skip to content

Global Smartwatch Shipments Show Decent Growth in 2022

- Advertisement -
  • Indian brands Noise and Fire Boltt made it to the list of global top 5 sellers
  • 4Q22 shipments declined YoY after nearly two years of quarterly growth

According to a recently published report by Counterpoint, the global smartwatch market shipments grew 12% year-on-year (YoY) in 2022 due to the strong YoY growth seen in the first three quarters of the year. But, the report added, the shipments dropped 2% YoY in Q4 2022 amid inflationary pressures and slow domestic growth. It noted that this was the market’s first negative growth in eight quarters since the COVID-19 spread in 2020.

On the upside, India’s market saw a growth of over 150% in 2022 compared to the last year. Indian players also witnessed growth in global branding given a good performance in the domestic market. As per the Global Smartwatch Model Tracker, it grew consistently until Q3 2022 but fell 36% QoQ in Q4. Senior Analyst with Counterpoint, Anshika Jain commented, “The third quarter of 2022 saw a big rise because most of the brands pushed high inventories into the channel ahead of the festive season. Therefore, we saw a decline in shipments in the fourth quarter.”

Smartwatch Shipment Share (rounded-up) by Region, 2022 vs 2021 (Credit: Counterpoint)

Interestingly, this year witnessed price polarization in demand. The report suggested that the shipments in the mid-price range dropped while those in the >$400 and ≤$100 segments grew 129% and 34%, respectively, compared to 2021.

- Advertisement -

Research Analyst Woojin Son remarked about the brand spots, “Apple strongly drove the average selling price (ASP) rise in the global smartwatch market in 2022, especially in the >$400 price band. There are two main reasons for this ASP rise – a diversified Apple smartwatch line-up and a rise in the exchange rate. This year, Apple released its first premium model, Ultra, at a release price of $799 in the US. In addition, as the exchange rate rose, the local price of Apple Watch in various countries changed. The demand for the premium segment remained relatively strong despite the decline in consumer sentiment at the end of 2022.”

“On the other hand,” Son added, “We must be cautious about the low-price band of sub-$100. While this segment expanded in 2022 along with the remarkable growth of India’s market, it showed a large withdrawal in Q4 when compared to Q3.”

Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media and telecom) industry.


 

- Advertisement -

Most Popular Articles

Honda, Nissan End $60B Merger Deal Amid Disagreements

0
Scrapping $60 billion merger talks, Nissan and Honda, despite setbacks, continue collaborating on tech while seeking new partnerships to survive. Nissan and Honda have called...

BYD Partners With DeepSeek For Smart Driver Assistance Tech

0
Challenging rivals like Tesla in China with competitive prices, BYD partners with AI firm DeepSeek to launch budget-friendly, advanced driver-assistance tech. Chinese electric vehicle...

Ola Electric Leads EV 2W Market

0
The EV 2W market in Q3 FY25 with a 25.5% share, ₹1,069 Cr revenue, 20.8% gross margin, 84,029 units delivered, new Gen 3 S1...

Modi’s US Visit, Talks With Trump And Elon Musk Focus On Trade And Tech

0
Meeting the President and Elon Musk, Modi's first US visit after Trump's return sparks key talks on semiconductor trade and AI while expanding Starlink...

Altair, LTTS Launch Advanced Wireless Tech Centre In Bengaluru

0
Powering innovation in telecommunications, smart factories, connected vehicles, and more, Altair and LTTS unveil an advanced 5G-6G centre of excellence in Bengaluru. Tech company...
Sridhar Kaip, CEO, SFAL

“Many Startups Selected Under DLI Are Part Of SFAL’s Portfolio” – Sridhar Kaip, SFAL

0
With a vision to enable companies to develop semiconductor IPs in India, the Semiconductor Fabless Accelerator Labs (SFAL) has incubated five fabless design startups...
Anshuman Divyanshu, CEO, Exicom

“Our Chargers Are Fully Interoperable and Compatible with All Vehicles” – Anshuman Divyanshu, Exicom

0
Battery safety and longevity, the effects of charging and discharging, and various safeguards and features are among the most critical considerations for a battery...
Khushal Panchal,  chief operating officer (COO), PCB Power

“We Differentiate Ourselves By Producing Radio Frequency PCBs For Wireless Communication Devices” – Khushal...

0
With technology and policy support, Indian PCB manufacturing is at a turning point. Can innovation and scale match global giants? PCB Power leads the...
Jayesh Ranjan IAS, Special Secretary, Department of Industries and Commerce and ITE&C, Government Of Telangana

“To Compensate For Telangana’s Lack Of A Wet Port,Our Incentives Help ESDM And Semiconductor...

0
Despite logistics challenges, how is Telangana securing billion-dollar investments in electronics? Will the state unveil a new semiconductor policy soon? Jayesh Ranjan, IAS, from...
Shrinivas Kulkarni CFO, Cyient DLM

“Acquisitions That Help Address Gaps In Our Design Capabilities….. Interest Us” – Shrinivas Kulkarni,...

0
Over the past five years, Cyient DLM (formerly Rangsons Electronics), a subsidiary of Cyient Limited, has rapidly expanded its footprint in the design-led manufacturing...
Sridhar Kaip, CEO, SFAL

“Many Startups Selected Under DLI Are Part Of SFAL’s Portfolio” – Sridhar Kaip, SFAL

0
With a vision to enable companies to develop semiconductor IPs in India, the Semiconductor Fabless Accelerator Labs (SFAL) has incubated five fabless design startups...

Meridian Joins Altair’s Startup Programme To Boost UAV Tech

0
Eyeing to drive innovation in UAVs and hybrid power tech with simulation tools and expert support, Altair teams up with Meridian Flight Systems in...

Mitsubishi Electric Acquires Stake In Itanta Analytics Startup

0
Aiming to boost manufacturing digitalisation and efficiency with simplified automation solutions, Mitsubishi Electric India invests in Itanta Analytics to develop no-code data analysis tools....

Union Budget 2025-26: What It Has For The Electronics Sector?

0
With reduced and exempted duties, tax relief for manufacturing, and increased support for startups, this Budget addresses a broader range of issues within the...

IndiaAI Mission Expands To 18,693 GPUs For R&D

0
Aiming to support R&D and ethical AI, Union Minister Ashwini Vaishnaw announced the expansion of IndiaAI’s GPU infrastructure to 18,693 to benefit startups and...

Industry's Buzz

Learn From Leaders

Startups