Overview:
The global smartwatch market continued to contract in Q1 2023, with total shipments falling 1.5% YoY, following an 8% YoY decline in Q4 2022. The market share of Basic smartwatches significantly increased to 34% from 23% driven by rapid growth in the Indian market. Amid the global slowdown in overall smartwatch shipment volumes, affordable products that offer a certain level of performance have generated substantial demand based on their price accessibility. Indian brand Fire-Boltt surpassed Samsung for the first time and reached the second position in the global market. Its shipments increased about 3x compared to the previous year.
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Woojin Son
Woojin Son is a Research Analyst at Counterpoint and is based in Seoul, Korea. He focuses on the mobile industry dynamics related to emerging technologies such as new form factors and artificial intelligence. Woojin holds a master's degree in Culture Technology from Korea Advanced Institute of Science & Technology (KAIST), and an undergraduate degree (Media & Communication) from Korea University.
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