New Delhi: The Indian smartwatch market overtook the second place from China in the second quarter of 2022 globally, and came a little closer to North America which occupies the first place. According to a new CounterPoint Research report called “Global Smartwatch Model Tracker”, the Indian smartwatch market grew 300% year-on-year in the second quarter of 2022 overtaking China in second place, with the extraordinary rise of domestic smartwatch manufacturers such as Fire-Bolt and Noise.
Interestingly, the global freight market grew 13% year-on-year amid rising inflation, supply chain disruptions, and global uncertainty. China saw the biggest drop in the smartwatch market with a 9% year-over-year decline due to the economic slowdown.
According to Sojong Lim, associate director of the company, “The market performed relatively well in the second quarter compared to the downtrend we expected three months ago. However, as expected, the economic slowdown in China has led to an annual decline in its market, with major Chinese brands experiencing Like Huawei, imoo and Amazfit limited growth or decline year-over-year. However, with the smartphone market down 9% year-on-year over the same period, we believe the smartwatch market is on the right track for healthy growth.”
Apple is the world’s largest smartwatch manufacturer
Apple leads smartwatch manufacturers globally with a market share of around 30%, with its shipment up 8% year over year. Samsung maintains its second position with 40% year-over-year growth as the Galaxy Watch 4 series maintains its popularity. While Huawei ranked third with a market share of 6.8%, the brand has been the largest smartwatch manufacturer in China for many years. But the brand will find it difficult to reclaim its second place from Samsung after its exit from the global expansion.
Emerging smart watch manufacturers in India
Not only has the Smartwatch market in India grown exponentially in the past few years, its domestic manufacturers have also done well, competing with major companies like Apple and Samsung.
Fire-Boltt, the smartwatch manufacturer in India, has become the best market player in the sector with a significant increase in shipments. Noise ranked second in India market with an impressive growth rate of 298% YoY. Although it has lost the number one position of the Fire-Bolt brand in the Indian market where the latter holds 26% of the share.