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India Smartwatch Market Records Highest Ever Shipments in Q3 2021; Local Brands Take 75% Share

Noise maintained its lead for the fifth consecutive quarter.
boAt Storm remained the most popular model.
Fire-Boltt registered tremendous QoQ growth of 394%.

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

India’s smartwatch market registered its highest ever shipments in Q3 2021 to have a record QoQ growth of 159%, according to the latest research from Counterpoint’s IoT service. In YoY terms, the growth was 293%. The top three brands contributed to almost two-thirds of the total market. The growth can be attributed to promotions across various platforms along with new launches, which contributed to around 28% of the total market in terms of shipments.

Commenting on the market growth, Senior Research Analyst Anshika Jain said, “Q3 is crucial for the smartwatch players as this is the time when they witness the highest growth. To meet the anticipated surge in demand during the festive sale, the brands push increased shipments into the channel. Besides, they come up with multiple launches and big discount schemes throughout the quarter. The market remained competitive in Q3 2021 with Noise and Boat together capturing almost 50% of it. Fire-Boltt, Apple and realme emerged as the fastest growing brands during the quarter.”

On the growth of local brands, Jain said, “Domestic brands have grown rapidly. They captured around 75% of the Indian smartwatch market in Q3 2021, compared to 38% in Q3 2020. This is the highest contribution from the Indian players so far. The strategy of celebrity endorsements, introductory pricing schemes, discount offers, affordable and feature-rich devices and increasing the frequency of new launches has worked well for the Indian brands.”

Commenting on pricing, Research Associate Harshit Rastogi said, “We are seeing a steep decline in the average selling price of a smartwatch. It has almost halved from the level a year back. More than 90% of the market now falls under INR 10,000 with INR 2,500-INR 3,000 being the most competitive segment and contributing to around 40% of the overall market. With new launches coming at even lower prices, the market under INR 2,000 is expected to witness higher growth in the coming months.”

India Smartwatch Market Share of Top 5 Brands, Q3 2021 vs Q3 2020

Source: India Smartwatch Shipments Model Tracker, Q3 2021

Market Summary:

Noise grew 231% YoY and 141% QoQ in Q3 2021, capturing 25% of the market. Noise has a well-balanced portfolio with multiple models. Its newly launched devices had a 43% share in its total shipments during the quarter.
boAt grew 132% QoQ with 24% market share. Its boAt Storm remained the best-selling model in the market and alone had a 17% share in the overall smartwatch market. It led the market in the most competitive price band of INR 2,500-INR 3,000.
Fire-Boltt had a tremendous quarter with 394% QoQ growth. It was the fastest growing smartwatch player in this quarter. Fire-Boltt had seven new launches in Q3 2021, which helped it gain the third spot in the market with a 17% share. It led the market in the INR 2,000 and below segment. It also roped in cricketer Virat Kohli as its brand ambassador just before the festive sales in October.
realme made a comeback with the refreshed Watch 2 line-up. The brand registered 267% QoQ growth in Q3 2021, taking the fourth spot in the market with a 7% share. The Watch 2 series contributed to more than 70% of realme’s shipments in the quarter.
Amazfit grew 54% QoQ and more than four times in YoY terms. It topped the market in the INR 5,000-INR 10,000 price segment. Amazfit hosted its Brand Day Sales in September and introduced the premium Zepp Z model in the Indian market. The GTS 2 Mini was its most popular model during the quarter.
Samsung grew 153% QoQ and 40% YoY in Q3 2021. It introduced the Galaxy Watch 4 series with Wear OS during the quarter. The Galaxy Watch Active 2 remains popular and contributed to more than half of Samsung’s shipments in Q3 2021.
Apple had a great quarter with 289% QoQ growth. Its major contribution came from the SE series launched last year. Even the Series 3 contribution remained high. It led the market in the INR 20,000 and above price band.
OnePlus remained stable and continued to lead in the INR 10,000-INR 15,000 price band with its OnePlus Watch.
Dizo entered the smartwatch market during the quarter with three models. The brand had a good start and is close to making a mark in the Top 10 list.

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

India Smartwatch Shipments Triple YoY in Q2 2021, Noise Maintains Lead

Noise continued to maintain its lead for the fourth consecutive quarter.
boAt Storm topped the best-selling model chart for the quarter.
Over 70% of the shipments were driven by Indian brands.

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

India’s smartwatch shipments more than tripled in Q2 2021 compared to the same period last year, with 206% YoY and 18% QoQ growth during the quarter, according to the latest research from Counterpoint’s IoT Service. The growth was mainly driven by affordable offerings, new entrants, changing customer preferences and demand recovery from the lockdown period.

Looking at the overall market, Senior Research Analyst Anshika Jain said, “India’s smartwatch market is in a boom phase as more and more people are trying out smartwatches because of the affordability factor. Smartwatches are now replacing traditional watches and complementing smartphone usage as well. Domestic brands are playing a pivotal role in making them accessible by introducing relevant functionality and fitness tracking functions at lower price points. The top three brands in the Indian smartwatch market are domestic and have over a three-fifths share of the total market.

We are estimating double-digit growth for the country’s smartwatch market in the coming period as new vendors are coming with emphasis on the CMF factor (Colour, Material and Finish), thereby offering a wide variety of options to the consumers at different price points.” Around 10 brands have already entered this market since the beginning of 2021.

On domestic production, Jain said, “We are also seeing domestic production picking up. Samsung is already producing smartwatches in India since June 2020. Other players like realme, Molife and Timex are also opting for domestic production as it would help reduce the prices as well as dependence on the external market.”

On the price trends and features, Research Associate Harshit Rastogi said, “We are witnessing many new launches in the sub-INR 5,000 segment, which saw its contribution rising to 83% in the overall market in Q2 2021, compared to 67% in Q2 2020. Due to this, the ASP (average selling price) of smartwatches decreased by 36% in Q2 2021 compared to the same period last year. We are also seeing features like Voice Assistant, Bluetooth Calling, SpO2 and Blood Pressure Monitor trickling down from high-end models to the low-end ones.”

Market Summary:

Noise grew 229% YoY to remain at the top with a 27.3% market share. The Colorfit Pro 2, launched in 2019, was its highest-selling model. New launches like the Colorfit Pro 3 and Noisefit Active helped the brand maintain its lead. Noise also roped in cricketer Rishabh Pant as its brand ambassador.
boAt grew 34% QoQ in Q2 2021. Its Boat Storm was the best-selling smartwatch model in the market in Q2 2021, capturing over one-fifth of the market. Since its entry in Q4 2020, the brand has quickly grabbed the second spot in the Indian smartwatch market. It is also rapidly closing the gap with Noise with new models like the Xtend and Xplorer, which have more features.
Fire Boltt quickly emerged as the third-largest player with 243% QoQ growth. Multiple affordable-segment launches, feature-packed products, rewards program and exclusive tie-ups with online retailers made this growth possible. The company has signed actor Vicky Kaushal as its brand ambassador.
Amazfit grew 58% YoY in Q2 2021 due to its diverse offerings. It stood at number one in the INR 5,000 and above segment.
realme declined 49% YoY as it is facing tough competition from domestic brands. realme had its third-anniversary sale in June 2021 and also introduced bank offers to push its inventory. The brand is looking to upgrade its smartwatch series in Q3 2021 with two new models.
Samsung grew 118% YoY aided by the sales of its Galaxy Watch Active 2 The watch was also bundled along with its Galaxy S21 smartphone series during April at just INR 990.
Xiaomi made an entry into the sub-INR 5,000 price segment with its Redmi Watch. Xiaomi also slashed the price of its Mi Watch Revolve before launching the Mi Watch Revolve Active on June 22.
Apple grew 34% YoY mainly due to high sales of the Series 6 and SE. The sales of its other models have fallen rapidly since the introduction of newer models.
OnePlus also entered the smartwatch market in Q2 2021 with its OnePlus Watch. It has already taken the top spot in the INR 10,000-INR 15,000 price band.

Background

Analyst Contacts:

Anshika Jain

Harshit Rastogi

Counterpoint Research
press(at)counterpointresearch.com

Smartwatch Market Grows 27% YoY in Q2 2021; Apple Watch User Base Crosses 100 Million

The market grew a healthy 27% YoY, thanks to strong demand for sub-$100 smartwatches.
Samsung and Garmin posted remarkable YoY growth even as Apple maintained its lead.
Rapid growth expected in India’s market with the rise of local brands such as Boat and Noise.

Boston, Beijing, Toronto, London, New Delhi, Hong Kong, Taipei, Seoul – August 26, 2021

Showing a full recovery from COVID-19, global smartwatch shipments in the second quarter of this year increased 27% compared to the same period last year, according to Counterpoint Research’s recently published Global Smartwatch Model Tracker.

Apple maintained its solid No. 1 position in terms of shipments, but its market share declined slightly compared to the same period last year due to intensifying competition with Chinese and Indian brands. Among the global Top 5 smartwatch OEMs, Samsung and Garmin showed a remarkable shipment growth of 43% and 62% YoY, respectively, exceeding the average market growth rate and recording higher growth rates than other top brands.

Thanks to the steady popularity of the Galaxy Watch 3 and Watch Active 2, Samsung showed a quick recovery from last year’s somewhat sluggish performance. Garmin recorded its highest shipments ever during the quarter. Among the Top 5 brands, only Huawei fell compared to the same period last year. The decline in its smartphone business seems to have affected its smartwatch sales, as the smartwatch from such a vertical player is tightly optimized with the brand’s smartphones and the users’ loyalty to the brand’s ecosystem of offerings.

Shipments of Global Top 5 Smartwatch OEMs: Q2 2021 vs Q2 2020

Source: Counterpoint’s Global Smartwatch Shipments Tracker, Q2 2021

Apple Watch active user base crosses 100 million; sub-$100 segment grows 547% YoY

Commenting on the smartwatch market outlook, Senior Analyst Sujeong Lim said, “The smartwatch attach-rates for smartphones have been steadily rising. Apple’s ecosystem is seeing a greater attach rate as the brand continues to bake in attractive designs, health features and related services around it. Apple Watch’s user base crossed the 100-million mark for the first time during the quarter ended June, capturing the lion’s share of the smartwatch user base globally. The US continues to be the key Apple Watch market, contributing to more than half of its user base, with an attach rate of close to 30%.”

Lim added, “Looking at the success of Apple Watch, more OEMs have entered the smartwatch market with a relatively less advanced OS but comparable fitness and health-related features, and stylish designs at affordable prices targeting hundreds of millions of potential users globally. The pandemic has further pushed consumers towards being more health-conscious and features such as SPO₂ and heart rate monitoring have trickled down to the sub-$100 smartwatch segment. The sub-$100 smartwatch segment grew a massive 547% annually, highlighting its mass-market reach.”

North America largest, India fastest growing market

China, the second largest market after North America, grew in terms of volume but its growth rate was somewhat lower than that of other regions, and its share by region decreased. As seen in the smartphone market, the recovery of consumer spending here after the pandemic has been slower than in other regions. Also, the space vacated by Huawei–HONOR in China is yet to be filled.

Commenting on high growth markets, Senior Analyst Anshika Jain said, “India was the smallest market in the second quarter of last year, accounting for less than 2% of the total market, but its share increased to 6% in just one year. The proliferation of sub-$100 affordable, feature-rich smartwatches from Chinese brands such as Xiaomi, realme and OPPO, and Indian brands such as boAt and Noise has been one of the key growth drivers.”

Source: Counterpoint’s Global Smartwatch Shipments Tracker, Q2 2021.

Top-selling Smartwatches Globally, Q2 2021

Background:

Analyst Contacts:

Sujeong Lim

Anshika Jain

Neil Shah

Follow Counterpoint Research
press@counterpointresearch.com

Global Smartwatch Shipments Jump 35% YoY in Q1 2021

Apple registers a healthy 50% annual growth, capturing a third of the smartwatch market in terms of volumes.
The merger of Wear OS, Tizen OS and Fitbit OS will further drive consolidation of the fragmented smartwatch market.

London, Hong Kong, Boston, Toronto, New Delhi, Beijing, Taipei, Seoul – May 26, 2021

Global smartwatch shipments in Q1 2021 grew 35% YoY, according to Counterpoint Research’s recently published Global Smartwatch Model Tracker. Apple maintained its leadership position, catalyzing the overall market growth by recording a 50% YoY increase in the demand for the new Series 6 models. As a result, Apple saw its market share climb by 3% points. Samsung’s shipments also rose 27% YoY, with the popularity of the Galaxy Watch 3 and Galaxy Watch Active series. But the South Korean vendor’s growth was below the market average and it saw a small dip in its market share. Huawei continued to lose share compared to a strong quarter a year ago.

These volumes include basic smartwatches with low-level proprietary OS or RTOS (like from Xiaomi and OPPO), kids smartwatches (like from BBK, Huawei and Vodafone Neo) and high-level smartwatches (like from Apple, Samsung and Garmin).

Exhibit 1: Global Smartwatch Shipments Share, Q1 2021 vs. Q1 2020 (in %)

Source: Counterpoint Research Global Smartwatch Tracker, Q1 2021

*BBK logo has been replaced with imoo’s logo its overseas kids watch brand which includes the domestic XTC 小天才 brand shipments as well

Senior Analyst Sujeong Lim said, “Apple was able to further solidify its leadership position in the market by widening the portfolio from Watch SE to Series 6 at the right time. This may drive Samsung to launch a mid-price-tier model to boost growth.”

Lim added “Huawei continued to face headwinds because of the declining smartwatch sales and how well Huawei watches are optimized for its smartphones. Will be interesting to see when Huawei launches its first watch based on Harmony OS, as it hinted at the Huawei Analyst Summit last month. This should kickstart a new ecosystem for developers to build experiences for the wrist. But it will warrant a Harmony OS phone as well for the complete experience. HONOR, spun off from Huawei, should open up new opportunities for players such as Google and Qualcomm.”

In terms of smartwatch OS platforms, Apple’s WatchOS captured more than a third of the market with a growing attach rate to its base of billion iPhone users. Google’s Wear OS has not yet achieved such success in smartwatches. This is because most of the major smartwatch brands have developed and installed their own proprietary OS (like Fitbit OS, Tizen and Garmin OS). Further, Wear OS has been lacking behind in terms of features, battery optimization and chipset support. This has limited its share to a mere 4% of the global smartwatch market.

Exhibit 2: Global Smartwatch Shipments Share by Operating System (in %)

Source: Counterpoint Research Global Smartwatch Tracker, Q1 2021

However, this trend will change soon considering the Google-Samsung partnership announced at the Google I/O last week. Google will integrate Tizen OS with Google Wear OS to reinvigorate the market and go full force after the 3.5 billion Android user base.

Lim said, “Hopefully, Google’s new Wear platform will be shipping in the next generation of the Galaxy Watch series in late Fall. It will be good for the companies involved. The focus would be to not only improve performance, such as battery life, but also improve on the AI, newer apps and services, and integration with Android smartphones. Samsung will also be able to better target the broader Android smartphone user base. With the completion of the acquisition of Fitbit, Google should be able to enhance the Wear platform with ‘fitness’ capabilities and services integration, moving forward.”

Commenting further on the Google-Samsung announcement, Vice President Research Neil Shah said, “This is a great move by Google to accelerate its ambitions for the wearables space. It can build a robust portfolio of Wear devices integrating the best of all the three worlds – Tizen OS, Wear OS and Fitbit OS. The consolidation brings more power to Google’s Wear platform and will attract more developers to build newer experiences for the wrist.”

Highlighting why there is so much excitement for wrist wearables among tech companies, Shah said, “Wearable devices and services are going to become important for companies such as Apple, Google, Facebook and Amazon as they increasingly expand their reach in healthcare, pharmaceutical and insurance verticals directly or indirectly. This can include selling services such as Apple Fitness+, predictively cross-selling medicines and healthcare solutions, or attracting marketers to their ad platforms based on the health profiles built with the enormous amount of data generated via the number of sensors on these wearable devices. Further, addition of advanced voice AI and ML capabilities on these devices will make wrist as one of the key segments technology companies will go after this decade before adding eyes/brain-based advanced wearable devices to the mix.”

Background:

Analyst Contacts:

Sujeong Lim

Neil Shah

Counterpoint Research
press(at)counterpointresearch.com

Global Smartwatch Shipments Rise 1.5% in 2020; Price Trends Going Premium

In Q4 2020, the shipments decreased slightly YoY due to a fresh wave of COVID-19.
However, Apple managed to expand its market share and remains firmly at the forefront.

Seoul, Boston, Toronto, London, New Delhi, Hong Kong, Beijing, Taipei – March 2, 2021

Impacted by the COVID-19 pandemic, global smartwatch shipments in Q4 2020 saw a slight YoY decrease to book an almost flat 2020, according to Counterpoint Research’s latest Global Smartphone Shipments Tracker. In a year where annual growth inched forward at only 1.5%, Apple maintained its solid number one position and increased its market share by 6%pts, helping shift the overall market closer to the premium segment.

Exhibit 1: Global Smartwatch Shipments Share, Q4 2020 vs Q4 2019

The Apple Watch Series 6 and SE did well, shipping 12.9 million units and accounting for 40% market share in Q4 2020. Samsung increased its share by 1%pt YoY, rebounding in the latter half of the year with the launch of its Galaxy 3 Watch.

Exhibit 2: Global Smartwatch Shipments, 2020 vs 2019

Huawei helped drive growth of the overall smartwatch market with shipments that grew 26% YoY despite US sanctions. HONOR, newly spun off from Huawei, also did well, with shipments doubling from 2019. Other Chinese brands such as Amazfit and Xiaomi also performed well, enjoying double-digit growth.

Exhibit 3: Global Smartwatch Shipments Share by Retail Price Band, Q4 2020 vs Q4 2019

There has been a significant market shift to more expensive watches, with premium vendors like Apple, Samsung and Garmin helping to shore up the high end. Counterpoint Senior Analyst Sujeong Lim said, “Price band dynamics during Q4 2020 indicate ASPs (average selling prices) are on the rise. 2019’s biggest segment ($101-$200) shrank by 7%pts, while the more premium $300-plus segments grew by 8%pts, helped tremendously by Apple, which enjoyed a dominant market share of over 70% in this category.”

Lim added, “The smartwatch market is being driven by three premium brands – Apple, Samsung and Huawei. We believe the ASPs will continue to rise over the next two to three years as these companies’ flagship models continue to lead. On the other hand, Apple’s success with its Watch SE model will likely spur others like Samsung to release similar variants, moving closer to the mass market. Over a three to four years timeframe, we see budget players like OPPO and realme gaining a significant share, intensifying overall competition and bringing down the prices.”

Background:

Analyst Contacts:

Sujeong Lim

Neil Shah

Counterpoint Research
press(at)counterpointresearch.com

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Coverage: Smartwatch 360

India Smartwatch Market Records Highest Ever Shipments in Q3 2021; Local Brands Take 75% Share

Smartwatch Market Grows 27% YoY in Q2 2021; Apple Watch User Base Crosses 100 Million

Apple Watch active user base crosses 100 million; sub-$100 segment grows 547% YoY

North America largest, India fastest growing market

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