brand’s most popular smartwatch.
boAt captured the second spot in 2021 with a 26% share. It was at the first position in Q4 2021. boAt completed a year in the smartwatch market in Q4 2021. It has launched over 10 models so far. Its Storm was the best-selling smartwatch in 2021.
Fire Boltt was one of the key new entrants in the smartwatch market. It quickly managed to capture the third position with more than 20 models across price bands. It has a presence in more than 600 cities, major large retail formats, and online The brand also entered the Middle East in 2021.
realme grew 23% YoY in 2021 to take the fourth position driven by a well-balanced portfolio and strong online partnerships. The Watch S contributed to around 30% of its total sales.
Amazfit registered 65% YoY growth and captured the fifth position in the smartwatch market. It led the market in the INR 10,000 – INR 15,000 price band with over one-third of the total shipments. The brand refreshed its portfolio in Q4 2021 with the launch of three new devices – GTR 3, GTR 3 Pro and GTS 3.
Samsung grew more than 2x in 2021 driven by its most popular model, the Galaxy Watch Active 2. The newly introduced Galaxy Watch 4 series contributed to over 16% of its total shipments.
Apple remained flat in 2021 with the Watch SE contributing around 44% of its total volume. The refreshed line-up of Series 7 saw a great start with shipments crossing 100,000 units in Q4 2021.
Dizo entered the smartwatch market in Q3 2021. With successful launches in the budget segment, the brand managed to capture a position in the top 10 The Watch 2 model drove most of its volume.
India’s smartwatch market is mostly online driven, with 78% of the shipment coming from online channels, where Flipkart and Amazon contribute 48% and 43% shares respectively.

Note: boAt’s share includes Tagg’s share

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:

Anshika Jain

Harshit Rastogi

Counterpoint Research
press(at)counterpointresearch.com

Wear OS Share Surges on Samsung’s Highest Quarterly Smartwatch Shipments in Q3 2021

Samsung achieved its highest quarterly shipments with the launch of the Galaxy Watch 4 series, narrowing the gap with Apple.
With Samsung’s move to use Wear OS, the OS’s share in the smartwatch market increased to 17% in Q3 2021 from 4% in Q2 2021.

Boston, Beijing, Toronto, London, New Delhi, Hong Kong, Taipei, Seoul – November 22, 2021

Global smartwatch shipments in the third quarter of this year increased 16% compared to the same period last year, continuing their double-digit growth following the previous quarter, according to Counterpoint Research’s recently published Global Smartwatch Model Tracker.

Thanks to the launch of the Galaxy Watch 4 series, Samsung achieved its highest quarterly shipments, narrowing the gap with Apple and reclaiming second place from Huawei. From this smartwatch series, Samsung has expanded its app ecosystem by using Android-based Wear OS instead of its Tizen. The brand has also broadened users’ range of choice by launching two models – basic and classic. The newly added body composition feature has also fetched a good response.

Apple still held the No. 1 spot in Q3 2021 but its share fell 10% YoY as its Watch Series 7 launch was delayed to the fourth quarter. Amazfit ranked third due to its growing popularity in Europe.

One of the highlights of this quarter was the rapid growth of Indian brands. Noise and boAt, which ranked first and second, respectively, in the Indian smartwatch market, shipped more than double the volume from the previous quarter.

Global Top 5 Smartwatch Shipments by OEM, Q3 2021 vs Q3 2020

Source: Global Smartwatch Model Tracker, Q3 2021

Counterpoint Research Senior Analyst, Sujeong Lim said, “Samsung performed better than expected in the third quarter. Although the Galaxy Watch 4 series shipments were much higher than expected, more than 60% of the total shipments were sold in North America and Europe, where the share of mid-to-high price range models is high. To further increase its market share, Samsung is expected to launch affordable models within 2-3 years to target the fast-growing Asian market. One-third of smartwatches sold in Q3 2021 were priced under $100.”

In Q3 2021, there was also a significant change in OS market shares. Thanks to Samsung, which started using Wear OS with the Galaxy Watch 4, Google saw good growth in the wearable OS market. In terms of OS, the smartwatch market is fragmented as many OEMs still use proprietary OS or RTOS. But with third-party app support becoming important for users, the situation is expected to change steadily.

Smartwatch Shipment Share by OS, Q3 2018-Q3 2021

Source: Global Smartwatch Model Tracker, Q3 2021

Ms. Lim added, “Google has maintained a dominant share in the smartphone market with the Android OS, but so far has not achieved much in the wearable market. This is because Google controlled smartwatch OEMs from customizing the UI, and it was not chosen by them due to its lower power efficiency and slow response time.

However, the partnership with Samsung from this year has gained a foothold for Google to expand its presence in the wearable OS market and seems ready to transform into a more open wearable platform from this time forward.”

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

Follow Counterpoint Research
press@counterpointresearch.com

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Coverage: Smartwatch 360

India’s Q2 Smartwatch Shipments Highest Ever, Fire-Boltt Leads

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Smartwatch Market Share By Brand, 2021 vs 2020

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Smartwatch Market Share By OS, 2021

Smartwatch Market Proportion By Region, 2021