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Apple leads the global smartwatch market as the brand with the highest market share, while strong growth from Indian brands such as Fire-Boltt and Noise have made India the second largest market for smartwatch globally, according to a new report by Counterpoint Research. The global smartwatch market grew 13 percent year-on-year in Q2 2022, with Apple remaining on top despite a slight drop in market share. Meanwhile, Samsung saw strong growth as well, to become the brand with the second largest market share for smartwatches globally.
India is the second largest market for smartwatches
The information comes via the Counterpoint Global Smartwatch Model Shipment and Revenue Tracker, Q2 2022, and offers some interesting insights into how the smartwatch space has grown in the past year. The biggest surprise in the report is the growth of Indian smartwatch brands, particularly market leaders Noise and Fire-Boltt who have made it to the top five brands for global smartwatch shipments on the back of strong performance in India.
The Indian smartwatch market has seen massive growth, thanks to the launch of many affordable smartwatches and sensible distribution strategies by brands such as Noise and Fire-Boltt. Other brands such as Boat and Dizo have also seen some success in this segment in India, with many buyers choosing smartwatches under Rs. 5,000 over traditional wristwatches.
Apple and Samsung lead the way
Despite a small drop in market share, Apple remains the number one brand in the global smartwatch market by a long margin with a market share of 29.3 percent, driven by strong sales and margins on its premium Apple Watch series. Notably, Samsung has replaced Huawei in second place with a market share of 9.2 percent, while Huawei has dropped to third with a reduced share of 6.8 percent.
Noise and Fire-Boltt complete the top five, while brands such as Xiaomi, Amazfit, and Garmin remain in the top eight. Noise recently launched the ColorFit Pro 4 and Pro 4 Max smartwatches in India, priced at Rs. 3,499 and Rs. 3,999 respectively. Fire-Boltt will also hope to capitalise on the momentum of the past year, and has been launching new affordable smartwatches regularly for the past few months.