India Becomes 2nd Biggest Smartwatch Market In The World
India overtakes China as the second-largest smartwatch market in the 2nd quarter of 2022. Smartwatch’s global market grew just 13% but it skyrocketed 347% in India.
In the June quarter, India overtook China to take over as the world’s second-largest wristwatch market for the first time, based on a Counterpoint Research research.
In contrast to the worldwide market, which grew at just 13% YoY during the quarter, smartwatch deliveries in India increased by 347% year over year (YoY).
Despite a 4% YoY decline in shipments, North America still has 26% of the global market for smartwatches.
Comparatively, India and China represented 22% versus 21% of the worldwide market in the June quarter, respectively. China’s shipments decreased 10%.
Shipments from domestic manufacturers Fire-Boltt and Noise, which debuted in the top five global smartwatch brands, were a major factor in India’s growth.
Noise saw a growth in shipments of 298% YoY and performed well in both online as well as offline markets.
Despite this expansion, Noise fell to second place in India, behind Fire-Boltt, who rose to the top, according to Counterpoint.
According to Sujeong Lim, Associate Director at Counterpoint Research, “during the quarter, 30% of models shipped in the Indian market sold for less than $50, and key local manufacturers debuted cost-effective models, cutting the entry barriers for customers.”
The drop in shipments to China was a result of the slowing economy, according to Lim. All significant Chinese brands, including Huawei, imoo, and Amazfit, as a result, experienced little growth or fall, he continued.
Apple, which accounted for 29.3% of total shipments and held the top spot in the worldwide smartwatch market, was trailed by Samsung (9.2%) and Huawei (6.8%).
In place of imoo and the US-based Garmin, Fire-Boltt (6.3%) and Noise (5.9%) rose to the fourth and fifth spots, respectively, in the BBK Group.
The euphoria surrounding the Apple Watch 7 series has subsided, causing a fall in its shipments compared to the March quarter, despite Apple’s shipments growing by 8% YoY.
The strong demand for the Galaxy 4 Watch series, especially in North America and India, helped Samsung grow 40% YoY. On September 7, Apple is anticipated to release Watch Series 8.