Amid uncertainties, such as inflation and semiconductor chip shortages, India has beaten China in becoming the second biggest smartwatch market in the second quarter of FY22. The global smartwatch market’s shipment saw an increase of 13 per cent, on a year-on-year (YoY) basis in Q2, 2022.
In a report published in Counterpoint Research, India’s smartwatch market saw an increase of over 300 per cent YoY to overtake China. India’s growth can be attributed to the strong growth witnessed by home-grown brands like Fire Boltt and Noise. As the global market share of local brands like Noise and Fire Boltt grew, Apple continued with its streak and retained the top spot, which was followed by Samsung and Huawei.
China bagged the second spot in the previous quarter, but was now pushed down to the third spot with a 10 per cent YoY decline in its shipment. The decline was witnessed due to a reduction in the consumer demand amid negative economic growth and Covid-19 lockdowns.
The report also stated how Europe was now pushed to the fourth place with a 13 per cent YoY decline, which came against the backdrop of the Russia-Ukraine war.
As per the report, North America continued to occupy the top spot.
“The market performed relatively well in the second quarter compared to the downtrend we expected three months ago. However, as expected, China’s economic slowdown resulted in a YoY decline in its market, with major Chinese brands such as Huawei, imoo and Amazfit seeing limited YoY growth or decline. Nevertheless, given that the smartphone market declined 9 per cent YoY during the same period, we believe that the smartwatch market is on the right track to healthy growth”, said Associate Director Sujeong Lim.
Here’s how of the major smatwatch makers performed in Q2:
While Apple’s shipment saw an increase of 8 per cent YoY, the effect of the new model launch weakened gradually.
Samsung continued its streak at the second spot with a 40 per cent YoY growth. In regions like North America and India, the Galaxy Watch 4 series has maintained its popularity
Chinese manufacturer bagged the top spot in its home turf. But it will find difficulty in regaining the second position, owing to brakes on its global expansion.
Xiaomi’s shipment increased 13 per cent YoY with no major changes in its market share.
Garmin fell two spots as it now stands on the 7th spot in comparison with the previous year.
Amazfit’s shipments also witnessed a 11per cent decline YoY, due to weak demand in China market, but the smartwatch maker performed well in India, growing 65 per cent QoQ
Fire-Boltt recorded a remarkable increase in shipments, as it took the first place in terms of quarterly shipments in the Indian market
Noise witnessed a remarkable growth of 298 per cent YoY. It gained popularity in both online and offline markets in India.