Overview:
The global smartwatch market continued to contract in Q1 2023 following an 8% YoY decline in Q4 2022 while the 121% growth in India's shipments managed to restrict the decline. This was the second consecutive quarter of a YoY decrease in global shipments, which were hit by the seasonally weak demand for products from major players like Apple and Samsung, along with consumer sentiment dampened by global financial pressures.
We began to detect market movements for weakening smartwatch demand outside of India from Q2 2022. We think this is a temporary situation due to weakening consumer sentiment caused by global macro headwinds and higher exchange rate, and OEM clearing its inventories in the market. Now the trend has begun to emerge in earnest from the late 2022, and is expected to affect the market as a whole at least by the first half of 2023. Nevertheless, the continued strong growth of the Indian market is expected to eventually lead to 6.7% global market growth in 2023.
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Sujeong Lim
Sujeong Lim is a Research Analyst at Counterpoint Research based out of Seoul Korea. In Counterpoint, she focuses on mobile ICT industry and mobile device research, especially dedicated on the Korea mobile market. After 10+ years product marketing experience during her working period, she joined Counterpoint to pursue her interest in IoT and emerging future technology.
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