Global smartwatch shipments increased 11% YoY in Q2 2023 after declining for two consecutive quarters, Q4 2022 and Q1 2023. A 70% YoY increase in India’s shipments served as the primary driver for the global market’s rebound.
China’s market also recorded a modest increase, while the North American market posted a decline of 9%, industry analysis firm, Counterpoint said in a blog post.
A shift in the competitive landscape was also witnessed with Huawei recording impressive growth in Q2 2023, securing the second position in quarterly shipments for the first time in two years.
While the Chinese market’s recovery remained lukewarm, Huawei aggressively pushed newer models, achieving its highest quarterly shipments after 2020. Huawei seems to be determined to bounce back in the market. It remains to be seen whether this momentum can be effectively expanded to other sectors, such as smartphones, Research Analyst Woojin Son, Counterpoint said.
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In terms of regional performance, India’s market stood at 34% of the global market, with shipments being dominated by products priced above the $50 price point. The segment was dominated by brands like Noise, Fire-Boltt, and boAt which collectively contributed to 72% of India’s total shipments, the post said.
While China’s market share declined, shipments grew 5% from Q2 2022 with the share of products priced above $500 surging to around 34% in the country’s market.
North America witnessed a reduction of 9% in shipments in Q2 2023. However, due to the sustained popularity of high-end premium products revenue rose by 3%. America’s share in the global smartphone revenue also declined, compared to both Q2 2022 and Q2 2021.
Indian brands emerge as major contenders
When looking at the performance of brands in the global smartwatch market, Indian brands like Noise and Fire-Boltt emerged as major contenders, boasting 86% and 70% YoY growth, respectively. And while products in Noise’s portfolio under the $50 price point constituted a significant, 98%, of total shipments. Fire-Boltt also made substantial strides in expanding its market share by capitalizing on cost-effective smartwatches.
Huawei also made big strides, increasing its domestic market share to 39%, following a surge of 58% in shipments. The brand now holds the second spot in the global smartwatch market share rankings, the post said.
Apple witnessed a 10% YoY decline in its Q2 2023 shipments, pushing its overall shipments to below 8 million for the first time in three years. The Cupertino-based company’s market share also fell to 22% from 27% in Q2 2022.
Meanwhile, Samsung also witnessed a 19% YoY decline in Q2 2023 despite boosting shipments in the Chinese and Indian markets. The company recorded 24% and 13% YoY decline in North America and Europe, respectively.
